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OPEC holds steady as Saudi restates $70-$80 goal

With OPEC's next meeting not scheduled until June, markets may now test Saudi Arabia's resolve in keeping prices below $80.
"Clearly prices too high will not help us in the long run,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], as we saw in 2008,[link widoczny dla zalogowanych]," said a Gulf OPEC delegate.
Oil hit a record $147 a barrel in 2008, hitting fuel demand just as economic recession undercut the market and sent crude to a low of under $34 a barrel.
OPEC agreed its biggest ever supply curbs at the end of 2008 and has not changed policy since.
Many in OPEC argue that inventories are sufficient and some say that speculators are to blame for pushing prices higher.
Inventories held among the industrialized nations of the OECD are high at 60 days of forward demand.
But the International Energy Agency,cheap newport cigarettes online005, adviser to consumer nations on energy,[link widoczny dla zalogowanych], said on Friday that world demand,[link widoczny dla zalogowanych], bolstered by an early winter cold snap,[link widoczny dla zalogowanych], is rising more quickly than expected.