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OPEC to meet in emergency session October 24

In an entry on September 12 concerning OPEC’s greatly exaggerated demise, the editors of TradeFlow21 cautioned against those who interpreted the rapidly declining price of oil, and the decision by the Saudis not to restrict output in direct opposition to other members, as a sign that the cartel was at an end.  Since that posting, oil has continued its precipitous per-barrel slide from a July high of $147.27 to $71.85 as of close Friday, October 17.  We noted then that disagreements within OPEC are less about the organization’s purpose and more about the floor price. Indeed, even the Saudis may have found the floor, which could explain OPEC’s decision to convene an emergency meeting on October 24.  For more, see CNBC/Reuters wire story.