OPEC is reluctant to close tap

Globally the main question for the oil sector is whether or not OPEC is going to cut production. Oil prices are expected to remain stable until global growth picks up. It is not anticipated that oil prices will rise. Robert Parker, deputy chairman of Credit Suisse Asset Management, says: 'We expect OPEC will not cut production unless the price falls to $17. OPEC already has a spare capacity of five million barrels a day and is loathe to cut further production as this will only increase capacity. 'Inventories are very high compared to three months ago and it is expected demand will ...