OPEC Leaves Quotas Unchanged

As reported by the Financial Times, the Chicago Tribune, Bloomberg Energy News, OPEC officials meeting in Japan have decided not to change the existing quotas. Crude prices in New York are still flirting with $30 per barrel, the OPEC benchmark price is close to $28 per barrel, and OPEC officials know that this relatively high price induces cheating on quotas by smaller countries who are desperate for revenue, but they are sitting tight for now.