OPEC Doing Its Part for the World Economy - 3/24/09

Recently the Organization of Petroleum Exporting Countries (OPEC) met and decided to leave current production levels in place instead of cutting them.  A top level member of OPEC said they have done their part for the world’s economy and continue to say the U.S. and other countries must “clean up the financial mess they have made.”  OPEC’s Secretary General, Abdullah el Badri, believes they have given the world $2 trillion dollars worth of stimulus.  Yea, right thanks a lot!

The Secretary announced they will attempt to lessen the estimated 800,000 barrels a day OPEC members have been producing in surplus of their agreement.  One thing he is correct on is if the price stays at its current level more projects in OPEC countries may be delayed or canceled.  Currently more than 35 projects have been delayed.  Let’s hope the move toward hybrid and electric vehicles will put a thorn in the side of OPEC. 

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