Opec Not Ready to Open Taps, Blames Speculators.

Oil Daily, The, October, 2003

WASHINGTON -- The market should not expect Opec to loosen its grip on the supply taps any time soon despite a relentless rally that has kept US crude futures above $30 per barrel, a threshold that sets off alarm bells amongst government officials in the world's biggest consuming markets.

Opec delegates from Saudi Arabia and other key member countries told Oil Daily on Tuesday that they see no need at present to release more oil onto the market because they believe the rally is being stoked by speculators and is not reflective of supply-demand fundamentals.

As of Monday, the Opec basket price has been above the group's target range of $22-$28/bbl mark for eight straight trading days. But the delegates said they are unconcerned by this because the market is...