Opec’s resolve to cut production to boost prices is weakening after production cuts helped boost oil prices back to about $60 a barrel, up from their $32-low in February, says the International Energy Agency. The cartel, which produces more than a third of the world’s oil, last month raised its output by 270,000bpd after seven consecutive months of cutbacks.

This entry was posted by Gwen Robinson on Friday, May 15th, 2009 at 4:55 and is filed under Capital markets, Commodities. Tagged with Opec. Edit this entry.