OPEC Cuts Oil Output
October 11th, 2006 by Grant in: Economics, Oil & GasConfirming the rumor and speculation, Edmund Daukoru, OPEC president, made a 1 million barrel per day cut in production official.
In an interesting comment, Daukoru stated:
“…the cartel was considering holding an emergency meeting before then to discuss what to do about falling prices.”
Source: MSNBC Article
I find it interesting that the President of OPEC feels they need to do something about falling prices, considering they’re still twice as high as they were just two years ago.
Oil prices have fallen recently, as they nearly always do at this time of year, and some people consider this activity a “plunge” in prices.
It’s also interesting to see the conflict of interest at work in OPEC statements. Effectively, they want to cut production to keep oil prices high, but they make no mention of cutting production to conserve the dwindling oil reserves we have on this planet.
What a tangled web we weave…
Leave comments
Subscribe to Comments
Loading ...
October 12th, 2006 at 8:05 pm
I wish OPEC would leave the production alone. Just when gasoiline prices start falling they want to jack the dang price back up. THeyre just like our government, everthing is fine till they start getting their hands dirty.