The spectre of USD100 oil (again)
Oil prices are again flirting with the USD90 per barrel mark, prompting OPEC to raise the spectre of triple-digit oil prices. The cartel has announced it could step up production in prices were to breach USD100 per barrel, in order to cool the market. Kuwait's Oil Minister stated that the grouping would meet on output levels if oil prices reached USD100 per barrel, although any decision will still depend on the "market situation and supply and demand," according to a report in the Associated Press.
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