ABU DHABI Ñ OPEC appears resigned to oil prices remaining low throughout the next year.
OPEC sources said the cartel has concluded that additional cuts in crude
oil production would not raise prices beyond about $40 per barrel. The sources cited the global economic
crisis as well as continued noncompliance by OPEC members.
"The price of oil was being affected by a surge in U.S. crude
inventories as well as noncompliance by OPEC members and increased exports
by non-OPEC members," Mussa Marafi, a member of the Kuwait Supreme Petroleum
Council, said.
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OPEC has scheduled a meeting for March 2009 to consider another cut in
oil production of up to two million barrels per day, Middle East Newsline reported.
Since September
2008, the cartel has approved cuts of 4.2 million barrels per day.