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Pity party for OPEC?

Posted on 28 October 2008

From Hardassetsinvestor.com: OPEC has been insisting that the oil market is oversupplied for months, and at its heavily anticipated emergency meeting last Friday, instigated by crude prices that have dropped over 50% since summer, they finally did something about it.

A reduction of 1.5 million barrels per day (bpd) will take effect on Nov. 1 - effectively cutting OPEC’s production by around 5%. How did the market react?…. Full Article: Source


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VRS - who has written 39433 posts on Opalesque Commodities Briefing.


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