"The market is fairly well balanced and we have worked very hard since the June meeting to bring prices to where they are now,"
Saudi Arabian oil minister Ali Naimi said Tuesday that oil markets were "fairly well balanced" and the kingdom had worked "very hard" since June to bring oil prices down to their current levels.
"Any time the cartel gets together, one is never quite sure about the outcome...But most ministers are also quick to point out (rightly) that supply is running well ahead of demand. Therefore, a surprise cut cannot be ruled out either."
Energy analyst Edward Meir on the OPEC meeting. He also added trying to decipher what OPEC will do at its meeting is almost as treacherous as hurricane forecasting.
Updated: September 9, 2008
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