Thursday, May 19, 2011

Middle East & North Africa - Iran sets stage for tense Opec meeting

Ah, the plot thickens; Iran's Ahmademijad is the first head of state to run OPEC since he temporarily place himself as oil minster. OPEC has a rotating presidency and it is now Iran's turn. Saudi Arabia has increased production to offset the drop from Libya but the Saudis are skittish. Crude oil price rose to $125 a barrel in April but dropped to $112 on Wednesday. The fall is the biggest on record. Given the US military involvement and less than warm relations with Iran makes this meeting especially critical to US energy needs.

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