Oil prices will see a hike as a result of failure of OPEC meeting to increase production of crude.
9 Juni 2011
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Oil prices reaches above $101 per barrel on Thursday in Asian markets after OPECleaders meeting failed to make any changes in production quotas.
Leaders of OPEC surprised the world markets by their descision of not making any change in the production rate of crude oil,at their meetingin vienna.
Experts were expecting an increase of at least 1 million barrels per day in crude oil production.The biggest crude oil exporter country,Saudi Arabia wanted
oil prices range near $ 70 to $ 80 per barrel and was supporting the production hike in crude but others countries like Algeria and Venezuela has not supported the production hike.
Crude will see further increase in prices in near future as a result of this.
So be prepared to see a price hike in petrol, dieseland lpg prices as the raising crude is imposing extra burden on oil market companies .
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