OPEC Emergency Meeting

Discussion in 'Wall St. News' started by thehangingman, Jan 10, 2007.

  1. I recently heard some guy on CNN state that OPEC is slowly but surely becoming irrelevant (I don't know who he was. Some analyst). Anyway, I agree with the guy, although I admit I had never thought of it before. The Saudi's are the only ones that actually cut when they are supposed to, and with Russia pumping flat out, and developing like mad, OPEC is going to lose mkt share. This shouldn't matter if we are bumping up against full production vs consumption, but we are not. He goes on to state that all we need is a mild global recession (inevitable eventually), and oil is back down to 30, and nothing OPEC can do about it.