OPEC Offers No Help With Fuel Prices

According to the New York Times, There is little that can be done by OPEC to lower prices, because Oil production quotas are not the main problem. If this is in reference to Peak Oil, no body knows but the President of OPEC, and the participating nations in this conference. These remarks contradicted earlier statements made last week by Saudi Araibia, the coalition’s leading producer, which called for increased production quotas to ease the price of oil globally.
Purnomo Yusgiantoro, OPEC’s president, and Indonesia’s minister of energy, stated that the recent spike in retail prices for gasoline and other fuels is “due to factors beyond OPEC’s scope”.