Fuel card news: No pressure to cut oil prices, expert warns
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26 August, 10 Oil production cartel Opec is under no pressure to ease oil prices, despite increasing concerns over the strength of the economic recovery, according to one energy industry expert. Analyst James Longmore of London-based watchdog the Centre for Global Energy Studies (CGES) told Market News International that Opec is unlikely to take measures to ease the cost of the commodity until it nears $100 a barrel. "It's going to take something special certainly for prices to break out of the $70 to $80 range in our view," he explained, adding that he expects prices to experience a further sustained boost from around the second quarter of 2011. Mr Longmore suggested that Western politicians presently have more pressing concerns to deal with and so are distracted from the issue of increasing commodity costs. In a report published earlier this week, CGES claimed the current value of Opec-produced crude oil could be restricting the progress of the global financial rebound. Improve the efficiency of your business and your fleet with the Shell fuel card. Posted by James Richmond  |
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