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Oil price: OPEC won’t move December 5, 2009

Posted by mytruthaboutoil in Uncategorized.
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OPEC should not raise its oil output targets when it meets later this month, two oil ministers from the group said on Wednesday, suggesting the group sees no need to curb rallying oil prices.

The group which pumps more than a third of the world’s oil meets in Luanda, Angola on Dec. 22. Oil is trading near $74 a barrel, almost double the price a year ago and in the $70-$80 range many in OPEC see as fair.

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