The Organization of Petroleum Exporting Countries (OPEC) today announced that its members could not reach an agreement to change OPEC's production quotas. How significant is that announcement? In my opinion, not very.
Forbes provides these details:
[AP] - Oil prices slipped below $99 a barrel Tuesday amid expectations that OPEC will raise its production quota this week. By early afternoon in Europe, benchmark crude for July delivery was down 47 cents at $98.54 a barrel in electronic trading on the New York Mercantile Exchange.
SINGAPORE (Reuters) - Oil fell more than $1 a barrel to below $54 on Friday, as OPEC ministers prepared to meet in Cairo on Saturday to discuss falling prices and another potential supply cut amid weakening oil demand.