Filed under: International markets, Commodities, Oil, Recession

OPEC appeared likely Thursday to ignore President Bush and the west’s plea for increased production and to keep production at current levels, The Wall Street Journal reported (subscription required).

Further, OPEC ministers gathering in Vienna Thursday for Friday’s meeting mulled whether to take action to address what some members believe will be an oil price slide if the slow-growth U.S. economy slows global growth, and consequently moderates demand increases in both crude oil and gasoline, the Agence France-Presse reported.

Kuwait’s acting oil minister Mohammed Al-Aleem told the AFP that OPEC was “a little worried about the impact of a slowdown or a recession in the United States” on oil prices. “The price, for the time being, has been going a little bit down,” he said. “We’ll hear and see what analyses have been done” and he said they make a decision based on those analyses.

Continue reading Amid $90 oil, OPEC weighs production cut for spring

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