According to my Free Live Nymex Crude Oil Price Chart:
The price of nymex crude oil had collapsed below U.S. $63 per barrel creating shock waves across the oil producing countries and probably OPEC officials right about now.
My personal guesstimate will be imagining those key officials in OPEC waking up in disbelieve reading the latest price tag of their “precious” commodity that supposedly gave “life” to the world’s economy and the very survival supposedly hangs in the balance for the availability of this very fossil fuel called oil.
So it seems to me the world had either found a way to power the world without oil or simply there is a very serious hidden agenda hide behind the recent fall in the oil prices traded by millions of traders controlled by banks and financial institution.
Why would the world continue to buy less oil even after OPEC October 24, 2008 announcement of cutting oil supply by 1.5 million barrels per day at November and 2nd announcement threatening to cut further supply if the prices continue to fall?
Why does President Bush goes to Saudi to ask for more oil previously when the oil prices is $125? Now the OPEC (includes Saudi) are cutting oil supply…why?
My conspiracy theory are the following:
- probably the world wants the world oil supply to be cut by OPEC and create a bonus when the panic buying starts.
- There is a free energy device found somewhere in the world free of charge?
- OPEC is the one buying back their own oil (in paper) previously to create panic buying and now purposely sell back into the market to spark panic selling to create false mirage of over supply and legitimately cut actual oil supply that they no longer able to produce (extract) from the ground due to old declining oil fields.
This actually supported the peak oil theory that the oil supply eventually will decline regardless of higher demand. They breaks the economy to create demand destruction and finally cut oil supply because of the collapse in oil prices.
My theory on how the 1.5 million barrels per day cut from OPEC quota could very well be the total amount of oil that OPEC members no longer can supply due to declining oil fields and the amount may be increasing.
Expect less oil supply in the future.
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