What goes up…

Access to OPEC ministers on meeting day isn’t just for journalists. Analysts turn out in force, too.
Crude oil is hanging around the $60 a barrel level, but there’s a cresting wave of oil built up in inventory and many analysts are wringing their hands that it could come crashing down very soon, pushing prices to $50 a barrel or below in March or early April.
When asked why OPEC was doing the market the favor of not cutting production today to ensure prices keep floating as high as they are, OPEC’s President, Nigerian oil minister Edmund Daukoru, said that’s the risk OPEC has to take.
“If you project, long term demand is rising. By how much is subject to debate … but we know the world needs more oil. Even as we micromanage the ups and downs in the short term, we are looking long term. So yes, there is a risk. But it is not a risk that is likely to extend beyond two quarters, which fades into nothing when you really look at it,” he said.