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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