OPEC ministers have moved up the date of their annual Christmas meeting. This year they will be together for Thanksgiving. Odds are excellent that they may move that gathering up to next week.
Brent crude broke down over $7 to trade under $80. The fall from $147 to these levels will cost the oil-producing nations hundreds of billions of dollars over the next year.
OPEC is about to cut production and cut it sharply, at least enough to push oil back over $100. It will add another weight to be added to the list of things which could deepen the recession.
There is one silver lining. OPEC states need to put the money somewhere. As the US Treasury prints money to bail out the economy, someone will have to buy the bonds. That will probably be investors from the Middle East and China.
Douglas A. McIntyre
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