Environmental Capital provides daily news and analysis of the business of the environment. It tracks how growing green concern, particularly over climate change, is roiling established industries and spurring new ones – and how that shift is affecting investors, consumers and the planet.

Visit WSJ.com: Environmental Capital

Oil Slide: What Can OPEC Do About Falling Oil Price?

Posted on October 15, 2008

American drivers may be cheering falling oil pricescrude fell to $75 todaybut OPEC has the blues. Can it change its tune next month in Vienna?Throttle back (AP)The oil cartel is really worried that the global economy is tanking and taking demand for oil with it. Today, in its monthly report, OPEC again slashed its forecast of global oil demand growth for 2009. It also said that demand for OPEC crude would fall sharply, by about 900,000 barrels a day next year.At the same time, just as demand is really softening, OPEC expects more oil supplies to hit the markets. It figures non-OPEC countries w...

Original article link


demand , economic , economy , oil price