Price of crude below a hundred

VIENNA: The price of crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) has plunged below $100 per barrel for the first time since late March, according to OPEC data released here on Wednesday.

On Tuesday, one barrel (159 litres) of OPEC-produced crude stood at $98.49, $2.59 less than the previous day's $101.08.

OPEC's latest price announcement came before its decision early Wednesday to cut overproduction.

OPEC calculates an average basket price based on 13 brands produced by cartel members.

A statement issued by the -- issued after oil ministers ended their meeting early Wednesday said the organization agreed to produce 28.8 million barrels a day. OPEC President Chakib Khelil said that quota in effect meant that member countries had agreed to cut back 520,000 barrels a day in production over the established quota.

I hope this means the price of a liter of gasoline is also going to get back to a reasonablr level.

I doubt it. It means better profits for ESSO and Shell (et al) shareholders/speculators.

We're saved we're saved ,there is a god, this will be the best christmas ever! Tiny Tim will get his operation.

To bad your prediction of doom is in the toilet.....I also suspect that in the next year or two there will be economic boom.

Get out there and buy that cheap land and real estate.

Frickasee'd or fried?