Opec decided on Sunday against more supply cuts, signalling that it would delay its goal of boosting oil prices to $75 a barrel at least until next year. The decision marks a significant shift in the policy of the oil cartel, after earlier indications it wanted to push up prices as quickly as possible. Opec now seems concerned that efforts to achieve the $75 target could harm the fragile world economy.

This entry was posted by Gwen Robinson on Monday, March 16th, 2009 at 5:00 and is filed under Capital markets, Commodities. Tagged with Opec. Edit this entry.