Shakleton White CEO Jennifer Campbell Comments as Oil falls to near $44 on OPEC decision.

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) March 17, 2009 -- Benchmark crude for April delivery was down $1.92 to $44.33 a barrel by midday in Europe on the New York Mercantile Exchange. Oil prices dropped 78 cents on Friday to settle at $46.25 a barrel. Earlier Monday, prices fell as low as $43.62 before a slight recovery. In London, Brent prices fell $1.93 to $43.00 on the ICE Futures exchange.

Members of the Organization of Petroleum Exporting Countries said Sunday they would strive to adhere more closely to the group's current output quotas. OPEC is overshooting its daily target level of just under 25 million barrels a day by about 800,000 barrels.
Prices had risen from under $35 a barrel last month as investors anticipated OPEC would cut production by up to 1 million barrels a day on top of 4.2 million barrels of reductions announced since September.

Campbell said, "OPEC's decision is widely interpreted as a measure to provide support to the global economy as a new cut likely would have resulted in prices spiking considerably higher. The existing cuts deal with yesterday's problem and further action is needed to deal with today's even worse environment; the odds must favor another production cut."
While some of the oil producers had voiced support for a further cut at Sunday's meeting, others like OPEC's de-facto leader Saudi Arabia argued instead for stricter compliance with the already-announced output reductions.

Still, with the global economy continuing to show falling demand, some analysts concluded that a new cut could still be in the books, maybe at OPEC's special session on May 28 reviewing prices and supply.

Last week, both OPEC and the Paris-based International Energy Agency lowered their global oil demand forecasts for 2009. Oil prices rose recently in anticipation of a decision by OPEC to set a lower output target, but markets on Monday were in a corrective mood.
Campbell added, “The gains we've seen in oil over the last two or three weeks were from pricing in a further cutback, which didn't come through, so now we're seeing some profit-taking

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