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Indonesia weighs opting out of OPEC
Oil keeps on climbing. Today in London, it is trading around $118 a barrel. And U.S. crude oil futures rose above $120 a barrel. The high prices have OPEC member Indonesia thinking about quitting the oil cartel. The country has become an importer of oil and is failing to meet its OPEC production quota. On the good news side -- good news for the price of oil, I mean -- Exxon Mobil's oil output in Nigeria has finally returned to normal. A strike had forced the company to shut down production in Africa's largest oil producer. Exxon continues to negotiate with the unions.
Posted by Lori Stassi on May 6, 2008 2:22 AM PT | Permalink
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