(1888PressRelease)
December 07, 2007 - The latest meeting of the Organisation of Petroleum Exporting Countries (Opec) decided not to increase production targets, despite US pressure.
Following the statement released in Abu Dhabi today, the price of crude oil jumped more than US$2 per barrel.
On the New York Mercantile Exchange crude oil for January delivery rose as much as $2.07, or 2.3 per cent, to $90.39 a barrel.
In London, Brent crude for January settlement was up by up to $2.38, or 2.7 per cent, to $91.91 on the ICE Futures Europe Exchange.
"The postponement of the decision only means that the supply gap between global oil demand and non-Opec supply growth will be met by a draw in inventories,'' Harry Tchilinguirian, an analyst at BNP Paribas explained to Bloomberg.
Opec members Iran, Venezuela and Qatar opposed proposals to raise supply by 500,000 barrels a day.
Further analysis of the impact of Opec policy on global oil prices could be supplied by Aranca, an end-to-end provider of on-demand, custom investment, business and economic research.
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