22.12.2008 - The consequences of Opec's failure
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