Home Hubdub logo
 
Guest account   Cash: hd$1,000   Predictions: hd$0
You currently have hd$1,000 (Hubdub dollars), Hubdub's play money, to stake on your predictions. Your predictions are currently worth hd$0
Home
Leaderboards
Forums
My Predictions

Will OPEC decide to lower its production quota at its Nov 18 meeting?

Voided

There was no November 18 meeting, as OPEC seemed to have considered their specially called meeting in October to be in place of the scheduled meeting and have now scheduled another meeting at the end of November, as well as one in December.

Background:

http://www.businessweek.com/globalbiz/content/oct2008/gb2008109_622359.htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis

The dropping price in oil is about the only good economic news for most Americans...but will OPEC allow oil to remain at these low prices, or will they take measures to reduce output and get the price back up? Maybe not over $100, but perhaps solidly back into the $80-90 range.


Settlement details: As reported by a major mainstream news source.

 
Forecast history, %
   Zoom in

Voided

Yes
65%
No
35%
Voided Wed 19th Nov 12:57pm PST

Suspend date: Mon 17th Nov 2:59pm PST

Initial likelihoods: Yes: 65%

Action history:

Created Fri 10th Oct 4:20am PDT by matthelm
Settlement requested Fri 24th Oct 9:37am PDT by bigken1: Not sure if this earlier meeting counts...
They have already cut production

http://hosted.ap.org/dynamic/stories/E/EU_OPEC_MEETING?SITE=MDFRE&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2008-10-24-11-52-39
Suspended Mon 17th Nov 2:59pm PST : Suspend date reached
Settlement requested Tue 18th Nov 9:49pm PST by orlin: There wasn't an OPEC meeting on Nov 18th.
Voided Wed 19th Nov 12:57pm PST by bayoubear[Admin]: There was no November 18 meeting, as OPEC seemed to have considered their specially called meeting in October to be in place of the scheduled meeting and have now scheduled another meeting at the end of November, as well as one in December.

Suspend date: Mon 17th Nov 2:59pm PST
more info...

 

Predictions (48)

48 predictions

2 weeks ago
gabrielwest predicted Yes (H$300 at 83%)
2 weeks ago
swilly predicted Yes (H$500 at 83%)
2 weeks ago
firechild predicted Yes (H$100 at 83%)
2 weeks ago
scotty45 predicted No (H$20 at 17%)
2 weeks ago
youbet predicted Yes (H$100 at 83%)
more

Comments (6)

  3 coolkraft
Does this mean that if it has already cut production then this means it will not cut it again at the Nov 18 meeting and answer to question is no?
posted 5 weeks ago
  4 bayoubear[Admin]
The question was posed in relation to the news article linked in the background which stated:

<<Less than three weeks after an acrimonious Ramadan meeting in Vienna, OPEC has now called an emergency meeting for Nov. 18 in the Austrian capital. The reason is clear: The cartel is worried about the precipitous 40% fall in oil prices since they peaked at $147 per barrel in mid-July.>>
http://www.businessweek.com/globalbiz/content/oct2008/gb2008109_622359.htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis

It seems clear to me that the question is only referring to any lowered quotas announced as a result of that major meeting, not changes in quotas along the way . . . in fact, the lowering of quotas in the meantime may affect the outcome of the meeting itself, and that is the point of the question. How will oil prices and demand affect the OPEC decision at that time.

I think it's an interesting question and can only become more so as we approach the meeting date.
posted 5 weeks ago
  5 matthelm
Just got back from vacation, sorry for not answering earlier.
The question refers exclusively to announcements made as a result of the Nov 18 meeting - thank you bayoubear!
posted 5 weeks ago
  6 bayoubear[Admin]
And apparently there was no November 18 meeting, as OPEC seemed to have considered their specially called meeting in October to be in place of the scheduled meeting and have now scheduled another meeting at the end of November, as well as one in December.

Indications are that there will be no change in output as a result of the 11/29 meeting, but there may be considerationss at the December meeting.

This question will be voided as there was no meeting on the specified date.

o
posted 1 week ago

Please log in or join to add a comment

What is Hubdub?

Hubdub makes news more exciting by letting you stake virtual dollars on the outcomes of real running news stories.

Join now   or   learn more