OPEC Agrees to Keep Oil Output Stable
March 18, 2007
• by Staff
VIENNA --- Members of the Organization of Petroleum Exporting Countries (OPEC) last Thursday decided to maintain current oil output levels and pay more attention to curbing overproduction.
This is a move that could push prices higher by taking as many as 700,000 barrels of crude a day off world markets, according to a report from the Associated Press.
OPEC members indicated satisfaction with prices staying about $60 a barrel.
On Friday, however, concerns about the U.S. economy prompted a dip in U.S. crude prices. They dropped to $57.11 a barrel. Investors are worried about the rising number of mortgage defaults by high-risk borrowers.
London Brent crude dipped 38 cents to $60.30 a barrel.
Originally posted on Fleet Financials