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Article: Opec exudes optimism as oil surplus grows.(Organization of the Petroleum Exporting Countries)
- Article from:
- The Oil Daily
- Article date:
- May 29, 2009
- Author:
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The current economic situation is bleak and the oil market is still oversupplied, but the recession might bottom out by year-end, Opec said on Thursday as it decided to keep its formal output target unchanged "for the time being" at 24.845 million barrels per day.
"We do not want to rock the boat," Opec Secretary General Abdullah al-Badri said of the decision made by the producer group's ministers in Vienna.
With oil inventories showing a surplus of 500 million barrels and demand taking the biggest tumble in a generation, Opec might normally be expected to sound the alarm and cut production. Instead, the 12-member producer group sounded remarkably ...