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The consequences of Opec’s failure

Posted on 22 December 2008

From Menafn.com: Organisation of Petroleum Exporting Countries’ (Opec) decision to cut oil production by 2.2 million barrels a day sounded drastic, but obviously failed to impress the market.

Oil prices, which at their peak of about $147 in July were seven-times higher than their 2002 levels, dropped to around $40 and are expected to fall further as the bet is that fewer barrels would be needed to fuel a shrinking global economy. …. Full Article: Source


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VRS - who has written 39021 posts on Opalesque Commodities Briefing.


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