Oil fell sharply and traded below $65 a barrel Friday amid weakening global demand for crude -- despite a decision by the OPEC cartel to cut production quotas by 1.5 million barrels a day from next month.Bwahahaha!! They'll produce less and get less for it. Forget light sweet crude...how about a bit of light sweet Schadenfreude?
It's worth adding that this sets up a possible death spiral for the market price of oil. OPEC nations are well-known to be greedy fuckers. Most member states have been known to cheat on production quotas in order to boost their own oil revenues. Which, of course, puts more oil on the market. Which, of course, drives the market price down further.