Blog
OPEC’s Balancing Act
4th February 2008
I have updated my chart presentation on some aspects of the world oil market and streamed it on the web site. OPEC Ministers are due to meet shortly for fresh talks on output quotas. They face a delicate balancing act. If demand for oil keeps growing strongly and prices remain at or around $90 a barrel, this increases the risk of inflationary pressures amplifying the extent of economic slowdown in advanced nations. Put too much of an expansion of supply might depress oil prices quite quickly and if you are a Saudi finance minister that prospect might be hard to justify. This BBC news audio clip provides a neat short piece on oil prices for students in class. And all of their recent news stories on OPEC and oil can be found here.
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.