Believing high oil prices are the result of "fear and speculation," OPEC is not likely to change...


Believing high oil prices are the result of "fear and speculation," OPEC is not likely to change production targets at its June meeting. "There is no good reason for prices to be where they are right now ... the market is oversupplied and demand is not that strong," says a delegate.

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Comments (3)
  • css1971
    , contributor
    Comments (871) | Send Message
     
    Nobody believes they are capable of increasing production. They didn't when oil was $150/barrel.
    25 Apr 2011, 08:57 AM Reply Like
  • kmi
    , contributor
    Comments (4579) | Send Message
     
    I do... sorry, I agree with OPEC and am not holding anything oil related, although I do have coal...
    25 Apr 2011, 09:53 AM Reply Like
  • Poor Texan
    , contributor
    Comments (3527) | Send Message
     
    Aren't these "reasons" similar to what we heard about precious metals a few months ago?
    25 Apr 2011, 10:36 AM Reply Like
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