OPEC didn’t come up with a decision on oil production

In today’s OPEC meeting the OPEC ministers didn’t come up with a decision today. According to Bloomberg, OPEC members could reach a consensus on whether OPEC should raise oil production or not. OPEC’s official oil production didn’t incline since the beginning of 2009.

OPEC is responsible for nearly 40% of the world’s oil supply, and it has 12 members.

The “no decision” news is probably among the reasons for the shift in crude oil prices from falls to gains today.

It seems that there are certain members such as Saudi Arabia that are trying to push oil quota up, and other members such as Venezuela and Iran that try to keep oil quota at the current level, despite the drop in Libya’s oil production in recent months from 1.6 million/bbl to below 0.3 million/bbl.

This news will not help to bring down oil prices in the near future.

Current Nymex crude oil price, short term futures (July 2011 delivery) is traded up with a 1.53% increase, and its at $100.61 per barrel as of 15:44*.

The Dated Brent spot oil price inclines by $1.14 per barrel and it is at $117.82 per barrel as of 15:55*.

The Nymex Henry Hub Future (Natural gas) short term (July delivery) is currently traded down at $4.80 / mmbtu as of 15:45*;

Euros to USD is currently traded down at 1.461 a 0.5272% decrease as of 15:56*.

(* GMT)

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For more on this subject:

• Crude oil prices outlook – 8 June
• Gold & Silver Price – Daily Outlook 8 June
• Weekly outlook for June 6 – 10