OPEC MEETING OPEC considering output hike of 1 mln bpd - report |
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Tue, 11 Sep 2007 15:56
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VIENNA (Thomson Financial) - OPEC is considering hiking output by up to 1 mln bpd, according to press reports, and analysts say if it comes out of its meeting with just a 500,000 bpd hike, oil prices might not fall much as the market will be disappointed.'If they come out with 500,000 the market might fall initially but it will eventually rally because it will be disappointed .... less than 1 mln doesn't mean much to the market - they are really just legitimising current production,' said Alaron Trading analyst Phil Flynn.The OPEC meeting in Vienna is taking longer than usual amid reports that an increase of 1 mln bpd is now on the table, but is being strongly opposed by certain cartel members.maytaal.angel@thomson.comhar/ajbCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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