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Commodities Briefing - Categorized | Oil, Price Watch, Regulatory more

Opec’s plan to cut oil production is ill-advised

Posted on 21 October 2008

From Gulf-news.com: With all the current economic turmoil around the world, a decision to reduce oil production by the Organisation of Petroleum Exporting Countries (Opec) is only going to be damaging.

Sure, oil prices have plummeted from a high of $147.27 (Dh541) a barrel in July. But the price for a barrel of crude is sitting at around $71 to $72 a barrel. That is comfortably below that once-mythical $100 per barrel price….. Full Article: Source


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VRS - who has written 34604 posts on Opalesque Commodities Briefing.


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