150th OPEC meeting on 24th of October 2008

    • 150th OPEC meeting on 24th of October 2008

      The 150th (Extraordinary) Meeting of the OPEC Conference will be hld on Friday, 24 October 2008 at Vienna, Austria.

      The discussions will most likely be on "stabilising" the oil market.. simply put - reducing oil output to let the prices rise.
      For some time, if we believe that the output will be reduced and the prices rise. What comes next?
      The fear of recession is still on. Some people have lost their jobs. Many have lost money. The consumption will definitely drop.

      The analysts are always ready with figures. Always publishing - amending again - publishing again with new reasons for the amendments.
      Nothing can be more true than the real thing. Shall I say, the faith in the analysis reports has dropped also. Each individual seems to be his own quiet analyst. He always was...just that the weight on his own analysis is much more now than the weight on an external analysis published by some analysts who could not predict his own doom :thumbdown:

      But nothing seems to surprise us these days. We are all anxiously waiting for the meeting to finish.

      Worldoils Notes : Oil and Gas Prices
    • Oil prices - confused thoughts before the Opec meeting

      Guys, I may be wrong. But why do I get the feeling the this OPEC meeting of tomorrow is the most eagerly watched meeting of the OPEC in recent times?

      My reasons :

      • Dramatic rise and serious drop in oil prices from $147.27 to less than $68 yesterday.
      • The general expectation is that the OPEC will cut production after the meeting on the 24th. On this speculation, the prices should have risen. They did not!

      But since OPEC controls 40% of the global oil supply + the above two reasons, I am a confused soul waiting for the news after the 24th and of course THE MARKET REACTION after the news.

      I have stopped guessing X(
    • These factors affect oil prices - not just OPEC

      Following are the factors that affect the oil prices :

      1. Supply shortage.
      2. Taxes.
      3. Market sentiment/speculation.
      4. Accidents.
      5. Adverse weather.
      6. Increasing or decreasing demand.
      7. Speed of the transport system that delivers oil.
      8. Labour disputes and other production disruptions.
      9. Wars & political disturbances.
      10. Natural disasters.

      So, OPEC or not, tehre are still other factors that will increase/decrease consumption and will affect the oil prices.