..and prices are dropping...
OPEC PRODUCTION AT 25-YEAR HIGH
Via Yahoo | 3 Dec
Overall crude stocks are already well above last year's levels as OPEC oil nations produce at the highest rate in 25 years.
The Organization of the Petroleum Exporting Countries is to meet in Cairo on Dec. 10 to decide output policy for the first quarter of next year.
Some members want the output spree to continue, though the cartel's second biggest producer Iran has advocated a clampdown on production above official quotas to avoid a winter stock-build.
OPEC's reference crude basket fell to $35.42 a barrel on Thursday from $38.03 the day before, OPEC said on Friday.
The fall takes OPEC's crude to just $3.50 a barrel over the top of the $28-$32 target, identified by OPEC's President Purnomo Yusgiantoro on Friday as an acceptable range for the cartel's crude.
Other ministers have indicated a basket price around $30-$35. The current target is $22-$28 a barrel, but most officials have said this range is now outdated.
The basket, made up mostly of heavy high sulphur crudes, is valued at a large discount to benchmark low sulphur grades like Brent and U.S. crude.
OPEC PRODUCTION AT 25-YEAR HIGH
Via Yahoo | 3 Dec
Overall crude stocks are already well above last year's levels as OPEC oil nations produce at the highest rate in 25 years.
The Organization of the Petroleum Exporting Countries is to meet in Cairo on Dec. 10 to decide output policy for the first quarter of next year.
Some members want the output spree to continue, though the cartel's second biggest producer Iran has advocated a clampdown on production above official quotas to avoid a winter stock-build.
OPEC's reference crude basket fell to $35.42 a barrel on Thursday from $38.03 the day before, OPEC said on Friday.
The fall takes OPEC's crude to just $3.50 a barrel over the top of the $28-$32 target, identified by OPEC's President Purnomo Yusgiantoro on Friday as an acceptable range for the cartel's crude.
Other ministers have indicated a basket price around $30-$35. The current target is $22-$28 a barrel, but most officials have said this range is now outdated.
The basket, made up mostly of heavy high sulphur crudes, is valued at a large discount to benchmark low sulphur grades like Brent and U.S. crude.