Thursday, 18 December 2008

Fallin' – Alicia Keys (2001)

So OPEC met yesterday in Algeria and decided to cut production by 2.2 million barrels a day bringing it to about 24.8 million barrels a day starting in January. Will this stem the downward tide?

Early indications suggest no as its price continues to wobble (it dropped on Tuesday even after the Federal Reserve in the U.S. chopped down its key interbank rate to between 0% and 0.25%).

Well, there is always the next meeting slated for March 15th. And will non-OPEC countries like Russia make any bold statements themselves prior?

Remember that The Oxford Princeton Programme is giving away a prize to whoever comes closest in their price prediction for a barrel of sweet crude come the end of December 31st 2008.

Send your entries in by no later than Wednesday, December 24th.

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