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Oil Price Unaffected After OPEC Meeting: China
Chinese officials and experts believe that the OPEC decision to increase output may not greatly pull down the prices of crude oil in the short term.
A official with China Petrochemical Corp (Sinopec) was quoted by China Daily Thursday as saying that an increase of one million barrels a day is necessary to ease crude prices, which now stand at 30 U.S. dollars a barrel.
At a meeting in Vienna on Wednesday, the Organization of Petroleum Exporting Countries (OPEC) agreed to pump an extra 500, 000 barrels per day to cool the overheated market.
Yu Min, a veteran professor with Tianjin-based Nankai University, said that in the long run, the prices will drop to a more desirable level of 20-25 U.S. dollars.
He said that the OPEC members understand that excessively high prices are doomed to reducing the demand, thus harming their business.
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