Wait just a minute, OPEC
Tuesday, August 19th, 2008An 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 …
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