Eugene David
...The One-Minute Pundit

Sunday, October 19, 2008


OPEC Plans to Cut Supply as Oil Prices Head Toward $50 a Barrel

``OPEC is going to try to prevent some of the price decline,'' Francisco Blanch, head of global commodities research at Merrill in London, said in a Bloomberg television interview. ``It's going to be very difficult to stem a price fall.''

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Falling oil prices dent Hugo Chávez's clout

Commodities prices overall are slipping, generating new concern in a region heavily vested in exports of soy, copper, and crude. But it is Chávez who could stand the most to lose: a new report from Deutsche Bank says that Venezuela needs prices to stay at $95 a barrel in order to balance its budget.

Coupled with production declines, Chávez's days as the ultimate benefactor could be coming to a close.


See? Not all the economic news is bad.

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