<Oilwatch Monthly - October 2008 The Oil Drum October 24, 2008 OPEC Meeting Open Thread>

22 comments on POLL: How much will OPEC Quotas be cut on Friday?

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speedy on October 24, 2008 - 6:21am Permalink | Subthread | Parent | Comments top

Oil Falls Below $65 After OPEC Cuts Output

Oil fell below $65 a barrel on Friday, to new 16-month lows, as gloom about a global economic downturn took the steam out of an OPEC agreement to cut output by 1.5 million barrels a day.

Ministers of the Organization of the Petroleum Exporting Countries agreed at an emergency meeting in Vienna to take 1.5 million bpd off the market.

Good job they did not opt for a 3 million bpd cut otherwise oil would have dropped to under $30 a barrel.

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WebHubbleTelescope on October 24, 2008 - 7:57am Permalink | Subthread | Parent | Comments top

Goes to show how useful the Wisdom of the Crowds metric is

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MetaMeme on October 25, 2008 - 7:27am Permalink | Subthread | Parent | Comments top

Goes to show how useful the Wisdom of the Crowds metric is

That's the way I saw it too.

I don't want to be Mr Grumpy, but I'm not sure why this poll was needed'tho ...

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mdsolar on October 24, 2008 - 9:50am Permalink | Subthread | Parent | Comments top

I got this one wrong. I thought they would delay a cut. Now we can blame them for the recession.

The $65 mark is significant because that might be where our price poll would have ended if we had run one. I'd propose the range $50 to $85 as the basis for a new price poll since things are getting interesting.

Chris

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22 comments on POLL: How much will OPEC Quotas be cut on Friday?

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