OPEC to hold supply steady, again


OPEC has been fairly quiet recently. There have not been the usual comments from members that prices are too low for their economies to prosper. That may be because oil has made it back to $70 without the help of reductions in supply. There are still a number of experts who believe that demand in China and India will accelerate and that the recovery of the U.S. economy will stimulate American demand.

Whatever the reasons, OPEC has signaled that it will not cut supply, a move that would tend to push up prices. The cartel will meet in Vienna on September 9. Reuters reports that "The market is in very good shape, very well supplied, the price is good for everybody, consumers and producers," according to Saudi Oil Minister Ali al-Naimi.