Could the cause of the recent oil and gasoline prices be the oil futures market and hedge funds?
Could the cause of the recent oil and gasoline prices be the oil futures market and hedge funds?
OPEC: Oil production exceeding demand
Special to World Tribune.com
MIDDLE EAST NEWSLINE Wednesday, September 7, 2005
ABU DHABI — OPEC has asserted that oil production by the 10-member organization has exceeded global demand.
“OPEC president Ahmed Fahd Al Sabah said members have been producing 30.4 million barrels of oil per day. Ahmed, the Kuwaiti oil minister, said this was one million barrels per day over market demands.
"This production is more than the market needs to allow the building of strategic and commercial stocks in order to stabilize prices," Ahmed told the official Kuwait News Agency.”
OPEC: Oil production exceeding demand
Special to World Tribune.com
MIDDLE EAST NEWSLINE Wednesday, September 7, 2005
ABU DHABI — OPEC has asserted that oil production by the 10-member organization has exceeded global demand.
“OPEC president Ahmed Fahd Al Sabah said members have been producing 30.4 million barrels of oil per day. Ahmed, the Kuwaiti oil minister, said this was one million barrels per day over market demands.
"This production is more than the market needs to allow the building of strategic and commercial stocks in order to stabilize prices," Ahmed told the official Kuwait News Agency.”
posted by Gene Felder at 8:52 PM
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