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December 08, 2008
How Much Is That Barrel in the Window?
OPEC's planning a "shock and awe" campaign of their own. Apparently they haven't noticed that we're already all a bit stretched in the wallet.
OPEC president Chakib Khelil says oil markets should prepare for a "surprise" output cut after the organization's Algeria meeting."A consensus has formed for a significant reduction of production levels" by the 14-member Organization of Petroleum Exporting Countries, Khelil told AP on Saturday.
The OPEC head's warning comes as markets have already been expecting an output reduction; however, Khelil said that it could be "severe," suggesting cuts of as much as 2 million barrels per day.
A decision that startles markets would help bolster slumping oil prices, Khelil said.
"The best way is to surprise them,"...he said. "I hope it (the decision) will."
I saw this early this morning on CNBC and then it dropped off the face of the earth, and none of the big blogs have it yet.
I don't know about you, but it pisses me off royally. I'd love to give OPEC a big surprise of our own. Or, at the very least, a big sumpthin' they won't soon forget.
Posted by tree hugging sister at December 8, 2008 07:34 PM