OPEC considers drop in output as oil falls below $60 a barrel

[Herman Munster]

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.

“There is a concern by hedge funds that oil and commodities are no longer the one-way bet they once were,” said an Opec official.

[GaYellowDawg]

1. Time for some jawboning?

Of course fucking not.

[Deja Q]

2. Poor babies. Everybody has to eat into profits once in a while.

Lower oil prices will stimulate growth as well. People can spend money on far more things than gas.

[tjwash]

3. You know what really sucks?

Everyone knows that this is an election month ploy by the oil companies to keep the status-quo in Congress, and it stands a good chance of working. The day the election is over, they are going to go right back to their obscene price gouging.

The fucked up thing is, if big oil actually cared, they would keep dropping the price and stimulate growth in the U.S. economy, but it's sickeningly obvious from the past 5 years that is not what they want.