THE OPEC MEETING

The OPEC Leaders are meeting in Vienna Austria this morning to discuss the economy as well as the future of the Oil and Gas industry. Concerns on the table include the global recession and how the OPEC MEMBERS will weather their way through it. For example, 60 % all revenue in Russia comes from Oil. With a drop in energy investments, OPEC MEMEBER RUSSIA is experiencing some financial difficulties.

It is believed the OPEC MEMBERS will be looking at the OIL production and PRICING structure to ensure they are not charging too little but at the same time they do not want the current drop in demand for OIL to continue.

Although OPEC has control over the PRICE OF CRUDE OIL, they do not want to control the end consumer prices. With Crude Oil prices far below levels seen last summer, consumers are quite upset over the lack of a price drop at the pump. We shall see the results of this 152nd MEETING OF OPEC NATIONS