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OPEC Fails to Reach Oil Decision

9 June 2011

Oil prices experienced massive volatility on the back of the OPEC meeting yesterday. OPEC consists of 12 oil producing Member Countries and one of their prime aims is to coordinate and unify the petroleum polices of the Member Countries. Yesterday’s meeting was assembled to develop a consensus on how to manage the high oil price, which some believe has been driven up by speculation. The aim of the meeting was to agree to an increase in production in order to help stabilise the oil price and ultimately bring it down. Unfortunately OPEC failed to reach an agreement on production targets and votes were split equally with six Members voting to increase production and six to keep production levels as they stand. Before the meeting, crude was trading at $98.25 a barrel and surged to a high of $101.85 after. Saudi Arabia have stated that they are committed to increasing production regardless of the outcome of the meeting.

Imran Allana, easy-forex
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