Thursday September 10, 2009

I've Been Thinking:

OPEC president Jose Botelho do Vasoncelos delivered his economic forecast at the OPEC meeting in Vienna yesterday.
He said that he was "optimistic that the darkest days of financial turmoil and economic recession are behind us."

The 12 OPEC members control most of the world's oil production.
The economic downturn hit them very hard.

OPEC's prognosis is an essential dimension of economic analysis.
OPEC needs a stronger economy in order to charge more for oil.
OPEC understands that the worse the economy gets, the more people conserve energy & the more people conserve, the less the demand and the lower the price of oil.

I would never wish OPEC well.
But I do hope that this prediction is correct.
I hope that the economy has bottomed out.

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