Abdullah Al-Badri OPEC Secretary General has stated and we quote "There is plenty of oil in the market... Stocks are very high, about three days above the five-year average. If we see the market is imbalanced or some drastic things happen, we will alert our member countries... Saudi Arabia is trying to put more oil on the market, but no-one is buying it."
The OPEC countries also want to keep the oil price also under control as they too feel that if price goes beyond reach than developed countries may also find an alternative to the crude. Here we quote Al-Waleed Bin Talal who is Saudi Prince and the intention of OPEC countries becomes absolutely clear and verbatum text is as appended below:
"Oil price should be somewhere between $70 and $80 a barrel, rather than the current level of over $100 a barrel. We don't want the West to go and find alternatives, because, clearly, the higher the price of oil goes, the more they have incentives to go and find alternatives."
However the crude as a commodity always have an effect on Indian stock market and that is the reason we find that a spike in crude prices overnight after a rare display of acrimony and disagreement at OPEC talks on lifting production and domestic data has rekindled inflation and interest rate worries ahead of the RBI's monetary policy review meeting due next week and kept the India stock market subdued. Do remember to keep on logging for commodity tips and get the advantage with information which can help you to take a balance judgement as they say Knowledge is Power and remember Power flows through the barrel of gun.
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