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OPEC acts to cut oil production

News that OPEC has cut oil production by some 1.5 million barrels a day, to try and shore up the oil price, has had little impact as yet. The price of a barrel of oil is now down as low as $64 having reached a high or around $150 earlier this year. It seems that finally we are seeing the world wide recession bite into industry's appetite for the black gold and there will no doubt be many traders nursing serious losses on positions opened only a few months ago.

While the fall in production numbers was less than many OPEC members had been calling for it should see yet more downward pressure on the price of petrol on the forecourts with supermarkets literally falling over themselves to under cut each other. We are seeing prices falling as low as 94p a litre in some areas of the country and when used in conjunction with many money off bonuses this can fall to as low as 90p a litre.

As yet we have seen no fall back in the cost of energy in the UK with gas and electricity prices continuing to spiral higher and higher.

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