Oct 20 2006
While Malaysia KLCI didn’t follow the bullish momentum of dow jones on thursday, i think it will not be able to perform as well today, friday even though dow jones has breached 12,000 mark for the first time … this is supported with the latest news of opec in cutting the precious black-gold production …opec surprises with deeper oil cut when agreed on friday to curb its output by 1.2 million barrels per day, its first cut for more than two years, to halt a precipitous fall in prices …
the reduction, amounting to 4.3 percent of opec’s september production, was deeper than anticipated and the biggest since january 2002 … it trims opec output to 26.3 million bpd from november 1 …
some ministers said a further cut of 500,000 bpd could follow when opec next meets in abuja in december, to address high fuel stocks in consumer countries, particularly the united states, and a projected drop in demand for opec oil in 2007 …
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October 20th, 2006 by financetwitter
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