OPEC Likely to Maintain Output
OPEC will probably leave oil-production quotas unchanged when it meets in Vienna next month, according to the group's general secretary.
Ali Rodriguez, former energy minister of Venezuela, also said oil prices could fall this year as companies boost investment in exploration and production by 19 percent to increase output in non-OPEC countries, Bloomberg News reported. "A fall in price is a possibility we cannot rule out and we have to be prepared to face it," Rodriguez said.
OPEC's oil-price benchmark has climbed almost 20 percent to more than $26 a barrel since the start of April on concern about a fuel shortage in the U.S. as Americans take to the road during their summer vacations. Still, by July 4, gasoline futures will probably fall to 95 cents a gallon, according to a Bloomberg survey.
Ali Rodriguez, former energy minister of Venezuela, also said oil prices could fall this year as companies boost investment in exploration and production by 19 percent to increase output in non-OPEC countries, Bloomberg News reported. "A fall in price is a possibility we cannot rule out and we have to be prepared to face it," Rodriguez said.
OPEC's oil-price benchmark has climbed almost 20 percent to more than $26 a barrel since the start of April on concern about a fuel shortage in the U.S. as Americans take to the road during their summer vacations. Still, by July 4, gasoline futures will probably fall to 95 cents a gallon, according to a Bloomberg survey.