The Organization of the Petroleum Exporting Countries says speculators are to blame for the recent rise in the price of oil to more than $80 per barrel. OPEC Secretary-General Abdullah al-Badri said there is no economic justification for the price increase, and so it seems to be the result of financial trading. "There is no shortage of oil supply. We have floating storage of 125 million barrels," al-Badri said.

Related Summaries