OPEC won’t have it

October 26, 2008 · Filed Under Uncategorized 

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OPEC wants to cut production of oil.

OPEC has seen enough and not going to take it anymore, how dare the price of oil come down. OPEC will not sit by and let that happen. OPEC will have a meeting to determine whether to cut back the output of oil. President Chekib Khelil says the high price of oil was not a demand issue but rather due to speculation. All of a sudden Opec is concerned about keeping the the market stables, They weren’t so concerned when the prices were at $140 per barrel.

Funny how just a few months ago President Bush was asking the Saudi’s to produce more oil now that the prices are coming down OPEC want’s to cut production. Well let the free market decide what your precious oil is worth. Just like you let the market decide when the price of oil rose.

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Comments

One Response to “OPEC won’t have it”

  1. no imageaz from debt reduction (Who am I?) (1 comments.) on November 11th, 2008 2:05 pm

    This is ridiculous. They don’t care about the people just their pockets. the demand is reduced, may be indirectly due to reduction in consumption in US and worldwide as many factories got down. Even 1.5MN production decrease did not cause prices up so they look for more, thats shame.

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