Wait just a minute, OPEC
August 19th, 2008 by Grant in: EnergyAn Iranian OPEC official on Saturday mentioned that OPEC members are trying to decide whether to cut output to “shore up” market prices for crude oil.
“The market is oversupplied by at least 1 million barrels a day. If OPEC would like to remove this additional oil out of the market, then OPEC has to cut some production,” OPEC governor Mohammad Ali Khatibi told Dow Jones in a telephone interview. -Source
Oversupplied by only 1 million bbls per day? Is that all?
Perhaps they should wait to see what demand looks like after China restarts manufacturing operations after the closing of the Olympics. As I mentioned in a previous post, China had shut down manufacturing in an effort to reduce pollution in preparation for the games back at the beginning of July. Right about the time crude prices started to slide.
Tags: China | crude prices | Olympics | OPEC
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