Trouble With OPEC Quotas
Yesterday’s report from Reuters that some OPEC member nations are cheating on their quota agreements is unique only in that the news agency has apparently got a document outlining what the cartel wants its members to do. Essentially, OPEC ministers…
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Yesterday’s report from Reuters that some OPEC member nations are cheating on their quota agreements is unique only in that the news agency has apparently got a document outlining what the cartel wants its members to do. Essentially, OPEC ministers want to cut crude production to the agreed-upon levels, taking nearly 2 million barrels/day out of the market.
If OPEC members were to comply with the quota, the big oil companies like Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) and ConocoPhillips (NYSE:COP) could not make up that many barrels.
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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.
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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.
