OPEC is trying to contain speculation that has once more started to inflate crude prices; the cartel has increased production at the fastest pace in two years to avoid prices from rising above the $75 per barrel, a price that Saudi Arabia has confirmed as adequate both for producers and consumers. However further action by OPEC is needed to avoid a possible "Opec crash" for prices to remain at around $75 per barrel.
The number of contracts to buy crude at $100 per barrel in the first quarter of 2010 has quadruplicated in October. The cartel has stated that the crude prices at $100 per barrel are not realistic and can only harm the economy of the crude dependent states as most economies are indexed to the energy prices. The crude reserves of most industrialized countries are at record levels, the highest since 1998, the crude prices then were $10 per barrel
In a very near future this market will implode because the prices practiced are inflated and cannot be sustainable, as is already the case with some economies that allow speculation to control consumer prices as is the case with
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