Venezuela Rattles Its Oil Saber. U.S. Markets Unimpressed.

Venezuela initiated what it likely thought would be a round of good wholesome cartel collusion on Friday, vowing to cut oil production by 50,000 barrels per day in order to prop up the falling price of crude oil.

What happened?  Prices plummeted all day today.  Down more than 3% and still sinking.  So the price per barrel is falling AND you'll be producing fewer barrels?  That's a double whammy for you, Hugo.

While there was speculation the other 10 OPEC members would follow suit with similar production cuts, only Nigeria did so, identifying the move as a normal seasonal reduction.