Opec and Russia to cut oil production

[Savage Beatings]

The cost of a barrel of oil has dropped about $100 this last year. Opec wants to try to raise it back up to around the $80/barrel range. They are planning on cutting oil production by approximately 2 million barrels a day beginning in January. Russia will also cut production. Hold on to your shorts... here we go again.

 

Here is a link to the story.

[i_am_the_swammi]

The cost of a barrel of oil has dropped about $100 this last year. Opec wants to try to raise it back up to around the $80/barrel range. They are planning on cutting oil production by approximately 2 million barrels a day beginning in January. Russia will also cut production. Hold on to your shorts... here we go again.

 

Here is a link to the story.

 

Most are saying it will have a negligible affect on pricing if demand doesn't rise. I have heard gas will settle around $2 per gallon, which is about the sweet spot of my comfort zone anyway.

 

If demand returns, they can then begin to produce more....should stay at or around $2 for some time.

[dmarc117]

most of these oil countries planned their budgets around oil at 80 bucks. whoops.

[Azazello1313]

oil down 5% today

Edited December 17, 2008 by Azazello1313

[CaP'N GRuNGe]

You know Hugo Chavez is squirming because of the drop in oil prices. Just another added bonus.