Opec signals era of costly oil
AFP, Vienna
A decision by Opec to suspend its low price target for crude oil and members' comments that high prices have not hit world economic growth are clear signs of a new era of expensive oil, analysts say. Opec decided at a meeting in Vienna on Sunday to keep oil production steady in the face of increased cold weather demand during the northern winter but also hinted that high prices for crude were here to stay and that it may cut output soon. "Prices are likely to remain higher than past averages," Adam Sieminski, an analyst with Deutsche Bank in London, told AFP on Monday.
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