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| BrianCunningham | Opec just cut production | ||
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Senior Guru
 
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Opec just cut production
[QUOTE]OPEC Makes Record Oil Production CutBy GEORGE JAHN, AP posted: 6 MINUTES AGOcomments: 233filed under: Investing, Crude Oil PricesPrintShare Text SizeAAAORAN, Algeria (Dec. 17) -- OPEC says it is cutting 2.2 million barrels a day from its output -- the largest ever at one time -- to stem crude prices that have plummeted over 70 percent from summer highs of nearly $150. An OPEC statement says its latest announcements means it is taking 4.2 million barrels a day off the market compared to September levels. The 4.2 million figure includes more than 500,000 barrels of overproduction OPEC said in September it would eliminate and a formal cut of 1.5 million barrels a day that it agreed on last month. That amounts to a new reduction of 2.2 million barrels announced Wednesday. In practice, "it's 2.2" said OPEC President Chakib Khelil. Members among the 13-nation organization were officially producing a daily 29.045 million barrels in September. Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. 2008-12-17 06:28:37[/QUOTE] |
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Posted on: 2008/12/17 22:41
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| pianoguy | Re: Opec just cut production | ||
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Guru Emeritus
 
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And the market pretty much said, "So, what?":
http://money.cnn.com/2008/12/17/marke ... tm?postversion=2008121715 |
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Posted on: 2008/12/17 22:52
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1996 LT4 �Before you criticize someone, you should walk a mile in their shoes. That way when you criticize them, you are a mile away from them and you have their shoes.�- Jack Handey |
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