Opec meets to tackle oil output.

"Analysts say fears of Saudi Arabia's vulnerability to attack will linger
Members of oil producers' group Opec are meeting in Beirut to discuss boosting production by up to 11%, in a bid to lower the soaring price of oil."

The Saudis have promised to max out their production to help GWB, and is pressuring the other producers to do the same.

(That the region has become quite unstable and the price of oil has skyrocketed is one the the predictions which has come true. And that wasn't bottle-rocket science.)

What happens if all those folks succeed in lowering the prices by maxing out production? If demand doesn't lessen, won't the prices keep climbing? Is the big crunch here?

Probably not, as they say about $10 a barrel is in the fear factor, and if that lessens the price would go down.

But it seems to say a bunch about how close we are to the "big crunch" in oil.

Arf