Word: opec
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After months of false starts, OPEC claims it is ready to drop production far enough to pull more money out of the pockets of the oil-consuming nations...
...cartel has been humiliated more than once as it has chopped output only to see the price of oil drop further. Since September, OPEC said it has taken four million barrels a day out of circulation. That number is in dispute. It may be smaller. But, the fact of the matter is that some of the organization's members probably did not follow the rules and cut as fast or deep as had been planned. Nations including Iran and Venezuela may need the capital too much to drop the number of barrels that they export...
...Once oil prices started to cascade from over $141 a barrel this last summer to well below $40, OPEC knew that its members would not be able to support their own economies which, in many cases rely almost entirely on income from crude sales. Russia, which is not a member of the cartel, is facing similar trouble, so the incentive to move oil back toward $70 gets greater as each day passes. (See pictures...
...According to MarketWatch, "OPEC is ready to make further cuts in oil production in coming months if prices and global demand don't stabilize, the oil cartel's secretary general said at the World Economic Forum...
...dropped some 70% since July to about $31 a barrel. That has left Chávez with about half the money he budgeted to spend in 2009, and doesn't take into account the millions of dollars Venezuela will lose each month if it abides by recently agreed OPEC production cuts...