I wish the word "production" would stop being used regarding oil. It is not being produced, it is being extracted. What does 30 million barrels a day look like? How long can this go on for? We better stop moaning about today's prices because this is going to look cheap in the near future.

Terry, Durham, UK

Does this fall mean that McCain/Palin won't go ahead with their planned drill for oil off the coast? Not likely.

Nathan, Sydney, Australia

They will fall to $85 a barrel at some stage in the next year. I would be willing to wager a small sum of money on it

Matt Bryson, Sussex,

I agree with Mark on the question of diesel NOT falling in price!! We the British are always getting ripped off. We should be demonstrating in the streets about all the injustices that are being perpetrated in the name of big business, and we the consumers are paying for it.

Terry Gray, Tredegar, Wales

This government is not going to pressurise oil companies to cut petrol prices at the pump. Why not ?

1. Because they're simply too timid.

2. Because the higher the price at the pumps, the more TAX they get from us....

Richard, London, England

I suspect the reason we have not felt the oil price change is because oil is priced in USD, a currency which is has been getting stronger against GBP recently.

Andrew Collins, Leigh, UK

Oil has dropped over $40/barrel on FUTURE deliveries. This means oil not in the supply chain yet, but oil coming in late September and October.

Price drops in future deliveries of oil supplies do not immediately make the price of gas hit rock bottom.

Brad, Portland, US

So why has petrol in the UK not fallen more.

Also the Utilities blamed the high price of oil for their huge price rises. Surely there should be huge price reductions now.

David Kinsley, Derby, UK

Farrah:
The bigger picture is, lets make as much money as we can while resources last, then think about alternate fuels!

phil, Atlanta, US

I worked that out this morning, oil has fallen 31% from its high of $147. Can some one please tell me why diesel in the UK has only falled by 10% at the pumps. I knew this would happen, the oil companies have seen this as a guilt edged opportunity to rip us off!

Mark Desmon, Birmingham, UK

Look at the gas taxes, then complain. Government has a conflict of interest in the alternative fuels market, because they are addicted to gas taxes

Chris, Durham, NC, USA

But Sterling's engineered fall against the dollar means the UK does not reap any benefit from this fall in the oil price.

Paul, Coventry,

This may seem biased in favour of the West (and fairly simplistic), but I think Iran and Venezuela need to relativize oil prices. Even if barrels were to fall to $80, that's still significantly more than Opec was earning three years ago. The West cannot afford exorbitant oil any longer.

J Ball, Greater London,

OPEC produce 40% of the worlds oil would any western country let any company control 40% of the market. IRAN and VENEZUELA want to keep oil at $100 a barrel just greed OPEC should be broken up so they can not hold the world to ransom over oil.

gary scales, hornchurch, england

790,000 MORE than their official ceiling (of 29.67m bpd).

Todd, NYC, USA

Phil in Atlanta:
Really? Only 40 cents? It's down at least 70 cents here in PA.

You decry the billions in profit by Exxon, but not all of that comes from gas. How much 'profit' is being made by state and federal governments? (answer: far more) And what exactly do they do to reap that windfall?

Ron, Upper Gwynedd, USA

Tim;

The "official ceiling" of 29.67 million bpd is being "exceeded" by 790,000 (0.79 million) bpd, so they are producing more than they announced they would.

Alan, Springfield,

My understanding is OPEC is producing 29.67 million bpd plus an additional 790,000 bpd. Although if 29.67 million bpd is maximum capacity I am not sure how this possible.
Anyway small details aside the bigger picture is; produce less barrels per day and conserve resources but increase price of oil?

farrah, london, uk

It dropped ahead of OPEC meeting. I wonder why? Do you think the speculators caused it to drop so they can buy low and sell high when OPEC cuts production?
That's why we suffer. Speculators. I say, end all commodity trading on oil in the markets. It does not reflect supply and demand. Greed.

Citizen, Oxfordsheershireshire, Pluto

I think it means opec is breaking its official ceiling of 29.67 million barrels per day by 790,000 bpd.

This means that it has no-ceiling if its has knowingly passed this number Surely,?

it should not be refered to as an official ceiling but more of the average target.

Ben, Bristol,

That's 790K over 29.67M so thats moving the ceiling to 30.46M

Jason, Houston,

Oil has dropped $40 a barrel over the summer but petrol has only dropped 40 cents a gallon! Looks like Exxon will make that 40 BILLION profit after all....

phil, Atlanta, US

Opec is currently thought to be producing about 790,000 barrels per day (bpd) more than its official ceiling of 29.67 million bpd.

To simplify this statement. OPEC is thought to be producing 30.46 million bpd, which is 790,000 more than its official ceiling.

Tim, Cookeville,

Think they mean over their ceiling, rather comparison Tim.

Good job too - falling oil and dollar levels is causing export led growth in the US. Here in the UK I'm hoping we see the same combination provide the base for our recovery in around 12-18mths. US will be up and running again in a year.

Andy, London,

I see "Opec is currently thought to be producing about 790,000 barrels per day (bpd) more than its official ceiling of 29.67 million bpd" - In the same way that 1 more than 10 is 11?

Malcolm, Cambridge, uk

Their ceiling is 29.67 million bpd, they are producing 29.67 million +790,000 = 30.46 million bpd.

We need to exert more pressure on these theives if they really think cutting the production is justified. The prices are still ridiculously high at the gas pumps.

Vote McCain-Palin 08!

realist, Easton, MA, US

Tim, I think 30,460,000 is 790,000 more than 29,670,000. Do the math or read the sentence again..

Paul Hamill, Sylvania,

Tim - they're actually producing a total of 30.66 million bpd, which is 790k more than they're supposed to.

The grammar above is correct. Your reading would be correct if there was a comma after (bpd) in the text above.

--chuck

doctor zaius, bangkok, thailand

I think you'll find Angela means that it is 790,000 bpd over the 29.67 bpd ceiling at present.

Mark McC, Aberdeen, UK

How is 790,000 bpd more than 29.67 million bpd (see third to last sentence)?

Tim, Minot ND, USA