OPEC AFRAID OF ITS FAILURE TO COOL PRICES
The Organization of Petroleum Exporting Countries Thursday expressed its concerns over the oil prices.
Indonesia's OPEC governor Maizar Rahman and OPEC Secretary General warned that the 11 OPEC countries were currently operating at close to their production limits.
OPEC output is currently at 29 million barrels per day, some 3.5 million barrels over the 25.5-million-barrel quota set in early June.
The reference basket price for 7 crude oil sorts produced by OPEC members hit 37.5 dollars per barrel on Wednesday.
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