Word: oiled
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...latest cut follows an October cut of 1.5 million barrels a day, which failed to arrest the downward slide in oil futures - prices have plunged a further 18% since November, deepening fears among oil-rich nations of an economic disaster at home. Whereas in July, with futures at a record high of $147 a barrel, the daily oil earnings for Opec's 11 members stood at $4 billion, this week, with oil hovering at around $43 a barrel, the cartel's combined daily earnings stood closer to $1.2 billion. Saudi Arabia's oil minister Ali Al-Naimi said last month...
...slashing production is unlikely to achieve stability or even to significantly boost prices, say analysts, because traders and investors had anticipated Opec's move and have, for weeks, priced it into their transactions. Investors have pulled billions of dollars out of the oil-futures market since the onset of the financial crisis three months ago, and, say analysts, Opec's ability to control the fluctuation of prices has diminished in recent years as the factors governing supply and demand have grown vastly more complex...
...World oil prices began surging late last year partly because of the soaring demand from China and India's fast-growing economies, leading many to speculate that the world could actually run short of oil. But just as some long-planned new oil projects in Saudi Arabia and elsewhere came on line, those emerging economies began to slow, and the United States - the world's biggest energy consumer - faced its biggest economic crisis in decades. One result has been that Americans are driving less - 100 billion miles fewer in the first 10 months of this year than in the same...
...Until mid-2008, you were butting up against lagging supply growth," says Greg Priddy, global oil analyst at the Eurasia Group in Washington. "But this drop is driven by collapse in demand. Nothing is going to globally control that." The scale of the oil market, with multiple new producing countries and burgeoning new consumer markets around the world, puts it beyond the control of Opec. "The market will just be more volatile," says Priddy...
...volatility of the past year is a product not simply of supply and demand factors, but are caused by the ways in which oil is traded, say some experts, who recommend the introduction of mechanisms designed to prevent speculators from plunging into markets and withdrawing billions of dollars just as suddenly. "The prices are being largely made in the paper markets," says Paul Stevens, energy analyst at the London think tank Chatham House. "People are moving in and out of the market on a daily basis." The market is especially open to speculation since oil is traded in futures...