Las Vegas Lock Of The Week: OPEC Will Cut Production

Almost everyone with any schooling in the matter thinks that oil demand is dropping as the global economy slows. Hurricanes might take out some production, but that would be temporary and the government says it would open the Strategic Oil Reserve if necessary.

The leaves OPEC which has one of its big shindigs in the desert next week with all of the dancing girls and Hummers that the oil ministers can muster. Wall St. wonders whether the cartel will cut production. Why wonder at all? There is no money in keeping production where it is. Crude has come down too much. OPEC is leaving cash on the table every day. Member nations showed no compassion when oil was at $140.

Why would they show any compassion now?

Douglas A. McIntyre