FEBRUARY MEETING

OPEC officials lined up to say the exporter group can do little to tame oil prices... and world markets had enough crude oil.This is pure SPECULATION on part of the OPEC group, all it took was a visit by Busch and some "gifts" for some OPEC members to change their mind... The comments underline the view of the producer group that factors other than supply are driving oil's record run..SPECULATION...so in next OPEC meeting scheduled February 1 there will be a production increase.
I think the main problem is outside the oil market. Too much liquidity is available,a big part of it is in the paper market of crude oil.
OPEC, source of more than a third of the world's oil, decided to keep oil output steady at a December 5 meeting, rebuffing calls from consumer countries for more supply to rein in prices then trading around $90.

FEBRUARY MEETING
The 13-member OPEC holds its next meeting on February 1 in Vienna, some in the group share consumer concerns about the impact of high energy costs on economic growth as the
U.S. slowdown threatens to spill over into the global economy. If it filters down to consumers, it will affect demand in the long term. It will cause inflation so OPEC members beware the US has entered a recession, so its time the crude price dropped to around the $84 a barril..at least..
Indonesia, with limited influence on OPEC policy as one of the group's smallest producers and a net oil importer, was alone so far in suggesting that the group could raise output.
The Organization of the Petroleum Exporting Countries has no wish to tame the price rise because some of them depend almost 100% on crude exports as is the case with Venezuela...
Speculation has been very strong. It's a game for speculators and some western Governments and oil companies such as Portugal and the oil company Galp,BP,Repsol that maintain this country with one of the worlds highest consumer oil prices...demand will be affected and everyone will suffer..