Oil prices had briefly traded to the upside this morning before falling, and are currently trading down a bit over a dollar as speculation continues to swirl around this week's OPEC meeting. With oil prices hovering around the $90 a barrel mark many analysts are under the impression that we will indeed see OPEC approve an increase to their production quotas this week. Last week when prices were teasing the $100 mark it seemed all but certain that we would get a production increase, but now that prices have fallen to under $90 there is some doubt.
But what are the OPEC countries themselves saying about this week's meeting? They seem to be as divided as industry analysts in their views. Venezuela and Qatar have stated that they do not believe increases would be the right decision at this time, while Indonesia, Nigeria and Kuwait have stated that they are in favor of lifting the quotas.
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Saudi Arabia, which is hold more influencing power than any of the above mentioned nations has decided to go neutral and stated that "the field is wide open."
But another OPEC nation, Iran, is also in the news today, not over its view on oil quotas, but instead over its nuclear ambitions. For the past couple years there has been much noise in the press over the country's nuclear ambitions, with the country stating it is only looking to use nuclear technology for peaceful purposes while the West has argues that the country has been in pursuit of nuclear weapons.
Today, we get a refreshing report from US Intelligence that asserts that Iran actually stopped pursuing nuclear weapons all the way back in 2003. According to a senior official of the UN nuclear watchdog, Iran so longer be considered to pose any imminent danger.
Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer.
Saudi Arabia, which is hold more influencing power than any of the above mentioned nations has decided to go neutral and stated that "the field is wide open."
But another OPEC nation, Iran, is also in the news today, not over its view on oil quotas, but instead over its nuclear ambitions. For the past couple years there has been much noise in the press over the country's nuclear ambitions, with the country stating it is only looking to use nuclear technology for peaceful purposes while the West has argues that the country has been in pursuit of nuclear weapons.
Today, we get a refreshing report from US Intelligence that asserts that Iran actually stopped pursuing nuclear weapons all the way back in 2003. According to a senior official of the UN nuclear watchdog, Iran so longer be considered to pose any imminent danger.
Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer.
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