OPEC Meeting Nov. 30 Will Be Exciting
"Fill 'er up, gutterslut."
Up until yesterday there was a positive feeling for those involved in the oil business and members of OPEC nations, in particular.
Iran and Iraq (number 2 and 3 in the oil producing world) have expressed their reluctance to lower production. OPEC officials are now nervous about a meeting on Nov. 30 in Vienna that they thought would work in their favor.
Saudi Arabia is now saying that they think oil prices will work themselves out on their own. OPEC doesn't want to hear such talk. On the other hand, the country is asking Iran and Iraq to pretty please accept a larger share of the oil production decrease.
Crude prices have been down for the last two years, and the purpose of this week's OPEC meeting is to get OPEC members to stop producing so much damn oil. The general consensus of OPEC supporters and lovers is that when all the countries agree to pull back on productioin, oil prices will soar and everybody will be happy again.
My prediction is that there will be an agreement reached on Wednesday, but, of course, nobody is going to be totally happy with the results.
I expect that Conoco Phillips and Exxon stock prices will surge starting Thursday.
