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OPEC May Dissolve as Saudi Arabia Walks Out of OPEC Meeting

Sep 11 2008

MSN Money is reporting that Saudi Arabia has walked out of OPEC. The report says that yesterday the Saudi contingent was not happy with the cartel cutting production levels.

Saudi Arabia, the world's largest exporter of crude oil, now looks set to ignore the wishes of OPEC and go it alone, supplying oil as they see fit.

The result of this move is likely to be an oil price war as OPEC and Saudi Arabia attempt to punish each other by undercutting prices. Bloggers are suggesting the move may have been orchestrated by the US government in the lead up to the US election.

OPEC is yet to make any announcement about the incident.

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