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"US Ally" Saudi Arabia declares oil too cheap. News Team

When oil hit $147 OPEC pleaded, “there is nothing we can do to lower prices!” Now that oil has plummeted to $83-$87 a barrel, depending on the grade, Saudi Arabia has scheduled an emergency OPEC meeting to cut production. Billionaire Saudi sheiks tell world that oil is too cheap! Saudis want fellow OPEC oil cartel members to slash production, to drive prices back up.

From AP…

The Organization of the Petroleum Exporting Countries said today it will meet Nov. 18, a month ahead of schedule, to consider how to react to falling oil prices.

Oil continued its fall today, trading at $86.75 a barrel, down $2.20, on the New York Mercantile Exchange.

In a statement, OPEC said it’s concerned about how the global financial crisis is hampering world oil markets.

Oil prices have plummeted 40 percent from a record close of $145.29 a barrel on July 3 .

Analysts have predicted OPEC might use the meeting to announce a production cut in a bid to keep prices from falling further.

The King of Saudi Arabia has now amassed $30 Billion in personal wealth from oil revenues. This makes him one of the top ten richest men in world history. The dictator of the United Arab Eremites has amassed $23 Billion, mostly from oil.