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Home Front Economy
OPEC chief calls for drastic cut
2008-12-12
The Organization of Petroleum Exporting Countries must decide on a "drastic" cut of oil production during its next meeting, OPEC president says.

"The Oran meeting must decide on a drastic (production) cut to establish equilibrium between supply and demand," Chakib Khelil said during an interview on Radio Algerienne.

The next meeting is scheduled for December 17 in Oran.

He said that talks with fellow OPEC officials convinced him that "there is a consensus" that a production cut is necessary.

Earlier Thursday, the International Energy Agency said in Paris that global oil demand would shrink in 2008 for the first time in 25 years.
Posted by:Fred

#6  Iraq, why does that ring bells? Didn't something recent happen there? Won't there export intentions be affected?

Just curious.
Posted by: Halliburton - Mysterious Conspiracy Division   2008-12-12 12:38  

#5  There are a number of OPeckers that need the cash flow to stay afloat because they have little reserve cash. This drastic cut will never materialize. If they do the cut, and price goes up, demand will go down. Elementary. ABC123.
Posted by: Alaska Paul   2008-12-12 11:21  

#4  The things they've been talking about since 1973? Any time now. Just wait and see.
Posted by: Fred   2008-12-12 07:37  

#3  Oh, and by the way, don't forget to drill!

And how's that nuclear thing coming along? And wind, solar, efficiency, etc.?
Posted by: gorb   2008-12-12 02:31  

#2  It may be announced but will be DOA because of all of the cheating by member producers. Also, Iraq has made it clear that it will pump the hell out of its fields, regardless of OPEC quotas.
Posted by: Shieldwolf   2008-12-12 02:20  

#1  The Russians are apparently interested in aiding with a supply cut in order to drive up the price (and repair Vlad's tattered bank account). If they make it stick, say hello to Dow 5000.
Posted by: Ricky bin Ricardo (Abu Babaloo)   2008-12-12 01:45  

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