Source Pravda.Ru

Broken Law Of Demand & Supply

Although the demand on crude oil is constantly rising OPEC won't raise its output while the prices are growing.

Crude oil for delivery briefly rose 22 cents to hit $29.55 a barrel on the New York Mercantile Exchange, the highest price since 14 September.

Yesterday's leap was triggered by a warning from Kuwait that Opec, the cartel of 11 oil states, would not sanction a rise in output unless the price rose further.

Opec will wait unless the oil price broke through $28 on an index used by the cartel, that is currently at $26.58 a barrel.

Yesterday's price hike follows a jump of $2 a barrel during last week on mounting speculation the US was poised to launch an imminent attack on Iraq.

The price has also been supported by evidence that oil inventories are dwindling. The most recent crude inventory levels showed stocks at 17-month lows.

OPEC's policy may lead to rates cutting if oil price stayed above $30.

©

&to=http://www.opec.com' target=_blank>OPEC

Comments
Macron challenges Trump. French independence and croissants at stake
Russia’s sanctions against Ukraine send message to Washington
Russia sells arms to Asia to maintain peace in the world
The Amazon and the New Conquistadores
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Castro sued over alleged torture
Macron challenges Trump. French independence and croissants at stake
Castro sued over alleged torture
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Castro sued over alleged torture
Castro sued over alleged torture
Putin dislikes the idea of US army bases coming to Kuril Islands
Castro sued over alleged torture
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Russians lose faith in their future, get ready for worse
Macron challenges Trump. French independence and croissants at stake
Russia unveils nuclear-powered interstellar spaceship
Russia unveils nuclear-powered interstellar spaceship
Moving inexorably towards war
Russians lose faith in their future, get ready for worse