Oil Price Unaffected After OPEC Meeting: ChinaChinese 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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