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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: TH who wrote (6135)5/11/2004 2:58:05 PM
From: mishedlo  Read Replies (1) of 116555
 
OPEC warns over oil prices, could raise price band - president
Tuesday, May 11, 2004 10:30:55 AM

LONDON (AFX) - Indonesian energy minister Purnomo Yusgiantoro said there is little the world's largest oil exporters can do to rein in oil prices

In an interview with the Financial Times, Yusgiantoro, who is the current OPEC president, said high crude oil prices could last through the summer. He blamed "very tight" gasoline stocks in the US due to new regulations there, the actions of speculators, and geopolitical issues including the unrest in Iraq

"I don't like these kinds of prices. These kinds of prices will really hurt everybody," he said

"But this price level is not because Opec is playing. There is not much OPEC can do." Yusgiantoro indicated that some OPEC members favour raising the oil cartel's preferred price band

He said that rather than trying to bring prices down to the 22-28 usd target, the cartel is likely to "soon" move to raise that price band

Oil futures prices in London yesterday dropped 49 cents to 36.51 usd and those in New York fell 53 cents to 39.40 after Saudi Arabia called for what he termed "an essential" 1.5 mln barrel a day increase in the cartel's output ceiling

fxstreet.com
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