OPEC worried about Egypt, but not acting yet
OPEC said on Monday it was worried about the unrest in Egypt but saw no reason to boost output to cool prices at the moment and would add more supply only if it saw a shortage in the market.
Oil prices have spiked following tension in Egypt with Brent crude approaching $100 per barrel on fears instability could spread to the Middle East, which together with North Africa produces more than a third of the world's oil. But Secretary General Abdullah al-Badri told reporters in London the Organization of the Petroleum Exporting Countries did not at this stage think it was necessary to call a meeting before its next planned gathering in June. (Reuters)
