OPEC has breathed a sigh of relief with the hold in prices justifying its decision not to cut production quotas at its June 11 meeting.

Now that it is evident that it will take Iraq quite some time before it produces oil to its maximum, OPEC has become more concerned with maintaining prices within its $22-$28 range. However, it is evident that several countries made quick profits following the surge in US crude prices as the US upped its imports to around 10.3 million barrels per day.

The UK Brent futures price was being quoted at $28.96 a barrel on June 11, moved down to $ 26.79 a barrel on June 16, and further to $ 26.73 a barrel the following day.