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Gold/Mining/Energy : Nevtah/Tower Oil Intl.- NTAH
NTAH 0.00400-60.0%Jul 24 5:00 PM EST
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To: Just My Opinion who wrote (1589)6/24/1998 1:38:00 PM
From: SnakeInATuxedo  Read Replies (2) of 3817
 
It would be great if it were to happen, but it won't. Try moving your lips as you read the next few sentences; I'm told by educational development experts this can help achieve better comprehension in slow learners.

There aren't going to be any production cuts of any meaningful amount for any meaningful period of time. All OPEC has done over the past few days is make empty meaningless promises to each other - promises they have no intention of keeping or honouring because they have no reason to do so. They are each going to continue to produce whatever amount of oil they need to produce and sell to keep their countries solvent and pay their countries' bills. This is the only "wise decision" they have made in their own interest, to pay lip service to a meaningless, unenforceable agreement and then go home and crank up the pumps.

So, let's recap here. No 1.4 million barrels a day cut, not even close. Any cuts which any members make will last maybe two weeks or until the sham agreement disappears from the papers and the nightly TV news, whichever comes first, meaning probably by this weekend they'll all be back to pumping as much as before, if not more. Oil prices will resume their fall and not stop until: 1] production becomes truly uneconomic for enough true producers and supply thus dries up naturally; or 2] demand rises to absorb excess supply and then cause shortage, causing price to finally rise.

Now, go stand in the corner and write "I will pay attention when I re-take Remedial Bonehead Economics 101 for Dummies for the 5th time" 300 times.

$^)
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