At the Organization of Petroleum Exporting Countries (OPEC) meeting on December 4, it was concluded that the rising oil prices have not affected the market ground rules in anyways.
In other words, it was strongly believed by the members of the organization that the changing prices of oil have had the least effect on the supply and demands of the global market. Besides, the factors that are actually bringing about this change include political circumstances, refining bottlenecks, US Dollar depreciation, and declining US interest rates.
Moreover, it is assumed that the average oil demand for 2008 would be in the range of 1.3 million barrel per day (mbpd). It is also confirmed that the OPEC has enough stock to meet the world demand for oil in the coming years. However, OPEC countries dealing in dollar may be adversely affected due to the declining value of the currency.
Even at the 146th Meeting of the OPEC Conference in Abu Dhabi held for the first time in 29 years, it was reaffirmed that the interests of the oil producing countries are inseparable and can be fulfilled by mutual collaboration so as to bring about a stable, secure and well-supplied market.
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