Filed under: Oil
As expected, OPEC left its production quotas the same on Wednesday, in what was, from a revenue standpoint, its easiest decision in many official meetings.
Further, even though OPEC is pumping about 2 million more barrels per day (bpd) than its 24.845 million bpd official quota, the market is not punishing the group for it. A combination of decent demand, a weak dollar, and global GDP growth has pushed oil prices to levels that are roughly double what they were a year ago. Oil late Wednesday traded down 3 cents to $82.67 per barrel.
Continue reading OPEC Keeps Quota the Same, but Is Still Likely to Gain
OPEC Keeps Quota the Same, but Is Still Likely to Gain originally appeared on BloggingStocks on Thu, 18 Mar 2010 09:10:00 EST. Please see our terms for use of feeds.
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