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Is there something wrong with this picture here? These scumbags continue to get disgustinly rich while American families lose jobs. OPEC Sees No Harm in $50 Oil, Holds Output
Sunday January 30, 11:41 AM EST
By Peg Mackey and Francois Murphy
VIENNA (Reuters) - OPEC producers agreed Sunday to keep output limits on hold, convinced that oil prices near $50 a barrel are not stifling world growth.
The Organization of the Petroleum Exporting Countries wasted little time in deciding on no change to supply quotas, despite worries among consumer nations about inflated fuel costs.
Gone are the concerns that dominated in OPEC last year about the impact of rising crude prices on the economic growth that drives demand for its oil.
With inflation in the world's big economic powers in check and low interest rates still generating above trend growth, cartel ministers see no reason for cheaper oil.
"$50 oil will not play a big role in slowing up growth of the economy. Some analysts say even $60 oil will play a small role in affecting growth," said OPEC President Sheikh Ahmad al-Fahd al-Sabah of Kuwait.
Sunday January 30, 11:41 AM EST
By Peg Mackey and Francois Murphy
VIENNA (Reuters) - OPEC producers agreed Sunday to keep output limits on hold, convinced that oil prices near $50 a barrel are not stifling world growth.
The Organization of the Petroleum Exporting Countries wasted little time in deciding on no change to supply quotas, despite worries among consumer nations about inflated fuel costs.
Gone are the concerns that dominated in OPEC last year about the impact of rising crude prices on the economic growth that drives demand for its oil.
With inflation in the world's big economic powers in check and low interest rates still generating above trend growth, cartel ministers see no reason for cheaper oil.
"$50 oil will not play a big role in slowing up growth of the economy. Some analysts say even $60 oil will play a small role in affecting growth," said OPEC President Sheikh Ahmad al-Fahd al-Sabah of Kuwait.
