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.