Quick Note :Ecuador to cut private output to comply with OPEC

Ecuador will lower oil output from some private companies to comply with OPEC’s biggest supply cut agreed earlier this month, President Rafael Correa said. Full Story : Business Spectator…

Last Month’s Oil Supply highest in history.

Oil WellLast month’s oil production was the highest in the 48 years history of OPEC. Less demand and high supply helped to bring down the price to $113.50 a barrel, lowest since last April. The production increase was led by Saudi Arabia, which had come under increasing pressure for doing too little to compensate for lower supplies from countries outside OPEC. Less demand caused by economic slow down and high oil prices had also played a role in the fall of the oil prices.