It seems that even OPEC is starting to feel the heat of high oil prices and are jawboning the price down a bit.
OPEC lowered its 2008 global demand forecast, saying it now expects demand to increase by 1.28% to an average of 86.9 million barrels per day, down from a previous forecast of 1.35%. That decision follows similar moves by the U.S. Energy Department and the International Energy Agency earlier in the week.
I love how changing a forecast that really could be numbers plucked out of thin air and the threat that the Saudis might pump more oil sometime in the future caused oil prices to drop. Whoever said that speculation was not the reason behind much of the oil price spike the past few weeks has an agenda.
No comments:
Post a Comment