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OPEC’s emergency meeting is scheduled for tomorrow. Over the past 3 months, oil prices have fallen more than 50 percent! I think that it is worthwhile to revisit an oil chart that I posted earlier this week. Although they are expected to reduce production, they could actually cut by more than 1 million barrels given the velocity of the decline in oil prices.
As indicated by the following chart, it is important to remember that whenever there is a large drop in oil prices OPEC sweeps in to cut production, which then triggers a bottom in oil prices shortly thereafter.