Oil on the rise on expectations of weaker demand!

With the oil prices on the rise again, the OPEC has taken the new move in an effort to shore up its losses against a perceived loss. If that sounds a mouthful, the OPEC is playing with the Crystal ball and it seems that the ball is telling them that all is not golden on the Oil front.

OPEC seems to have seen the future and has started moving towards a possible cut in the output. Naturally, this has set the Oil prices on the move once again and this time they are planning to stay up for a long while. As a private consortium, the OPEC is free to do what it wants but it should also take note that any such moves aimed only at shoring up its profits is going to increase the strident voices that are opposed to the amount of power that OPEC wields.

These voices have been getting strident of late and with reason, with the Oil prices pretty much dictating the prices of other essential items from food to clothing, more and more countries are becoming uneasy with the fact that OPEC still acts as a private body, one that controls a huge amount of power. There is talk of bringing the OPEC under the direct authority of the United Nations, one that may well see the Oil prices being regulated and the production units becoming more productive!