OPEC deciding to cut Oil output on over supply concerns

October 22, 2008 by · Leave a Comment
Filed under: Commodities News 

Hopefully they will not cut too much so that oil gets priced well over $100 a barrel.   With our severe economic crisis that is unfolding, it would be devastating if oil prices spiked up again and stayed there.  I do believe oil is quite cheap at this moment and once this crisis passes we will see the price rise and hopefully that will be after we re-establish our new growth pattern.

Release:

A deep price slump, depleted oil demand and swollen stocks have heaped pressure on OPEC ministers to cut supplies at their meeting this week, but they also need to prevent further damage to a battered world economy.

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