Released on: October 13, 2008, 5:51 am

Press Release Author: Richard Drake

Industry: Financial

Press Release Summary: 'Cornerstone Worldwide' - OPEC may respond to demand
destruction with a cut in production.

Press Release Body: Cornerstone Worldwide are thought to believe that OPEC will cut
production of oil in response to reduced demand in light of the onset of a global
slowdown.

Sources close to Cornerstone Worldwide say that the cartel is keen to ease pressure
on spare capacity if the world is not going to need as much oil. Mounting concerns
over a slowdown in the global economy have seen the price of oil drop dramatically
from its peak of $147 in the summer to under $90 in recent days. Some OPEC members
have called for the price to be kept above $100 in response to the weakness of the
US dollar.

Cornerstone Worldwide's sources said that the 100 basis point cut in interest rates
by the Reserve Bank of Australia may be seen by markets as heralding a round of rate
cuts by other central banks keen to shore up their economies.

Cornerstone Worldwide reportedly maintain their bullish stance on crude oil and
continue to acquire attractively priced oil exploration and services company stocks
on behalf of clients.




Web Site: http://www.cornerstone-worldwide.com

Contact Details: Richard@weekly-online.info

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