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Richard Cochrane is trained in chemistry and metallurgy but is far more interested and practiced as a political and fund raising consultant, writer and amateur historian. He grew up in a Navy family and with his two younger brothers carried on its 500+ year tradition of naval service to Great Britain and the USA then enjoyed a career with one of the largest advertising and public relations agencies working with numerous Fortune 500 companies and many of America's premier educational institutions. He maintains friendships and acquaintanceships around the world. He lives in Santa Barbara, California.

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OPEC Plans Million Barrel A Day Cut To Increase Prices.

October 20th, 2008 • Richard Cochrane
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OPEC would cut crude oil production by at least one million barrels per day. It has moved up its “emergency meeting to October 24, 2008 from November 23rd.

Most think such a move by the cartel could send oil prices up $10 a barrel almost immediately and then more while importing country citizens continue to suffer.

“I think it is absolutely scandalous that OPEC is thinking of meeting in the next few days to cut oil production so they can push up the price of oil again and we will certainly try and prevent this happening,” British Prime Minister Gordon Brown said on Oct. 17.

OPEC, of which Venezuela is a particularly greedy member, is suddenly having problems feeding its royals lavish lifestyle while paying off citizenry to keep them in line. Venezuela’s Hugo Chavez has budgeted for $90 a barrel oil a non-Opec member Russia pegged it at $100 a barrel. The defecation is hitting the impeller behind the scenes at OPEC.

There Are 4 Responses So Far. »

  1. Comment by morochos.net on 20 October 2008:

    I live in Venezuela, one of the most important oil exporters of the world. My country receives more than 85% of his national income from the petroleum industry, for that reason I support the cut to the oil production.
    You can visit my blog –in English- if you want a greater explanation of my opinion.

  2. Comment by don12 on 22 October 2008:

    morochos - why does your country produce so little revenue outside what is in the ground?

  3. Comment by Morochos.net on 24 October 2008:

    The problem is that the Venezuelan politicians have always had low capacity to govern, including the current regime of Hugo Chávez. This prevented the Venezuelan State to invest to develop other sectors of the economy with the oil industry profits.
    That is why Venezuela is so dependent on international crude prices: lack of political leadership.

  4. Comment by don12 on 25 October 2008:

    morochos - I read your recent post, good to see some international belief in the resourcefulness of the US, seems there are so many doubters, here and abroad. Thanks.

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