oil prices

The Iranian Minister of Petroleum, Gholam Hossein Nozari, said that the advisory committee will recommend to the Organization's 13 member countries of the cartel removing the production ceiling, currently 29670 million bpd, reported AFP. When asked whether the consultative committee of OPEC (ministerial monitoring sub-committee, MMSC) would recommend a status quo on the production of the cartel Wednesday, the most widely anticipated, Mr. Nozari said it appears that yes. Member countries of OPEC meeting this Wednesday, March 5 in Vienna have agreed to leave their production unchanged. The Organization of Petroleum Exporting Countries, which provides 40% of the world's oil states that the soaring price of oil to more than 100 dollars a barrel is due to factors that it can not control, including the weakness of the dollar and speculation, and not the inadequacy of its pumping. It foresees a decline for the second half of 2008 with the decline in applications. The price per barrel fell Tuesday to below $ 100 on markets in London and New York.