The Organization of Petroleum Exporting Countries (OPEC) Friday said it would cut oil production quotas by 1.5 million barrels a day in an attempt to put a floor under oil prices, which have plunged nearly 60% from their July record.

Microsoft Profit Up; Goldman Slashes Jobs; Dow Reports 6% Jump in Profits; Sony Slashes Earnings Outlook; WaMu Debt Value Set; Crude Gains on OPEC Expectations

The commodity bull market has a long way to go. This bull market is not magic. It’s not some crazy “cycle theory” I have. It does not fall out of the sky. It’s supply and demand. It’s simple stuff.

Last week, Indonesia’s Minister of Energy and Mineral Resources, Purnomo Yusgiantoro, announced that his nation would not renew its OPEC membership.

At times, you can tell a country by the company it keeps.  Indonesia just announced it plans to leave the Organization of the Petroleum Exporting Countries (OPEC), the infamous cartel that tries to push our oil prices through the roof.

Five Asian rice producers, led by Thailand, are considering the establishment of a cartel –similar to the Organization of Petroleum Exporting Countries – to better control the supply and price of rice.