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ISSUES....
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Steady course
OPEC is unlikely to alter output quotas at its Thursday meeting in Vienna, we believe that the rise in the prices to around $US 50 or 30% since the previous meeting in March will keep the current quotas steady and the group will likely focus in better compliance of the quotas from the members. Also, the recent declarations by al- Nami in support of the present quotas, support our view. Here is what Dennis Gartman from The Gartman Letter said about Naimi declarations. "Saudi Arabia’s Oil Minister, Mr. al-Naimi, said two days ago that OPEC is likely “to stay the course” regarding its current quotas, and when Mr. al-Naimi speaks we listen".

Petroleumworld News 05/26/09 - Send Us Your Issues

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