OPEC: There is enough oil, just look for more! by Zivka Deleva

Oil prices rose again. Above $82 a barrel in Asia! It happened after U.S Federal Reserve announced that it plans to keep interest rated at record lows. Last week U.S crude inventories grew less than expected. According to the American Petroleum Institute, crude inventories have risen 400.000 barrels last week. The 12 country members of the Organization of Petroleum Exporting Countries (OPEC) today met in Vienna and decided that they are not going to allow change of the production quotas. OPEC expects good demand this year because the crude prices are steady. There is no chance that an oil shortfall can happen to the world, because there is enough capacity for any potential! rise in world demand. OPEC has more than 6.6 million barrels per day of spare capacity. OPEC countries are provoked by the growing consumption in Asia. That makes prices higher. "Asia is where all the demand is coming from. The outlook for commodities like oil just has to be moving up" - said David Carbon, head of economic research at DBS bank in Singapore. The price of natural gas rose as well. According to the Fed, the inflation should stay at low level and the job market is recovering very slowly. Saudi Oil Minister Ali al-Nuaimi said that the cartel had reached agreement on leaving production at current levels. "There is no question: there is agreement, yes," – said al-Nuaimi, whose country is the world's second biggest crude oil producer behind Russia. The cartel's official oil production quota is 24.84 million barrels per day. The Federal Reserve is hoping to stimulate fragile US economy, where unemployment and tight credits are still the worst problems
!

by Zivka Deleva for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.