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Commodity Daily News
OPEC Meets but Should Leave Output Unchanged
Wednesday, 14 Dec 2011
Today members of OPEC will be meeting in Vienna, their first meeting since June when participants failed to come to an agreement on supply levels. The main conflict occurred between Saudi and Iranian officials. There will be additional variables in the equation with the present output from Libya unknown and increasing supplies coming back online from Iraq. Tensions in Iran have also been building with threats of a European embargo on Iranian oil purchases. With oil prices continuing to trade near the $100 level expectations are for no change to the current production level of 30 million barrels a day. A no-change decision could help to ease spot crude oil prices in the near-term.
