Opec cuts but crude price slips

The following is from Forex News as things get worse: - OPEC Cuts Crude Output By 1.5 Million Barrels Per Day: In an extraordinary meeting, OPEC slashed production output by 1.5 million barrels per day in an effort to slow the sharp decline in crude oil prices. "The financial crisis is already having a noticeable impact on our world economy, dampening the demand for energy, in general, and oil in particular. This slowdown in oil demand is serving to exacerbate the situation in a market which has been oversupplied for some time," according to a statement explaining the move. Nevertheless, crude continues to move lower with WTI oil down nearly 6% at $63.78 at 7 a.m. EDT.

Gordon Brown spin feeds Sky News Headline Lies

All morning Sky News has run with a caption indicating that none know the true state of world oil reserves and that Britain's pathetic lying Prime Minister is about to do something about it. The truth of course is quite different. For decades one of the most reliable sources on world oil reserves has been that from BP, in my view it provides the industry standard. One review of last year's publication is linked here. Any economist with any acumen and every geologist would know the difference between reserves and production capacity. Any head of a government of any major or medium country could have those facts in hand in seconds. Yet this lying, incompetent and dangerous man has today gone through a completely farcial meeting in Scotland to announce that some extra marginal production from the North Sea might be possible from next year at the rate of 55,000 barrels per day (Each barrel being 42 US gallons). This is completely insignificant by any industry measure AND as marginal production is entirely dependent upon UK taxation levels. As in all other areas of the destruction of Britain's industry, economy, society and democracy the finger of blame points back to Gordon Brown.

A NEW Clash of the Titans

Oil prices and exchange rates reflect the battleground where present international crises are being played out before the blind eyes of Europe's sleaze ridden politicians, read here. In the UK it is the evidence before the so-called "Standards Committee" (as if any now remained) regarding the Speaker's marital partners addiction to taxis while in Strasbourg we finally get a view of the MEP expense scam which is linked from my "Strasbourg Cesspit" blog, linked here.