Opec hints at keeping oil above $50 a barrel next year
"OPEC is to cut back its oil output in 2006 in order to defend the current high level of oil prices, the cartel's president suggested yesterday.
Sheikh Ahmad al-Fahd al-Sabah gave strong hints that the Organisation of Petroleum Exporting Countries wanted to keep oil prices above $50 a barrel and would take action next year if prices began to weaken."
They had previously said that $45 as a floor was reasonable.
Cements in prices for Sterling next year if they manage to do that.
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