Two of Opec’s leading members, Iran and Kuwait, have denied that oil prices exceeding $90 per barrel were damaging the global economy, saying there was no need to increase supply.
A barrel of ICE February Brent crude oil rose $1.97 to $95.50 on Wednesday, hovering inside what the International Energy Agency has called a “dangerous zone” for the world’s economic health. Nymex February West Texas Intermediate, the US benchmark, rose 92 cents to $90.30 a barrel.
Opec’s oil ministers chose to keep production quotas unchanged during their most recent meeting, held in Ecuador on December 11. The club’s members are not set to meet again until June 2 – and two of their number signalled that there remained no need for a change of policy.
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