Filed under: International markets, Forecasts, Products and services, Consumer experience, Middle East, Market matters, Oil, Recession, Financial Crisis
As we discussed last Friday, the recent drop in oil prices prompted OPEC to meet earlier than planned to discuss possible production cuts, and that’s exactly what the group of oil producing countries has decided to do, with an announced 1.5 million barrel a day production cut.
It should not come as too much of a surprise to hear about today’s plans. Oil has been falling sharply over the past few months, with a $40 price jump in the last month alone. Over the summer we were talking about the record high oil prices, and it was only this past July when prices were nearing $150 a barrel. How times have changed.
Even with today’s announcement, oil is down again, as the market continues to worry about a spreading global recession. Earlier in the session oil dropped as low as $61.00 a barrel, and is currently trading down $3.24 to $62.68.
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