Oil Prices Take Some Pressure Off Opec

摘要

Opec ministers have indicated that they will make no changes in official output targets when they meet in Vienna on Wednesday. However, supply and demand balances suggest they should shore up compliance with earlier production cuts if they want to put a dent in high inventories any time soon. Ministers generally feel comfortable with crude oil hovering in a $65-$75 price range that is capped by Saudi Arabia's desired $75 target. They argue that they can afford to hold formal output quotas steady.