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Commodities Briefing - Categorized | Oil, Regulatory more

OPEC ponders choices as oil prices plummet

Posted on 22 October 2008

From Nytimes.com: At the beginning of the year, OPEC producers felt confident that strong economic growth and tight supplies would keep oil prices high. When oil crossed the $100-a-barrel threshold in February, the cartel’s president blamed speculators and said there was not much OPEC could do.

But now, panic is gripping producers as prices drop. Oil is down by half since July, and the speed of the decline has stunned oil-rich governments that have become dependent on high prices….. Full Article: Source


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