When asked about the size of a proposed cut to OPEC's current production, Khelil replied: "I think if you do your own calculations, it is a cut of 520,000 barrels per day."
News of the planned cut in output comes as the oil exporting body announced that Indonesia had suspended its membership of the cartel.
"The conference regretfully accepted the wish of Indonesia to suspend its full membership in the organisation and recorded its hope the country would be in a position to rejoin the organisation in the not too distant future," OPEC said in a statement at the end of a meeting here.
Didn't I warn you all about this? They are going to "defend" oil at $100 a barrel. Remember when they got all worried about when oil shot up to $80 a barrel, and pleaded with the American public not to blame them?
They BEGGED us not to blame them for oil at $93 a barrel less than a year ago! Now, that they've tested the waters and seen what the market can handle, they are exploiting it.
Hurry up with the Volt GM! We're all BEGGING to buy it!
Guess what else? If we were drilling in our own nation, we wouldn't have to deal with the price fluctuations that OPEC is now handing us. Thanks Do-Nothing Congress!
Travis
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