OPEC Panicked About Oil Price Collapse, May Cut Production

With the price of oil dropping, will OPEC reduce its supply as a way to raise the price? If Venezuela and Iran get their way. (Saudi Arabia is reportedly willing to let the price fall to $80 before they’ll push for cuts). OPEC meets Tuesday.

AP: With oil prices off nearly 30 per cent from their highs of almost $150 a barrel, OPEC oil ministers are considering what was unthinkable just a few weeks ago — cutting back output to prop up the price of crude.

No one is predicting much of a cutback — if any at all. Still, such a move would not even have been thought of with oil prices setting record after record back in July.

But the bull run appears to have paused, if not ended, which means a new look at options for Tuesday’s meeting of the 13 ministers at OPEC’s Vienna headquarters.

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