Created Fri 10th Oct 4:20am PDT by 
matthelm
All questions » Business » Economics » matthelm 
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.
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.
Suspend date: Mon 17th Nov 2:59pm PST
Initial likelihoods: Yes: 65%
Action history:
Created Fri 10th Oct 4:20am PDT by matthelm
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
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
Changed Description Sun 9th Nov 9:41am PST by 
bayoubear![[Admin]](http://www.hubdub.com/images/icon_admin.gif "This user is an admin")
: show details
bayoubear: show details ... +index+-+temp_news+%2B+analysis</a> <br/> <br/> <b>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.</b> <br/>
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.
orlin: There wasn't an OPEC meeting on Nov 18th.
Voided Wed 19th Nov 12:57pm PST by bayoubear: 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.
bayoubear: 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
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<<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.
The question refers exclusively to announcements made as a result of the Nov 18 meeting - thank you bayoubear!
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.
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