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Energy

OPEC Gets POed, Oil’s Going Up

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By Douglas A. McIntyre Published
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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.

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