OPEC update

I forget to mention tomorrow's OPEC meeting... this is likely to cause volatility and price swings with crude which means the euro is likely going to follow it up or down.

OPEC oil ministers from all over the globe have been running their mouths today... from the wires:

Libyan Oil Minister: Oil market is over supplied at present, OPEC members must respect production quotas. Expects oil prices to rise slightly after the OPEC conference in Vienna opens tomorrow.

Kuwaiti Oil Minister: Oil inventories are building, reiterates that there is no need for OPEC to cut output in Vienna tomorrow.

Qatari Oil Minister: Oil market is oversupplied, economic woes will reduce demand, OPEC's decision tomorrow will not be affected by hurricanes in the Gulf of Mexico.

Indonesian OPEC Minister: OPEC does not need to cut output at Vienna conference, sees $80-90 price as acceptible.

UAE Oil Minister: global oil markets are well supplied.

Kuwaiti Oil Minister: There is no need to cut production at the next OPEC meeting.

Nigerian Oil Minister: OPEC should hold production steady unless a substantial change occurs in the market.

Libyan Oil Minister: Studying Venezuelan proposal to lower OPEC oil output as the oil market is oversupplied.

Be advised of this event and be prepared to expect the unexpected from this meeting...