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OPEC says oil should be $60/$70 barrel...

news.sky.com — The world's leading oil producers have said it is too expensive - and they plan to increase supplies to help ease the global fuel crisis. A source at Opec said its 13 members were uncomfortable with the current price of crude, which last week hit a record $135 a barrel. Based on present supply and demand, he said it should be fetching $60-$70...

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  • t0llenz, on 05/29/2008, -0/+1Let us all hope that OPEC follows through and actually lowers these prices.
  • DrStoooopid, on 06/15/2008, -0/+0OPEC does not set prices, it simply limits or expands production, as oil is traded on the open market. OPEC is not the people to blame for the price, it's the traders who're responsible for that. However, indirectly OPEC limiting production is what causes those prices to rise and fall....and by limiting the production like they have, has backfired driving the price of all goods and services thru the roof.
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