Word: barrelfuls
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...Slowing the downturn may have just got a bit more complicated, as well. The Organization of Petroleum Exporting Countries (OPEC) announced Friday that it is cutting output by 1.5 million barrels a day in an attempt to halt the slide in oil prices. The price of oil has dropped from $147 a barrel in July, to just $64 Friday. Lower oil prices have been one of the few positive changes in the financial and economic tempest...
...doesn't feel like it, but we got a raise this week. The plunging price of oil, which prompted OPEC to announce a 1.5 million barrel a day production cut, has put money in the pockets of recession-worried consumers. "It follows that there's going to be some spending effect," said Francisco Blach head of commodities research at Merrill Lynch in London...
...Falling worldwide demand, especially in emerging markets, is the reason that the oil market made road kill of OPEC's production cut. Oil dropped yet again to $64 a barrel - its lowest level in more than a year. For months leaders of oil-rich countries have watched nervously as world oil prices have tumbled more than 50% from the all-time high in July of $147 a barrel...
Despite the speed of the oil boom, the price crash has jolted OPEC countries, which appear to have assumed that high prices were here to stay. Nigeria and Iran have both set their national budgets according to prices of about $80 a barrel, and Qatar's expectation has been $90 a barrel. "Producers very quickly got used to $100-plus prices," says Lee. "They thought of it as normal and justified. They seem to have very short memories...
Several oil analysts - who predicted earlier this year that oil would reach $200 by year's end - have recently said that oil could drop to $50 a barrel. Merrill's Blanch had oil pegged at $90/bbl for 2008 last month, but he can easily see $50/bbl if there's a global recession. That could be more welcome news for drivers next year. "That's where you could see people use that disposable income to do things like go on vacation," says Medlock. That's assuming they have a job to get away from. But one thing low oil prices...