Couldn't have happened to a nicer bunch of guys. OPEC's credibility being about as valuable as Managing Director in a dataroom, their "dramatic announcement" of production cuts after an "emergency meeting" earlier resulted in bored yawning from markets. This has prompted talks of an "emergency emergency meeting" which apparently can't wait until December.
But, for self-serving quotes that remind you how much financial idiocy helps OPEC, and to what extent they are willing to wield that power to befuddle, this missive from Kuwait's Oil Minister Mohammad al-Olaim has got to take the cake:
OPEC does not interfere in setting the price but what sets the price is the mechanism of the market.... OPEC always seeks to stabilize the market and availability of the product.
If they get panicky enough, (and remain cohesive enough) OPEC might... er... "over-stabilize" the market right back up to the stratosphere. How desperate are they? Quiz for the oil gurus in the audience: before this year, when was the last time an emergency meeting was called without a single dissenting vote?
OPEC officials say ready to act again to boost oil [Reuters]