Diversified Oil and Gas Holdings (DVFI)

[NewMoney]

fwiw There's this plus the Iran thing may heat up soon. My other oil plays have been rising today. Some news soon could be a good thing!

OPEC May Meet to Discuss Oil Output

By BASHIR ADIGUN
The Associated Press
Thursday, October 5, 2006; 9:16 AM

ABUJA, Nigeria -- With oil prices recently dipping to seven-month lows, OPEC's president said Thursday that the group is considering an emergency meeting to discuss the possibility of cutting output.

"We are toying with the idea of an emergency meeting," said Edmund Daukoru, a Nigerian oil minister who is also serving as president of the Organization of Petroleum Exporting Countries.

The comments came after oil prices rebounded Wednesday from a seven-month low and jumped more than $1 a barrel Thursday. But prices for crude-oil futures in New York are still roughly 23 percent below their July peak of $78.40.

A Financial Times report on Thursday said OPEC has informally agreed to cut output 4 percent in coming weeks to defend the $50 to $55 per barrel price range. It cited an unnamed OPEC official.

Dow Jones Newswires, citing an unidentified OPEC governor, said OPEC ministers agreed to cut 1 million barrels a day from its current oil production levels, with Saudi Arabia cutting 300,000 barrels per day, effective as soon as possible.