OPEC quest for higher prices self-defeating or sly?

10/20/2003
Could the Organization of Petroleum Exporting Countries be stepping into a trap of its own making?Just when oil markets were finally getting comfortable with the notion that OPEC will continue to defend a $25/bbl oil price (for a basket of OPEC marker crudes), the organization now is confronted with a proposal to boost that price. Technically, the proposal, floated by Venezuela, calls for raising the group's targeted price band of $22-28/bbl to $25-32/bbl. But in reality OPEC seems to have settled on the $25/bbl midpoint for the current price band; would it not follow that in practice OPEC would seek to defend a midpoint price of $28.50/bbl if the band were elevated?And this comes on ...
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