After a meeting which saw a decision by the Organization of Petroleum Exporting Countries (OPEC) to leave current production levels in place rather than cutting them to maintain higher prices, a top-level member of the organization has said that they have done their part for the world's economy and "challenged" the U.S. and other countries to "clean up the financial mess they have made." Since cutting production following the collapse of demand last year, the cartel's Secretary General, Abdullah el Badri, reckons they have gifted the world $2 trillion dollars worth of stimulus. Aren't they the generous and altruistic ones.
The Secretary also announced that they would try to lessen the estimated 800,000 barrels a day OPEC members have been producing in surplus of their agreements. He worries that if the price stays around where it is for an extended period, more projects in OPEC countries may be delayed or canceled. More than 35 projects are currently said to be delayed. The move toward less oil-dependent vehicles can only help make OPEC's worst nightmares come true.
[Source: Associated Press