All Eyes On Oil: What Will OPEC Do This Week? -- CNN Money
While Americans are chomping down on turkey and pie this week, everyone involved in the energy world will be closely watching the Thanksgiving Day meeting of the OPEC in Vienna, Austria.
Oil prices have tumbled dramatically in recent weeks. Oil now trades below $80 a barrel and most Americans can buy gas for their cars for under $3 a gallon.
The question is how OPEC will respond. So far, energy producing nations and companies haven't scaled back product even though it's pretty clear there's an over supply of oil on the world market.
Experts who follow OPEC and the oil market closely are evenly split over in their bets on whether OPEC will vote to cut product. It will almost certainly come down to Saudi Arabia, which has refused to scale back production because it wants to squeeze its regional nemesis Iran, which is reeling from sanctions over its nuclear program.
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More News On OPEC And The Price Of Oil
OPEC divided on oil output before crucial meeting -- Arab News
OPEC to take decision to promote stabilization of oil prices - Kuwaiti expert -- ITAR-TASS
Iran to push for Saudi oil output cut at OPEC - Mehr news agency -- Reuters
Iran seeks cut in Saudi oil output to boost price -- Irish Times
Iran May Propose Million-Barrel Daily OPEC Cut in Saudi Talks -- Bloomberg
Russia-Iran oil talks likely in OPEC meeting in Vienna -- Mehr News
OPEC giant split set to occur at next meeting -- Market Business News
US oil imports from Opec at 30-year low -- Financial Times
OPEC's Easy Days Setting Oil Production Are Over, Veteran Says; You Need Russia, Norway, Mexico -- Bloomberg
Winners And Losers Of Oil War – OpEd -- Shabbir H. Kazmi, Eurasia Review
OPEC's clout on line as decisive meeting looms -- Rick Jervis, USA TODAY
Why Crude Oil $80 Is the New Normal, Reasons Saudi Arabia Will Not “Swing” -- Market Oracle
Infographic: Meet the Organization of Petroleum Exporting Countries (OPEC) members -- USA Today
My Comment: This is what is scaring OPEC members right now .... Oil price seen falling to $60 if OPEC does not cut output (Reuters).
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