The recent Oil price slide prompted members of OPEC together with Russia (the only non-OPEC member oil producer) to convened ando discuss cutting oil production down 3% (about 2 million bpd) as it desperately hope to stomp the crash before the end of the year.
This week, the price for crude oil eased to about USD 44 (per barrel) compared to the all time high of about USD 147 (per barrel) on July of this year.
This is primarily due to the fact that demand for the black gold has been dropping since early Q4 of this year as the rest of the world watches in horror on the recent US Election and the drama that is the global financial meltdown.
The recent turn of events prompted opinion polls of economists around the globe towards the possibility of another spike in the prices of oil as soon as middle of 2009 and the allegations that the members of the con-fraternity of the dark evil dwarf and elves also known as OPEC (+1) is hatching a diabolical plan to make sure that the nations of the world will be reduced to nothing more than a bunch of toddlers playing a game of stop hitting yourself as each country tries to cut a deal with respective OPEC members for arms/drugs/women for oil sort of schemes.
I tell you those evil maniacs wont rest unless everyone else starts to sell off their souls to the devil himself for a lousy can of gas!
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