All this nonsense about OPEC production cuts having much sustained impact on oil prices amid a gathering global recession is beginning to get on my nerves. If the OPEC countries are so concerned about crude prices, they should quietly call their brokers in London and put in a few lumpy bids for S&P futures. Until stocks stop falling and the dollar stops rising there is no hope for marginal cuts in output to have any lasting impact.
JP Morgan went to the happy hunting ground a long, long time ago. It is up to the Saudis to play the role that Morgan played in 1907 in stopping the panic if they want to preserve their vast wealth.