OPEC considers cutting oil production (from AP)

News Type: Event — Seeded on Sun Sep 7, 2008 9:14 PM EDT

Article Source: Associated Press - Google

With oil prices off nearly 30 percent from their highs of almost $150 a barrel, OPEC oil ministers are considering what was unthinkable just a few weeks ago — cutting back output to prop up the price of crude.

Oil ministers insisted there was adequate supply to meet demand, and blamed speculators and a weak U.S. dollar for crude's stellar rise.

In a forecast last month, OPEC predicted that the world's forecast appetite for oil for this year overall will have fallen by 30,000 barrels a day and noted that world demand growth next year will be "the lowest since 2002."

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nearing

The US Corporate media & the Corporate Politicians keep telling us that drilling in Alaska will solve our problems.

All along oil executives and OPEC chiefs have been saying that supply is not the problem.

So which is it?

***Please note: I intend to be vigilant in keeping the discussions of this seed FROM BEING POLITICALLY DE-RAILLED. I will delete any comments I believe to be of an intentional propagandist thread-jacking nature without further warning.

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1 vote

#1 - Sun Sep 7, 2008 9:18 PM EDT

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NEARING

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OPEC considers cutting oil production (from AP)

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