OPEC Unable To Reach Consensus On Boosting Oil Production

The worst nightmare of crude bears has just come true:

  • OPEC secretary general says OPEC unable to reach consensus to boost production
  • OPEC delegate says OPEC has no consensus for agreement
  • OPEC president says some in OPEC believed should have had production increase, other said more time needed to asses
  • OPEC secretary general says OPEC spare capacity down to 4-4.5MBPD after Libya
  • OPEC president says final proposal was to wait for about three months to asses situation
  • OPEC president says Status-Quo outcome unwelcomed by some members
  • OPEC president says effective OPEC decision is a roll-over

This is what happens when, as we wrote yesterday, the OPEC is no longer a cartel but a loose gathering of dictators who do their best/worst to boost/scuttle Obama's re-election chances. Look for crude to do the HFT levitation on the news.