Bill Seidman, CNBC’s chief commentator, told “Morning Call” that OPEC’s decision to hold production at current levels is good news for the U.S. economy.
“OPEC is really Saudi Arabia,” he said Thursday. “As long as Saudi Arabia wants to keep the oil price about where it is now, I think that’s what we’re going to see for the coming months. Therefore, I don’t think it will have a big effect on the economy because there won’t be much change.”
The Organization of Petroleum Exporting Countries, the source of about a third of the world’s oil, had cut output by 1.7 million barrels a day. OPEC doesn’t plan to meet again until September.