OPEC To Raise Oil Supply By 2%
OPEC has decided to raise oil production by 2% to meet winter demand. According to The New York Times: "OPEC representatives said they were aware that excessively high prices might put a dent on a world economy that is already…
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OPEC has decided to raise oil production by 2% to meet winter demand.
According to The New York Times: "OPEC representatives said they were aware that excessively high prices might put a dent on a world economy that is already suffering from a weak housing market in the United States." But oil only ticked down slightly and still traded above $77.
In all probability, oil traders see the move as symbolic at best. The market still faces potential disruptions in production in Mexico, Venezuela, and Nigeria. And, a number of refineries are currently off-line for refurbishment. In addition, it is still hurricane season in the Gulf of Mexico.
In other words, OPEC did not do anyone a favor.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
