OPEC brought forward its planned meeting from next month to Oct. 24 after the oil price declined, some producers have requested a production output cut to keep prices inflated between $70 and $90 a barrel!!!
One of the instigators of this move is once more the Venezuelan president Hugo Chaves; he now wishes to control the production of crude by keeping crude above $90 a barrel!!!
Hugo Chaves and other OPEC members have forgotten that the worst financial crisis in decades is mainly because the crude producers inflated crude prices to a record a record $147.27 a barrel on July 11... EVEN Chinese growth slipped back to 9.9 percent for the first nine months of the year amid falling demand for Chinese-made goods ...
If they now curtail production they will worsen the global situation placing their own economies in a dangerous situation as is the case in Venezuela were supermarkets are empty....
WorldWatch has predicted that Crude demand will drop by another 3% ... oil prices will drop to around $50 a barrel if the producers go ahead with the cut in production....
SPECULATION by producers, oil companies, governments, traders and bankers are the main reason for this world recession...
No comments:
Post a Comment