Well yippee for them. The longer we delay investing in alternative energies, the longer we will be held hostage by the oil producing states. At this point I hope that Obama launches an even more aggressive plan to invest in energy for the future and let OPEC rot on the vine. It's going to take years before we see any results but the longer we delay, the more of this rubbish we're going to hear. Failure to act aggressively and act now means lost jobs, lost position of market leadership and more of the same from OPEC in the future. Big Oil hates change because their business is oil, not alternative energy. They need to be kept out of the process and out of ownership or purchase of any of the companies in this market or else they will do what they always do, which is buy, bury and kill progress.
OPEC oil producers will cut oil supplies when they meet next week in Vienna and "the reduction must be significant," the group's president, Chakib Khelil, was quoted as saying on Saturday.
"There will be a reduction of the output and the reduction must be significant to restore the balance between supply and demand," Algerian state news agenyc APS quoted Khelil as telling reporters.
The Organization of the Petroleum Exporting Countries will hold an emergency meeting on Oct. 24 in Vienna to discuss the impact of economic weakness on oil markets.
Pressure is mounting within OPEC to reduce supplies as oil prices have fallen more than 50 percent from July's record of $147.27 and expectations have grown that a global recession will erode fuel demand.
"If the cut is 1.5 million barrels per day, then it will be 1.5 million barrels. If it is 2.0 million barrels per day, it will be 2.0 million barrels per day," added Khelil, who is also Algeria's energy and mining minister.
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