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Opec 'lost $700bn on cheaper oil'

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Opec members have lost about $700bn ( 467bn) because of falling crude prices, the oil cartel's president Chakib Khelil said in an interview.
Oil prices have fallen 60% from their $147 peak, prompting speculation Opec will cut output again to boost prices.
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Margaret Bassett passed away August 21, 2011. She was a treasured member of the Opednews.com editorial team for four years.

Margaret Bassett--OEN editor--is an 89-year old, currently living in senior housing, with a lifelong interest in political philosophy. Bachelors from State University of Iowa (1944) and Masters from Roosevelt University (1975) help to unravel important requirements for modern communication. Early introduction to computer science (1966) trumps them. It's payback time. She's been "entitled" so long she hopes to find some good coming off the keyboard into the lives of those who come after her.

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