Daily Archives: March 15, 2009

Carola Hoyos

Opec’s ministers have dropped their final hints and are now holed up in their meeting on the second floor of the secretariat building overlooking one of the canals of Vienna’s grey-brown Danube. Downstairs several dozen analysts, journalists from around the world, oil company executives and hedge fund boys are milling around running out of things to gossip about.

To fill the time, the FT’s Energy Source has conducted an informal and highly unscientific survey. The question: What will Opec do? The two possible answers: 1) Pledge 100 per cent compliance with the 4.2m b/d cuts already announced. 2) Announce a further Opec reduction (probably in some garbled way) that would deepen those cuts beyond 4.2m b/d. Of the 15 people asked, 11 chose category 1. Most people said they did not know, many said Opec would schedule an interim meeting to reassess the situation before its next official gathering in September.  Stay tuned: A decision is expected before 1500 GMT, though in the world of Opec, even that is not certain.

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