OPEC: $100 a Barrel a Fair Price for Crude

From Bloomberg - The Organization of Petroleum Exporting Countries is unlikely to change its output quotas when it meets in nine days time and $100 represents a “fair” price for a barrel of oil, Venezuela’s energy minister said. Gas-exporting nations also need an OPEC-like body to “regulate” prices, Rafael Ramirez told reporters today. The Venezuelan is one of several ministers attending a meeting in Doha of the Gas Exporting Countries Forum, a gas producers group that does not set supply quotas. Libya’s top oil official, Shokri Ghanem, said yesterday in Doha that OPEC is unlikely to change its oil production quotas at the oil group’s Dec. 11 meeting in Quito, Ecuador. Instead, oil ministers from the 12-nation group will seek tighter compliance with OPEC’s existing output guidelines when they meet, Ghanem said. Read more here:

OPEC: $100 a Barrel a Fair Price for Crude