OPEC price band 'too wide but also too high,' analyst says

It's only a matter of time before the Organization of Petroleum Exporting Countries will be forced "to revisit the dilemma of high price vs. market share," said Luis E. Giusti, senior advisor with the Washington-based Center for Strategic & International Studies."It is clear by now that the price band of OPEC [$22-28/bbl OPEC basket] is not only too wide but also too high," Giusti said Nov. 19 during the opening session of a Houston conference sponsored by Deloitte & Touche LLP, the US arm of Deloitte Touche Tohmatsu."As a result, the average yearly increase in demand of some 1-1.4 million b/d is being taken entirely by non-OPEC production, especially Russia. This also has translated ...

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