OPEC says pound sand

Wow, if you had any lingering doubts that our “friends” in the mid east are just in it for a buck, here is more from their own mouths. In light of recent IEA reports and others pointing out a severe tightening in the oil markets, the OPEC comments can only be heard one way. “We like short supply because it means higher prices for us”. Hold onto your hats.

OPEC: No need to increase oil production
OPEC secretary general Abdalla El-Badri issued a statement today saying the cartel sees no need to increase crude oil output and that refineries cant process more crude. He said crude oil inventories are above the 5-year average and the oil market is well supplied. Meanwhile Qatars Energy Minister said OPEC can do nothing about the high price of oil because factors other than crude supply have sent the market to record levels.