Wednesday, March 01, 2006

OPEC President Says Oil Priced Fair

The assessment by Nigerian Oil Minister Edmund Daukoru in an interview with The Associated Press provided an indication that the OPEC producers may pull back on production levels when they meet March 8.

He called $60 a barrel for oil a "fair price" and said oil prices should be kept at "an equilibrium with global economic growth." He cautioned if prices are allowed to edge toward $70-a-barrel "everybody gets nervous" about the impact on the global economy.

On Wednesday, light sweet crude for April delivery on the New York Mercantile Exchange edged close to $62 a barrel.

"A fair price is what markets can sustain," said Daukoru, who is in Washington for a round of visits with administration officials including Energy Secretary Samuel Bodman later in the day. Associated Press, Mar. 1

I have trouble trusting anyone from the same country (NIGERIA) that is responsible for 99% of internet scams and spam. This is not really art-related, unless you count gas prices cutting into my art supply fund and shipping costs (to galleries/museums). - DN

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