VIENNA 1 Jan 2010 Ecuador minister Germanico Pinto takes helm at OPEC

Ecuador's Minister of Mines and Oil, Germanico Pinto, takes the helm of the Organization of the Petroleum Exporting Countries on 1 Jan, replacing Angola’s Jose Maria Botelho de Vasconcelo. He assumes the 1-year presidency in a high profile year for OPEC, as the organization turns 50 in 2010. Pinto plans to focus his attention on the fight against financial speculation in oil contracts, recently complaining that oil-consuming countries are not taking measures to rein in prices.

The Dow Jones newswire reports that a resurgent crude oil price, which has doubled to US $70 a barrel in six months, is sparking worries that a continued rise could compromise a fragile recovery from the current economic crisis. A regulatory crackdown on excessive speculation has been seen as a way to control prices.

RELATED READING:

OPEC
http://www.opec.org

Ecuador minister: OPEC's main focus stable price, fighting speculation (DJ/EasyBourse 6 Oct 2010)
http://www.easybourse.com/bourse/actualite-financiere/ecuador-minopec-s-main-focus-stable-price-fighting-729185