Posted on 10/16/2008 12:51:18 PM PDT by thackney
OPEC said Thursday it has brought forward to October 24 an emergency meeting to discuss the impact of the global financial crisis on oil markets, after initially scheduling the conference for November 18.
"The OPEC Secretary General, Abdalla Salem El-Badri, has announced today that, following consultations with the President of the OPEC Conference and colleague Ministers, it has been decided to re-schedule the Extraordinary Meeting of the OPEC Conference. This will now take place at OPEC Headquarters, Vienna, on Friday, 24th October 2008 rather than on 18th November 2008, as previously announced," OPEC said a brief statement from the group's Vienna headquarters.
The decision appears to have been prompted by the slide in oil prices in recent days to below $70/barrel for Brent crude oil futures. US crude futures have fallen about $74 from their all-time high of $147.27/b achieved on July 11.
Oct 15, 2008
From after to before Election Day. Hmmm ...
drill baby drill
Looks like the tactical reserve should be ~6 months to go from April to October. We’ll see how this goes next year.
Sort have got themselves in a financial bind I would guess. Anyone for “oil bubble”.
Sure put to rest the Pickens old wives tale of never see oil under $100 a barrel again. I notice his dumb ads stopped as well.
By the end of next week it may not be economically feasible to drill in the U.S.
Wasn’t their target price $80bbl? US producers will need that price level to drill, baby, drill.
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