Moving the goalposts

Ford, Neil
February 2005
Middle East;Feb2005, Issue 353, p42
The article reports that the Organization of Petroleum Exporting Countries (OPEC) members may have to reassess what now constitutes a "realistic" oil pricing policy. A great deal of discussion on the degree of quota busting to be tolerated undoubtedly goes on behind the scenes, but the markets mainly respond to changes in the quota regime. While the cartel has long aimed to keep crude oil prices within a target range of $ 22-$ 28 a barrel, some members have begun to suggest that this basket range could be increased. As a result, Saudi Arabia and some other members of OPEC have sought to keep prices at a level that generates large profits but which is regarded as reasonable by the industrialised world.


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