OPEC Claims It Can Do Nothing About Oil Prices

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Someone is not telling the truth about oil supply and demand. It appears to be the fellows over at OPEC.

According to Bloomberg, Abdullah bin Hamad al-Attiyah, Qatar’s oil minister said The Organization of Petroleum Exporting Countries, which produces 40 percent of the world’s oil, has no plans to react before its scheduled meeting in September because there is nothing it can do.

Odd, since Saudi Arabia did push up production, only a little, after a visit from President Bush, and left the impression that there is more where that came from

Douglas A. McIntyre