Possible OPEC crash !!!

The Organization of Petroleum Exporting Countries (OPEC) is a cartel of twelve countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
According to WorldWatch most of these net exporters of oil will face serious economical dificulties, starting in the first quarter of 2010, social support will in most cases be reduced and in some stopped, as is the case with Venezuela now agravated with the electrical shortage.
Most of these exporters of oil have the economy indexed directly on the revenue obtained from crude, and since the cartel cannot maintain the barrel of crude at a affordable price which is around the $72.00 a barrel.
Crude oil is poised for its biggest monthly gain in five months after a report yesterday showed the U.S. economy grew in the third quarter, ending a year-long contraction and spurring optimism fuel demand will increase .... This however is pure speculation as most Americans face serious money shortage.
Oil rose 3.1 percent yesterday, the most in two weeks, after the US Commerce Department said the world’s largest energy- consuming country expanded at a 3.5 percent annual pace between July to September.These figures are not real, it’s helped by stimulus from the US government.
Crude oil for December delivery traded at $79.93 a barrel, The dollar fell toward its fourth monthly drop against the euro. It traded at $1.4852 at 2:08 p.m. in Tokyo, from $1.4822 yesterday in New York. A declining U.S. currency spurs demand for commodities, including gold, as an alternative investment.
The dollar fell toward its fourth monthly drop against the euro. It traded at $1.4852 in Tokyo, from $1.4822 yesterday in New York. A declining U.S. currency spurs demand for commodities, including gold, as an alternative investment.
The U.S. economy shrank 3.8 percent in the 12 months to June, the worst performance in seven decades, the recovery will last well into the second quarter of 2010.
The number of Americans collecting unemployment insurance will continue to rise, seven million Americans became jobless during this recession, to create employment for all will be a loosing battle, so claims for jobless benefits will continue according to the Labor Department.
If crude prices continue to rise the economical recovery of most industrialized nations will enter 2010 in the red. The OPEC crash may become a reality.