Wednesday 13 May 2015

Opec unlikely to slash production as prices go up and rigs reduce | GulfNews.com

Opec unlikely to slash production as prices go up and rigs reduce | GulfNews.com:



"The Organisation of the Petroleum Exporting Countries (Opec) is likely to stick to its position of not cutting oil production in the upcoming meet in Vienna in June as oil prices continue to move upward.



From less than $50 per barrel in January, oil prices have climbed up to $65 this week.



Analysts who spoke to Gulf News at Abu Dhabi International Downstream conference said they don’t see any change in the production targets of the oil cartel."



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