Word: opec
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...many amid the gathering economic gloom has been the pleasant sensation of filling their cars with ever cheaper gasoline. But that relief at the gas pump has slashed the revenues of the oil-producing countries, and on Wednesday they pushed back when the 11 oil ministers of the Opec cartel agreed to cut their combined output by about 2.2 million barrels a day starting January 1. The biggest production cut in Opec's 48-year history is an emergency measure aimed at reversing the precipitous slide in world oil prices, which the cartel hopes to push up to almost double...
...which failed to arrest the downward slide in oil futures - prices have plunged a further 18% since November, deepening fears among oil-rich nations of an economic disaster at home. Whereas in July, with futures at a record high of $147 a barrel, the daily oil earnings for Opec's 11 members stood at $4 billion, this week, with oil hovering at around $43 a barrel, the cartel's combined daily earnings stood closer to $1.2 billion. Saudi Arabia's oil minister Ali Al-Naimi said last month that Opec members needed a price range of between...
...slashing production is unlikely to achieve stability or even to significantly boost prices, say analysts, because traders and investors had anticipated Opec's move and have, for weeks, priced it into their transactions. Investors have pulled billions of dollars out of the oil-futures market since the onset of the financial crisis three months ago, and, say analysts, Opec's ability to control the fluctuation of prices has diminished in recent years as the factors governing supply and demand have grown vastly more complex...
...beauties) to pop music (for the geeks). These are often hilariously worded (Ex. “His song ‘In Da Club’ is a hit at the club”) and sometimes strangely difficult (I’ll admit: I had no idea what OPEC stood for. I hope this makes me a beauty). 5. You will develop a dedicated following of female viewers, primarily consisting of my roommate and myself. Roommate has spotted Season 4 winner Dave three times by Thayer! Also, I may or may not have asked Season 4’s John...
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...