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July 25, 2008 4:10:05 PM CDT

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Oil Hits $104; OPEC Won't Budge

Posted Mar 5, 08 3:57 PM CST in Business,  World 

(Newser) – Crude oil rose to a record $104.52 a barrel today after OPEC decided to hold production steady. “The oil market is currently stable,” said Saudi Arabia’s oil minister. “There is no need to increase even one barrel of oil.” The cartel blamed sky-high prices on “tremendous speculation,” the Wall Street Journal reports. Oil futures were up $5 on the day.

President Bush yesterday called for production increases to help stave off recession in the US; OPEC's president said "mismanagement" of the US economy is more responsible for higher prices than a lack of demand. But, the Journal reports, OPEC might reduce output if the US economy stalls badly enough to temper demand, especially if oil-hungry developing nations are pulled downward.

Sources Wall Street Journal, Bloomberg

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An old barrel and other trash litter a dry oil drainage pit Tuesday, March 4, 2008, in the Sakhir, Bahrain, desert. OPEC has virtually ruled out pumping more oil to ease record-high prices, oil ministers...   (Associated Press)
A general view of the meeting of oil ministers of the Organization of the Petroleum Exporting countries at the OPEC's headquarters in Vienna, Austria, on Wednesday, March 5, 2008. Chakib Khelil, president...   (Associated Press)
Men work through a dust storm Tuesday, March 4, 2008, on a new oil well being drilled in the Sakhir, Bahrain, desert. OPEC has virtually ruled out pumping more oil to ease record-high prices, oil ministers...   (Associated Press)
The president of the OPEC conference and Minister of Energy and Mines from Algeria, Chakib Khelil speaks to journalists prior to the start of the OPEC meeting at their headquarters in Vienna, Austria,...   (Associated Press)
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US economy  • oil price  • recession  • oil  • Saudi Arabia  • OPEC  • oil supply  • commodities exchange  • supply and demand


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