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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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.
The way I see it is that if the price of oil drops rapidly then you are in a situation where there is to much supply. I don’t see what is wrong with dropping supply to find a balaced market place.
It is funny how we don’t want the price of our own products to fall but we expect others to be happy with it. Doesn’t seem like a very fair expectation now does it.
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