EIA Crude Statistics Show Production Decline

We expect foriegn production to fall as OPEC has announced deep cuts, but non-OPEC production is falling also...bad news..

So, the plays here will be PowerShares DB Crude Oil Double Long ETN (Public, NYSE:DXO), PowerShares DB Oil Fund (ETF) (Public, NYSE:DBO) and United States Oil Fund LP (ETF) (Public, NYSE:USO). The DXO will be volatile as it is a double long ETF. Non-OPEC production peaked in early 2007 and despite record prices earlier this year, did not significantly increase. Short answer is we are more at the mercy of OPEC than ever...

Here is the report