Wednesday, Dec 17, 2008
Stray That Broke The Camels Back
The Times: Opec makes largest ever cut to oil production
Over the past few weeks i have looked for the Catylst that will trigger the final nail in the UK economic coffin, i feel sorry we are there but Gordon, Badger and Mandy are amatures at the game ( if they have experienced life before maybe i missed it ), this single event will push oil towards $80 a barrel which is Opecs target, the feed through to UK inflation will be in my view collosal.
Posted by rimmer @ 05:58 PM (177 views) Add Comment
2 Comments
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1. Eternal Sceptic said...
It would be rather novel for opec to act with any degree of unity, but this time I suspect they will. There could even be a hidden benefit, as many major oil projects are fixing to be sh*** canned in the near future. If we ever come out of this depression without a major implosion of everything, those projects being on stream and available will be vital, while the advanced world adapts to it's limits to growth. The clock is running, and thus far, all we are seeing are acts of monumental stupidity.
2. Kruador said...
OPEC no longer has any control over the oil market. It's controlled purely by price speculators in the futures markets. They're having to sell out their positions and the price will settle at around $20 where it was before the bubble started in 1999.