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Thursday, May 28, 2009
OPEC Confident of Demand Recovery
Bloomberg - At the conclusion of the most recent Organization of Petroleum Exporting Countries (OPEC) summit in Vienna, OPEC ministers decide to leave production quotas unchanged, as optimism rises over expectations of recovering demand.
Saudi Arabian Oil Minister Ali al-Naimi stated that“prices are good, the market is in good shape,” and that this fact lead the group not to alter its target outputs.
Mike Wittner, head of oil market research at Societe Generale SA in London, felt the most significant development of the conference was the forecast of demand recovery, occuring currently, in the Middle East, Asia and Latin America.
The OPEC decision precedes the U.S. Energy Department's release on oil data today. General trends point towards declining oil stockpiles, which indicate growing demand.
To read the full article, click here.
Saudi Arabian Oil Minister Ali al-Naimi stated that“prices are good, the market is in good shape,” and that this fact lead the group not to alter its target outputs.
Mike Wittner, head of oil market research at Societe Generale SA in London, felt the most significant development of the conference was the forecast of demand recovery, occuring currently, in the Middle East, Asia and Latin America.
The OPEC decision precedes the U.S. Energy Department's release on oil data today. General trends point towards declining oil stockpiles, which indicate growing demand.
To read the full article, click here.
Labels: economy, oil price, oil supply, oil supply/demand
posted by Amanda Voss at 11:12 AM
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