Saudi Arabia walked out on OPEC yesterday. It said it would not honor the cartel's production cut. It was tired of rants from Hugo Chavez of Venezuela and the well-dressed oil minister from Iran. As the Saudis left the building the message was shockingly clear. According to The New York Times, “Saudi Arabia will meet the market’s demand,” a senior OPEC delegate said. “We will see what the market requires and we will not leave a customer without oil."
Now we will see a different ball game if OPEC dissolves.
http://blogs.moneycentral.msn.com/topstocks/archive/2008/09/11/the-death...
http://www.nytimes.com/2008/09/11/business/worldbusiness/11oil.html?scp=...
