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Old 12.17.2008
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Pipe Line OPEC deepest oil cut to rescue prices
Quote:
ORAN, Algeria (Reuters) – OPEC oil ministers agreed their deepest output cut ever on Wednesday, slashing 2.2 million barrels per day from oil markets in a race to balance supply with rapidly crumbling demand for fuel. The 12 members of the Organization of the Petroleum Exporting Countries were also aiming to build a floor under prices that have dropped more than $100 from a July peak above $147 a barrel. The cut, effective from January 1, comes atop existing curbs of 2 million bpd agreed by OPEC at its last two meetings. It lowers the group's supply target to 24.845 million bpd.
Read More Here >> Yahoo News



WiseOne's Comments, well...there you go, drivers, thank OPEC for what you are going to pay soon. The break is over.
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Old 12.17.2008
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Crude futures down $2.38 right now, or about 5.5% # $41.22.

OPEC's cuts aren't keeping up with the destruction of demand.

Next stop, $25.00 a barrel.
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Old 12.17.2008
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These losers drove up the prices earlier this year and sent the world economy further in the tank while they sucked in the profits. I'll bet they look for a bailout soon.
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Old 12.17.2008
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Originally Posted by JWinNC View Post
These losers drove up the prices earlier this year and sent the world economy further in the tank while they sucked in the profits. I'll bet they look for a bailout soon.

Yeah, it is kinda ironic in a way. They drove prices up so high that no one is going to forget $4 gas. It really brought on a lot of conservation and that is one reason demand is down. Americans alone drove 10 billion miles less last month than a year ago. They got a little too greedy.
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Old 12.17.2008
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OPEC didn't drive up oil prices.
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Old 12.17.2008
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Quote:
Originally Posted by Mooney View Post
OPEC didn't drive up oil prices.

Of course there were many factors. But I remember the Saudi oil minister getting on there and saying it would be $200/barrel which didnt do a whole lot to lower the expectations of the speculators.
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