OPEC says oil will not drop because the U.S. dollar is too low

OPEC met yesterday and basically said that oil prices will not be dropping because the U.S. dollar has dropped too muhc.

Shokri Ghanem, chairman of Libya's National Oil Corporation:

"While the price is inching up, we think the terms of trade are going against OPEC countries and the increase in the price did not even compensate for the loss in the dollar value and the increase in the price of commodities," .
Qatari Oil Minister Abdullah al-Attiyah said the oil market was stable and that countries would have to live with higher prices."

He has also said that $70 to $90 per barrel "was very reasonable for consumers and producers", as did Saudi Oil Minister Ali al-Naimi.

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