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Opec policy backfires
- Saturday, January 20 - 2007 at 06:23
Opec had "ironically" contributed to a recent slide in crude prices by cutting production, according to an International Energy Agency report, cited by AFP. The IEA says that by making the cuts, Opec has increased confidence that there is marketable spare capacity. Meanwhile, the IAE has cut its estimate of world oil demand by 600,000 barrels to 85.8m bpd, mainly due to a mild winter in the northern hemisphere.
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James McInerney, News EditorSaturday, January 20 - 2007 at 06:23 UAE local time (GMT+4)
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This article was updated on Tue Feb 13 2007.
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