Last week, the OPEC oil producers' cartel announced it would hold an extraordinary meeting in Vienna on November 18, as member countries fret over the effects of the global financial crisis on crude prices.
"Some OPEC members continue to reiterate their stance that OPEC will consider cutting output if demand for oil is indeed lower," added Norrish at Barclays Capital.
The Organization of Petroleum Exporting Countries' next regular meeting is scheduled for December 17 in Oran, Algeria.
Iran on Sunday predicted that OPEC would cut oil output at its November session. Libya also appealed last week for lower production should crude futures continue to trade at current levels.
cut back in supply can only keep pace with drop in global demand. as well, nov 4 is more important than nov 18. obama prez means green initiatives and conservation measures promoted by the administration. US demand will continue to decline and OPEC's only hope is that demand increases in India, China and other developing countries to offset drop in US consumption.
Cutting oil production is a joke. The world has ganged up on mortgage fraud, it's not going to be held hostage by a bunch of beduins who were "enjoying" $40 a barrel oil no more than two and a half years ago.
We''l retest the highs of last year this week--which we've already declined to $78 overnight, and we'll blast through that for the next month down to $65 then $60 as the world goes into proclaimed downturn that has its roots in mortgage fraud.
It'll take two quarters to show traction--the pop in mortgage REQUESTS has nothing to do with the number of mortgages GRANTED, the process of GRANTING loans is being strangled on the credential side of the ledger.
Until banks learn to lend bridge loans on sales, instead of assets carried by the firms, business will dry up with a dismal XMAS season, people will substitute electrostatic heating with $100 heaters for oil, just to spend something else than filling AL-KAIDA's pockets with oil loot.
The American people are pissed off, and we consume a spitload of oil, and China, which is growing, may pick up some of it, but US is 60% of THEIR business too.
They may be able to reflate housing or stop the blood letting, but it will take 18 months to get out of this Depression, even with $5T of the world's printing press money chasing it.
Wonder if they'll finish building Dubai. May become the worlds newest ghost town. guess that won't be especially good for our economy either since they send do much investment back here. Glad I don't own global infr stocks right now