Opec Members In No Hurry to Cool Price Rally.

The Oil Daily | January 6, 2004| | Copyright

WASHINGTON -- Convinced that the current stubbornly high oil price is not the result of a supply shortage, Opec ministers will not rush to release more oil onto the market even though the group's reference basket of crudes is trading well above the top end of its $22-$28 per barrel target range, Opec delegates said Monday.

In fact, the 11 Opec member countries are not even discussing what to do about the torrid rally that has kept the Opec basket price well above $28 for most of the fourth quarter en route to a $28.10/bbl average for full-year 2003, compared to ...

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