No Relief at the Pump

AMSTERDAM (Reuters)
– OPEC producers on Friday sought to play down expectations of a quick
fix for an oil price scare that is threatening to derail global economic
growth.

The Organization of Petroleum Exporting Countries holds informal talks in Amsterdam
on Saturday to consider a Saudi proposal to increase production quotas by at
least six percent.

But OPEC is telling consumer nations that it is not to blame for a spike in prices
that has kept U.S. crude above $40 a barrel for 10 days.

"I don’t think that control is in OPEC’s hands," UAE Oil Minister Obaid
bin Saif al-Nasseri told Reuters on his arrival in Amsterdam. "There are
many factors behind these prices."

from Reuters