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OPEC has currently set the target for oil between $22-$28. There is one situation that they feel could have effected the price to fall, but did not: comments by the Venezuela president that it was wrong to invite Iraq’s interim oil minister to a most recent OPEC gathering because he was a “illegitimate stooge for the Americans” (Economist) Because of these comments and to avoid any possible “situations” (drop in prices), OPEC ministers agreed to cut production by 900,000 barrels per day from November 1st, and made it clear they would make other cuts if needed.
Approximate Word count = 444 Approximate Pages = 1.8 (250 words per page double spaced)
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