Monday, August 17, 2009

OPEC to Burn the Midnight Oil

OPEC members' next meeting is on September 9, 2009 at their headquarters in Vienna. At current prices in the mid to high US$60s per barrel they are expected to make no change in quotas and to talk of tighter compliance with existing quotas.

It was announced earlier today in Saudi Arabia that the Islamic month of Ramadan will begin on Friday August 21st (HT: JP Spinetto from Bloomberg).

For the oil market this means that the OPEC meeting on Wednesday September 9 will start after sundown in Vienna, with a decision announced perhaps early in the Vienna morning. Vienna is 6 hours ahead of New York and 1 hour ahead of London.
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