OPEC to sit tight amid US recession fears
AFP, February, 2008
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VIENNA (AFP) — Oil cartel OPEC, which this week maintained its production target amid uncertainty over the US economy, could well sit tight again when it meets in the Austrian capital in early March, analysts said.
On Friday at an extraordinary meeting in Vienna, the Organisation of Petroleum Exporting Countries left its official daily output ceiling at 29.67 million barrels of oil, insisting the market was adequately supplied.
The cartel, which produces 40 percent of world oil, snubbed US demands for an increase and focused instead on supporting prices that have fallen 10 percent since the start of the year.
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"OPEC is meeting again in five weeks on March 5th (for a regular session) and such a move would give it more time to assess latest developments in the US," said oil analyst Andrey Kryuchenkov at the Sucden brokerage.
Fears of a US recession abound after the US government ...
