FT: Opec considers drop in output

[RamboLiberal]

http://www.ft.com/cms/s/7ef0bb92-4cc8-11db-b03c-0000779e2340.html

Oil exporting countries may consider a cut in output after crude prices fell below $60 a barrel on Monday for the first time in six months.

The decline came as global demand fell back from its mid-year peak and tensions over Iran eased.

Ministers from the Organisation of the Petroleum Exporting Countries are understood to be concerned about the drop in oil prices, which are down almost a quarter from their recent peaks.

They have discussed the prospect of trimming production ahead of the oil cartel’s next ministerial meeting in Nigeria in December, according to Opec officials.

The oil price fall over the past month has been accompanied by investor selling in oil and other commodity markets, mainly on concerns that economic growth in the US is slowing.

[OrangeCountyDemocrat]

1. Shouldn't They Check With The Saudi's & King george First?

It's not fair after all the work the Sauds did to help george and his buddies out by lowering prices for the last few months of '06.

There must be a communication problem, but I'm sure they'll sort it all out, and will wait until after November 7 to lower output.

[villager]

2. yes, surely they won't hurt their Georgie-puppet that way...

n/t

[catmandu57]

3. I thought the Saudis

had pledged to keep the market flooded?

[Javaman]

4. Oh yes, please discuss the drop in out put will you?

Because as long as you make it look like a willful drop in output it helps cover the tracks that that your oil fields have peaked and you can't pump any more sweet crude.

Smoke and mirrors.

[phantom power]

5. I agree. They're passing the peak, and they want to hide it.

And/or forestall the eventual decline. Ride the plateau as long as possible.

[AX10]

6. Why?