Oil Cartel Set to Open Up the Taps; Industry Experts Fear Opec Move May Have Little Effect
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Summary
The price of crude oil plunged below $41 a barrel yesterday after the United Arab Emirates, the only Opec country apart from Saudi Arabia with any significant spare capacity, signalled it will raise its output by 400,000 barrels a day.
The high price, which has crested over the psychologically important $40-a-barrel threshold for more than a week now, will be the prime focus of Opec's meeting in Beirut today.See the full content of this document
Extract
Oil Cartel Set to Open Up the Taps; Industry Experts Fear Opec Move May Have Little Effect
However, industry experts fear the cartel will be unable stabilise the world oil markets.
July crude futures on the New York Mercantile Exchange yesterday slumped as low as $40.90 a barrel.Analysts ...See the full content of this document
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