VIENNA — OPEC oil ministers gathering for a meeting today are expected to keep output targets unchanged to send a message of stability to energy- hungry economies that are just starting to emerge from recession.
OPEC countries are reluctant to shake confidence in the global economic recovery and have suggested this week that they are comfortable with current prices, which have hovered around $75-$85 per barrel in recent months. Still, the weak dollar is a wild card. OPEC member states, which sell their product in dollars, lose every time the U.S. currency falls.
“The plunge in the dollar could throw the market a curveball,” said trader and analyst Stephen Schork, suggesting the meeting could at least weigh a cut in response to the currency’s weakness. The Associated Press
