Opec said that they were cutting 4 million barrels... from September. Basically they say it based on September instead of october/november production, which includes the 2 million they already cut.
Steve liesman said something that was interesting, He said that using the previous production quantities, the ones back 2 months, was what they did when oil went to $10. They just say it for Shock value.
Wednesday, December 17, 2008
oil opec
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History tells us that OPEC's statements about production have no correlation to actual production in forward months. None.
I guess there is some entertainment value in seeing the de rigeur arrogance from sheiks who by some mistake of geography were born on the top of a forest of fossilized carbon. Fun.
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