Comments on: OPEC to Cut November Production by 1.5 Million Barrels http://www.nakedcapitalism.com/2008/10/opec-to-cut-november-production-by-15.html Mon, 23 Nov 2009 11:49:51 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Andy http://www.nakedcapitalism.com/2008/10/opec-to-cut-november-production-by-15.html#comment-22924 Andy Fri, 24 Oct 2008 14:57:00 +0000 http://www.nakedcapitalism.com/2008/10/opec-to-cut-november-production-by-15-million-barrels/#comment-22924 OPEC moves are going (and have been shown) to be irrelevant in current market conditions and oil prices in the near term will <a HREF="http://www.savingtoinvest.com/2008/10/opec-it-cuts-both-ways-oil-prices-to.html" REL="nofollow"> face continued downward pressure </a>, potentially falling under $50 a barrel if the current trend is any guide. OPEC moves are going (and have been shown) to be irrelevant in current market conditions and oil prices in the near term will face continued downward pressure , potentially falling under $50 a barrel if the current trend is any guide.

]]> By: ndk http://www.nakedcapitalism.com/2008/10/opec-to-cut-november-production-by-15.html#comment-22922 ndk Fri, 24 Oct 2008 14:23:00 +0000 http://www.nakedcapitalism.com/2008/10/opec-to-cut-november-production-by-15-million-barrels/#comment-22922 As you mention, getting anyone to agree to production cuts (and cutting off their only real export at a time when capital is dear) is a futile exercise. I'm a chastened oil bull who still holds a core position and will scale back in someday, but owch.<br/><br/>Still pretty ticked off about all the deliberately fudged numbers and regulatory screw-ups, but I guess I could say that about any market these days.<br/><br/>Thanks Yves for your warnings. As you mention, getting anyone to agree to production cuts (and cutting off their only real export at a time when capital is dear) is a futile exercise. I’m a chastened oil bull who still holds a core position and will scale back in someday, but owch.

Still pretty ticked off about all the deliberately fudged numbers and regulatory screw-ups, but I guess I could say that about any market these days.

Thanks Yves for your warnings.

]]> By: Matt Dubuque http://www.nakedcapitalism.com/2008/10/opec-to-cut-november-production-by-15.html#comment-22918 Matt Dubuque Fri, 24 Oct 2008 13:53:00 +0000 http://www.nakedcapitalism.com/2008/10/opec-to-cut-november-production-by-15-million-barrels/#comment-22918 Matt Dubuque<br/><br/>Also, there is significant production not in OPEC. Russia and the North Sea, Norway, etc.<br/><br/>Matt Dubuque Matt Dubuque

Also, there is significant production not in OPEC. Russia and the North Sea, Norway, etc.

Matt Dubuque

]]> By: Anonymous http://www.nakedcapitalism.com/2008/10/opec-to-cut-november-production-by-15.html#comment-22875 Anonymous Fri, 24 Oct 2008 09:57:00 +0000 http://www.nakedcapitalism.com/2008/10/opec-to-cut-november-production-by-15-million-barrels/#comment-22875 they should change their name to no-hope-c they should change their name to no-hope-c

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