OPEC CRUDE REDUCTION !!!

Once more OPEC President Chakib Khelil told Reuters on Wednesday that OPEC may cut oil supplies again, possibly by the end of this month if prices keep falling and the world economy weakens further.

Mr.Khelil should remember that the world economic situation began when OPEC oil producers,oil companies,governments,traders and speculation started forcing crude prices to record highs over $147 a barrel per day (bpd) in July... now the global economy faces a recession and oil prices are falling...Demand for oil is deteriorating week by week, fear global recession is worsening day by day...US crude oil stocks rose by 1.2 million barrels last week...Demand in the United States, the world's biggest consumer of oil, was expected to fall by more than 1 million bpd for the first time since 1980.

The economic crisis had already led the IEA, to cut its assumption for 2008 world oil demand growth to the lowest rate in 15 years at just 440,000 barrels per day...London Brent crude traded at $52.65 a barrel yersterday 12-11-2008...

This is the result of SPECULATION by all involved in the crude industry, if OPEC reduces production then it must be prepared to face a worse situation, demand for crude will drop by another 3%...