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OPEC stands back sensing slack demand
- Middle East: Sunday, February 03 - 2008 at 08:43
In a string of gloomy pronouncements, OPEC pointed to signs of "economic crisis" in the U.S. to justify keeping its oil production unchanged, amid suggestions the group may move to trim output as soon as next month in a bid to support prices, reported the Wall Street Journal. But after meeting in special session, OPEC oil ministers concluded that the weakening U.S. economy looked set to blunt world-wide oil demand, leading to potential oversupply in the second quarter.
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Amena Bakr, Senior ReporterSunday, February 03 - 2008 at 08:43 UAE local time (GMT+4)
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