Where the whole world is concerned over the rising prices of oil, Kuwait's oil minister quipped that the global economy can withstand an oil price of $100 a barrel.
The oil exporting companies hinted that they may decide against increasing output through 2011 as the market was well supplied.
Arab oil exporters meeting in Cairo this weekend said they saw no need to supply more crude as stocks were high and prices had been inflated temporarily by cold weather in Europe.
Some delegates even called for exporters to comply better with agreed production limits. OPEC members' compliance with promised cutbacks reached 56 per cent in November, according to Reuters estimates.
OPEC's attitude towards the rising prices of oil may hurt the economies of developing countries and may further ditch the underdeveloped countries, as the whole world is facing prices inflation.
China and India the world's fastest growing economies at thier end is trying every means to curb the prices of everyday commodities and such a move from OPEC could only fuel the price inflation.
At the end of the day, it is the common man who got to suffer the after effects of increasing fuel prices. An increase in the oil can in turn raise the transportation costs, vegetable prices and everyday commodities.
The oil importing countries may have to get through a tight economic crisis because of such an arrogant stand from the OPEC countries.
The Organization of the Petroleum Exporting Countries (OPEC) was created in 1960 to unify and protect the interests of oil-producing countries. OPEC allows oil-producing countries to guarantee their income by coordinating policies and prices among them.
This unified front was created primarily in response to the efforts of Western oil companies to drive oil prices down. The original members of OPEC included Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
The oil exporting companies hinted that they may decide against increasing output through 2011 as the market was well supplied.
Arab oil exporters meeting in Cairo this weekend said they saw no need to supply more crude as stocks were high and prices had been inflated temporarily by cold weather in Europe.
Some delegates even called for exporters to comply better with agreed production limits. OPEC members' compliance with promised cutbacks reached 56 per cent in November, according to Reuters estimates.
OPEC's attitude towards the rising prices of oil may hurt the economies of developing countries and may further ditch the underdeveloped countries, as the whole world is facing prices inflation.
China and India the world's fastest growing economies at thier end is trying every means to curb the prices of everyday commodities and such a move from OPEC could only fuel the price inflation.
At the end of the day, it is the common man who got to suffer the after effects of increasing fuel prices. An increase in the oil can in turn raise the transportation costs, vegetable prices and everyday commodities.
The oil importing countries may have to get through a tight economic crisis because of such an arrogant stand from the OPEC countries.
The Organization of the Petroleum Exporting Countries (OPEC) was created in 1960 to unify and protect the interests of oil-producing countries. OPEC allows oil-producing countries to guarantee their income by coordinating policies and prices among them.
This unified front was created primarily in response to the efforts of Western oil companies to drive oil prices down. The original members of OPEC included Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
