Yah, they’ll take measures to insure we keep paying outrages prices for it…….

LAGOS, (Reuters) — The global oil market is over’supplied by over 500,000 barrels per day (bpd) and OPEC will take appropriate measures to balance it at its Dec. 14 meeting, the cartel’s acting secretary-general said on Saturday.

Mohammed Barkindo stopped short of saying OPEC would cut production at the Abuja meeting, though the group’s President Edmund Daukoru said on Friday he favored a further reduction after OPEC cut output by 1.2 million bpd in October.

“The over’supply is well over 500,000 bpd. It’s between 600,000 and 700,000 bpd for the first half of next year, but those numbers are continually being adjusted,” Barkindo told Reuters in a telephone interview.

The cooling global economy
“We are going to study market developments, particularly changes in stocks and non-OPEC supply in the context of a cooling global economy, and come up with appropriate measures to balance the market,” he said.

Oil fell to just over $62 a barrel on Friday as ample U.S. stockpiles offset the prospect of a new OPEC cut. Bulging oil inventories in the United States have pushed crude prices from record highs over $78 a barrel in July.

The price has recovered from a 17-month low of $54.86 on Nov. 17, but analysts say the market has not yet fully absorbed OPEC’s October cut. There has been some speculation that the group would refrain from further trimming output.

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