OPEC Orders Cut in Oil Production

Supply and demand coupled with fear and greed make for some very volatile crude prices. It will be interesting to see if OPEC actually comes through with the production cuts. Once you get used to $140 a barrel cash flow its hard to take a 55% price cut and then have to cut your production.

We shall see.

"The OPEC cartel ordered a cut in oil production of at least 1.5 million barrels a day. Despite the statement, a benchmark price dropped below $63 a barrel." By NELSON SCHWARTZ and JAD MOUAWAD, NY TIMES

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OPEC Says it Will Cut Production

Vladimir Weiss/Bloomberg News

Members of OPEC met Tuesday in Vienna to consider how to respond to a 30 percent drop in oil prices since July. Chakib Khelil is president of OPEC and Algeria's oil minister.





VIENNA — "In an unexpected decision made after a six-hour meeting that lasted well into the night, the OPEC oil cartel said it would reduce its oil production by about half a million barrels a day in a bid to stem a rapid decline in oil prices in recent weeks." Jad Mouawad, NY Times

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Here is the jump after the OPEC production cut was announced.
No I was not trading it, I do have a life you know.

5 Tick Crude Oil Renko Bar Chart (click on chart to view)


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As Oil Prices Fall, OPEC Faces a Balancing Act

"For oil producers that have grown accustomed to rising revenues, falling oil prices are turning into a cause for concern, if not quite panic." Jad Mouawad, NY Times

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Oil rises past $140 a barrel

NEW YORK: "Oil futures rose to more than $140 a barrel, a new record, Thursday after OPEC's president said oil prices could rise well above $150 a barrel this year and Libya said it may cut oil production."

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Oil Prices Are Up and Politicians Are Angry, Yawn

What can Washington do to reduce gas prices in the near term? The short answer, alas, is not much. While thepoliticians and oil executives accuse OPEC and wrap themselves with humongous financial packages. The ordinary people should take a different action, lock your cars and don't buy ask your employers to provide thetransportation.

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