The BBC gives an interesting glimpse into the world of OPEC and why oil prices are so high these days (ie: it isn’t just because of low supply):
A small petrol station just over the canal from Opec’s Vienna headquarters was doing fairly brisk business in the evening ahead of a meeting of the organisation’s energy ministers.
It is a gathering overshadowed by painfully high prices for petrol and diesel fuel.
Will those officials from Opec’s 11 member countries do anything to ease the financial pressure on those motorists they would see filling up if they looked out of the office window?
The Opec view, shared by industry analysts, is that there’s not much they can do. But for sure, they are under some pressure.
In the UK, Chancellor of the Exchequer Gordon Brown last week said: “Opec must raise production to meet rising demand.”
Claude Mandil, the head of the International Energy Agency – a kind of watchdog for the developed world – said that more Opec oil would be helpful.
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