Saturday, December 20, 2008

OPEC "helpless"

Gulf News
Falling oil prices are "wreaking havoc" on the industry and threatening future supply expansion projects, Saudi Arabia said yesterday as top producers find themselves helpless to stem the price slide.
Kate Dourian, Middle East editor of energy information provider Platts, told Gulf News adherence to production quotas by Opec members will be the key to supporting oil prices.

"Their options are limited. There is no further cut on the cards for two to three months," she said.

Some in Opec are known to flout their collective decisions, but this time the Saudis, who will bear the bulk of the latest cut, "will not put [up] with non-adherence by others," Dourian added.

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