Oil tumbles under $64 a barrel, OPEC cuts output

Business | 206733 hits | Oct 24 8:46 am | Posted by: WDHIII

Oil prices tumbled Friday despite OPEC's decision to cut its output quota by 1.5 million barrels a day, beginning in November.

Comments

by tritium
Fri Oct 24, 2008 4:24 pm
WHY!! Do we let OPEC decide the price of oil. WTF!!

Shouldn't market demand decide the cost, not a bunch of men sitting around a table in pajamas?

OPEC.PNG
by dino_bobba_renno
Fri Oct 24, 2008 10:02 pm
"tritium" said
WHY!! Do we let OPEC decide the price of oil. WTF!!

Shouldn't market demand decide the cost, not a bunch of men sitting around a table in pajamas?

OPEC.PNG

*on the pajamas comment*

Thing being is that I'm not really sure if "we let" them decide.
by QBC
Fri Oct 24, 2008 10:24 pm
I love this...it costs the average OPEC nation $14 to produce a barrel of oil...$64 isn't enough profit for them?....But it isn't OPEC who sets oil prices anymore, the profiteers at the commodity markets that do.
by Anonymous
Fri Oct 24, 2008 10:38 pm
Glad this a govt. job I'm going to tomm.
by Pseudonym
Fri Oct 24, 2008 10:50 pm
Drill baby, Drill!
by dog77_1999
Fri Oct 24, 2008 10:57 pm
OPEC is only a cartel in name. They never ever follow their quotas. Cutting production will jepordize the social programs in those countries. Saudi is basically the only one who can do any meaniful cuts, and they aren't keen to do much.

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Who voted on this?

WDHIII Fri Oct 24, 2008 7:50 am
kitty Fri Oct 24, 2008 8:19 am
tritium Fri Oct 24, 2008 4:47 pm

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