QUOTE(danmooncake @ Dec 5 2008, 10:01 AM)
Nah..Opec too smart for that. They won't allow that to happen. They will continue to cut production until Oil goes back to $60~$70. It will happen soon.
QUOTE(wirelessdude @ Dec 5 2008, 10:04 AM)
Most middle-eastern countries and Russia needs oil to trade at least $40/barrel so that they can finance their committed expenditure in the country.
in a time of so much uncertainty, i am not suprised at all if $ 20/barrel would be in sight... we r currently at $ 44..
i think oil production cuts (if not now) would risk a further deterioration of oil prices and continued strenghtening of the dollar against other major currencies will continue to hurt the global economy even further.
not to mention the ECB r goin to announce another interest rate cut, further weakening the EU.
On the Russian and Middle Eastern Front... I personally feel that at the moment they r facing a fall from glory ($140/barrel) as ppl shun oil. Whether this is externally intended, political or really global economic fall out remains a question to be answered as well?