ABC Finance

+%3Cp%3E+For+the+first+time+in+three+years%2C+OPEC+nations+agreed+Wednesday+to+a+higher+oil+output+level+despite+continuing+uncertainty+in+the+global+economy.%3C%2Fp%3E%3Cp%3EBut+analysts+said+the+new+output+level+of+30+million+barrels+a+day+would+have+little+impact+on+world+oil+prices.+Thanks+to+overproduction+by+some+members%2C+the+cartel+is+already+producing+that+much+oil.%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3C%2Fp%3E%3C%2Fp%3E%3Cp%3E%26quot%3BOPEC%27s+decision+today+to+raise+the+official+target+for+the+cartel%27s+oil+output+to+close+to+the+current+level+of+production+will+make+no+real+difference+on+the+ground%2C%26quot%3B+Julian+Jessop%2C+chief+global+economist+at+Capital+Economics%2C+wrote+in+a+note+Wednesday.+%26quot%3BThe+bigger+picture+is+that+the+latest+demand+forecasts+from+both+OPEC+and+the+International+Energy+Agency+still+look+too+high+and+that+oil+prices+have+further+to+fall.%26quot%3B%3C%2Fp%3E%3Cp%3EOPEC%27s+last+official+production+target+was+just+under+25+million+barrels+per+day+set+in+2008.+The+world+currently+produces+just+under+88+million+barrels+of+oil+per+day%2C+according+to+the+U.S.+Energy+Information+Administration.%3C%2Fp%3E%3Cp%3EOil+prices+in+the+U.S.+have+been+hovering+around+%24100+a+barrel+for+the+last+several+weeks.+%3C%2Fp%3E%3Cp%3EU.S.+oil+prices+have+risen+a+bit+in+recent+months+as+a+supply+glut+in+the+United+States+began+to+resolve+itself%2C+but+they+are+lower+than+the+%24112+a+barrel+seen+at+the+start+of+the+year+following+the+Middle+East+protests+and+a+loss+of+oil+from+Libya.%3C%2Fp%3E%3Cp%3EThe+Libyan+loss+was+largely+made+up+for+by+Saudi+Arabia%2C+which+went+against+its+fellow+OPEC+members+and+raised+production.%3C%2Fp%3E%3Cp%3EWednesday%27s+agreement+announced+at+the+conclusion+of+the+annual+OPEC+conference+held+in+Vienna+allows+for+Saudi+Arabia+to+continue+producing+oil+at+current+levels+even+though+oil+from+Libya+is+returning+to+market+and+output+from+Iraq+is+increasing+%3Ca+href%3D%22http%3A%2F%2Fus-fast-cash-now.com%22%3Eonline+cash+advance%3C%2Fa%3E%3C%21–+.+–%3E.%3C%2Fp%3E%3Cp%3EIt+represents+a+bit+of+a+victory+for+Saudi+Arabia%2C+which+has+argued+for+higher+oil+production+against+some+other+OPEC+countries+like+Iran+and+Venezuela%2C+which+wanted+to+limit+output.%3C%2Fp%3E%3Cp%3EBut+OPEC+left+the+door+open+to+future+production+cuts.%3C%2Fp%3E%3Cp%3E%26quot%3BThe+Conference+also+agreed+that+Member+Countries+would%2C+if+necessary%2C+take+steps+%28including+voluntary+downward+adjustments+of+output%29+to+ensure+market+balance+and+reasonable+price+levels%2C%26quot%3B+OPEC+said+in+a+statement+on+its+Web+site.%3C%2Fp%3E%3Cp%3EOPEC+is+often+vague+and+divided+about+what+it+considers+%26quot%3Breasonable+price+levels%26quot%3B.+Last+week+OPEC+Secretary+General+Abdulla+Salem+El+Badri%2C+himself+a+Libyan%2C+described+current+prices+as+%26quot%3Bcomfortable.%26quot%3B%3C%2Fp%3E%3Cp%3EBut+it%27s+been+reported+that+certain+ministers+in+Saudi+Arabia+and+the+Gulf+states+would+prefer+a+price+closer+to+%2480+a+barrel+in+an+attempt+to+spur+global+economic+growth.+%3C%2Fp%3E%3Cp%3ESome+analysts+are+expecting+Saudi+Arabia+to+eventually+cut+production%2C+especially+if+supplies+swell.%3C%2Fp%3E%3Cp%3E%26quot%3BRelatively+weak+global+demand+growth+coupled+with+the+gradual+recovery+in+Libyan+output+and+a+resumption+of+growth+in+Iraqi+output+will+lead+to+a+Saudi+pullback+of+at+least+500%2C000+barrels+per+day%26quot%3B+by+early+next+year%2C+Greg+Priddy%2C+a+global+energy+analyst+at+the+political+risk+consultancy+Eurasia+Group%2C+wrote+in+a+research+note+earlier+this+week.+%26nbsp%3B+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fmoney.cnn.com%2F2011%2F12%2F14%2Fmarkets%2Fopec_oil%2Findex.htm%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

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ST. CHARLES

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Chrysler says it earned $212 million in the third quarter as car and truck sales grew 24 percent.
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Unemployment rates rose in a majority of states in August for a third straight month, further proof that job growth is weak nationwide.
The Labor Department […]

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Vanessa Slaughter knows that many folks have given up on Jamestown Mall.
After all, empty storefronts surround her. The mall faces foreclosure. And county officials have […]

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In an age that devised such wonders as credit default swaps on tranches of subprime-backed collateralized debt obligations, one might fairly ask if humanity has […]

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The European Central Bank pulled Italy and Spain back from immediate financial disaster on Monday, driving down the countries’ dangerously high interest rates by buying […]

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Turkey’s foreign minister recognized Libya’s rebel leaders as the country’s legitimate representatives and promised them an additional $200 million in aid during a visit Sunday.
The […]

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Greece’s Cabinet endorsed another package of spending cuts and state asset sales after the worsening bond-market selloff across the euro region forced the government to […]

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Federal Reserve policy makers began to coalesce last month on a strategy to reverse record monetary stimulus by first ending their reinvestment policy and later […]

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