No Change From OPEC
By Micah Halpern
Tuesday December 15, 2009
On December 22nd OPEC ministers will once again meet.
Assessing the comments OPEC oil ministers have made to date, it seems pretty certain that oil production will not change - there will be no scaling down and no new limits placed on oil production.
Iran very much wants to jack up the price of oil and is lobbying for a reduction of quotas - but OPEC oil ministers are not easily swayed.
The bottom line is that OPEC knows they cannot play with supply and demand right now.
The West is addicted to oil and OPEC is the willing supplier.
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