[Okieshooter]

Sorry but one million barrels a day is not going to cut it to reduce prices. It is a drop in a bucket with the increasing demand of a now healthy world economy. Oil prices are currently up about 4% today on the news as it was feared that the increase production would be more.

[WASCWatch]

Doesn’t make any difference because all the OPEC members cheat on their agreements already. They always do. This agreement to increase production by 1 million BBL/day will wind up being closer to 5-10 million BBL/day.

[grey_whiskers]

Heh. I read elsewhere on FR today, on an unrelated thread, that US gasoline consumption is 60% of what it was in 2004.

[arrogantsob]

Prices have already dropped here.