News

March 19, 2010

OPEC Ministers Say They Are Happy With An Oil Price Of US$80 A Barrel

By Eithne Treanor

With oil above US$80, OPEC ministers kicked off their first meeting for 2010 leaving output unchanged. The dollar stayed weak and economic data showed signs of improvement. In early trading on Friday, the oil price was still around US$ 82.

The oil price ended the week in “happy” territory as the leader of one of the world’s biggest supplier signaled his pleasure with the stability in the market. Speaking at the first OPEC meeting of the year, Ali Al-Naimi, Saudi Arabia’s energy minister said the current price was acceptable and he was happy with it.  Other ministers who welcomed the steady trend in recent months reiterated his sentiments. Many analysts agreed that this situation was to OPEC’s credit, but helped by stronger...