No Change Expected in OPEC Production

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By Trey Thoelcke Published
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OPEC may do the rest of the world a favor. Prices of Brent remain above $100, which many members of the cartel believe are adequate to fund their treasuries. If OPEC decides not to lower production, which probably would have caused an increase in prices, that is one more threat to the world economy that becomes less likely to happen.

Reuters reporters write:

At a meeting in Vienna on Wednesday the 12-member Organization of the Petroleum Exporting Countries is widely expected to retain its 30 million barrel a day (bpd) output target for the first six months of 2013.

“The world economy is weak and supply will be running ahead of demand, which could justify a cut of around 500,000 barrels a day, but political factors will prevent OPEC from taking any formal action,” said a senior OPEC delegate from a Gulf producer, referring to Middle East unrest and sanctions on Iran.

Douglas A. McIntyre

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About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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