Wednesday, 1 June 2011

OPEC seen ignoring West's call to act | Reuters

OPEC is unlikely to bow to western pressure to officially raise oil output at its meeting next week, with members instead expected to act independently of the group, a Reuters poll showed on Wednesday.

All 13 oil analysts and traders surveyed by Reuters predicted the Organization of the Petroleum Exporting Countries (OPEC) would roll over its current output agreement, untouched since the group's record cut in December 2008.

"They will simply sit on the fence with oil back near $100 barrel," said Harry Tchilinguirian, head of commodity markets strategy for BNP Paribas.

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