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Energy

OPEC’s Chance To Kick The West While It’s Down

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
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Tx00338coilwellgusherodessatexasposOPEC 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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About the Author Douglas A. McIntyre →

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.

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