OPEC – Quotas: up, Production: Up,Oil Prices: Up, What Gives

This week’s OPEC announcement that it would raise production quotas by one million barrels per day to help stave off high oil prices might have impacted actual production, but not the goal to lower prices. With every OPEC announcement to raise production, some other world event thwarts its intention to reduce oil prices. Could it be that world oil demand is so high that no matter what OPEC does it is like an echo in the Grand Canyon? Download here