Monday, September 11, 2006

OPEC "concerned"

Yeah, I bet they are; I'd be concerned if my monopolized product was losing value too:

Ministers of the Organisation of the Petroleum Exporting Countries arriving in Vienna on Sunday have indicated concern that oil prices may fall. Though the eleven-nation group is unlikely to officially reduce its production quota when it meets on Monday, the change in ministers’ tone could be a harbinger of things to come.

Now ministers no longer think oil prices, at around $67 a barrel, are too high. Instead they are concerned that the recent $10 drop in prices could be a sign that the market is at the beginning of a larger correction, one that could eventually impinge on oil producers’ revenues.

Cheap gas makes me happy...but sell your oil stocks (especially downstream ones) soon!