Filed in archive Peak Oil by Reden Rodriguez on January 3, 2007

Just after I said that oil prices may stabilize yesterday, here is an article that says that OPEC will be reducing its production outputs to sustain high oil prices. What a crazy world we live in!

Analysts believe that the production cuts are essential to keep the $60 per barrel price that many OPEC economies depend on for survival. And for the first time in many years, analysts believe that the demand-and-supply mechanisms will again work and will result to an equilibrium oil price between $60 and $62 per barrel.

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Tags: Oil Output OPEC Production Energy World Global energy opec+production

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