S&P 500
7,206.80
-0.27%
Dow Jones
49,230.10
-0.53%
Nasdaq 100
27,615.40
-0.25%
Russell 2000
2,790.21
-0.52%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,287.50
+0.05%

Energy

OPEC Gets POed, Oil’s Going Up

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

OPEC has had enough of falling oil prices as reserves rise and non-OPEC members open the spigots to counties like the US and China.

Oil at $52 is going to break OPEC rice bowl. OPEC much preferred oil at $77.

It appears that OPEC will have an emergency meeting to see if it should cut its production lower than the drop in 1.7 million barrels a day it has already said it will take off the market. One source inside OPEC even went to far as to say that those betting on lower oil prices will "get their fingers burned".

Management at Exxon (XOM), Chevron (CVX), and Conoco (COP) must be dancing in the streets. The price of their stocks has adjusted downward about 10% over the last few weeks.

News of the possible OPEC meeting came on the same day as reports that China’s oil consumption rose 14.5% from 2005 to 2006.

Enough said?

Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Featured Reads

Our top personal finance-related articles today. Your wallet will thank you later.

39% of Americans Are Betting on Crypto and Prediction Markets Instead of Saving
David Beren |

39% of Americans Are Betting on Crypto and Prediction Markets Instead of Saving
A $300,000 Annuity Guarantees $1,900 a Month for Life, but Here Is What Retirees Are Giving Up
Drew Wood |

A $300,000 Annuity Guarantees $1,900 a Month for Life, but Here Is What Retirees Are Giving Up

Continue Reading

OPEC, Russia Want Longer Period of Production Cuts
Paul Ausick |

OPEC, Russia Want Longer Period of Production Cuts

Saudi Arabian and Russian oil ministers will propose extending crude oil production cuts through the first quarter of 2018. Crude…
Douglas A. McIntyre |

Oil At $103: OPEC On Cloud Nine

Oil moved over $103. The excuse this time was that "Ecuador’s state-run oil company, Petroecuador, suspended operations at a key…
Wednesday Premarket Newsmakers: Skepticism of Debt Ceiling Deal Roils Oil Markets
Paul Ausick |

Wednesday Premarket Newsmakers: Skepticism of Debt Ceiling Deal Roils Oil Markets

The debt ceiling deal has cleared one hurdle, but a few more remain. That uncertainty has oil markets floundering.
Douglas A. McIntyre |

OPEC Finally Comes To Its Senses, Prepares Production Cuts

OPEC is sending strong signals that it will cut production ASAP before Venezuela and Iran have to file for bankruptcy…
Douglas A. McIntyre |

Contradicting Economists, OPEC Sees Oil At $75

OPEC must know something the rest of the world does not know. Its chief believes that crude prices will recover…
Paul Ausick |

OPEC Predicts Oil Price Rebound Soon

The massive drop in crude oil prices over the past year is about to end, according to OPEC, which did…
OPEC’s Oil Surge May Not Be Enough to Lower Prices
Aaron Webber |

OPEC’s Oil Surge May Not Be Enough to Lower Prices

The Organization of the Petroleum Exporting Countries (OPEC) recently announced that it wanted to increase its oil supply. But will…
Douglas A. McIntyre |

OPEC’s Final Humilation

The price of crude oil has refused to rise even though OPEC has lowered production and threatened to further reduce…
OPEC Does Nothing — Again
Paul Ausick |

OPEC Does Nothing — Again

OPEC's strategy of maintaining market share regardless of price continues to cut new exploration and development budgets in the United…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618