The PM is unhappy that OPEC will be cutting production of oil (in response to falling global demand) because they want the price to go up again. It is, other than in domestic political PR terms, a pointless complaint he is making, countries tend to behave in economically rational ways ie. to defend their perceived vital national interests. OPEC and its members are going to do what comes naturally to them.

Sadly, for the PM (and us in the UK) this means oil and petrol may start to get more expensive again. We import a lot of it and all this at a time when our own under-pressure currency is buying less and less ‘value’ abroad. You can understand why the PM might lash out at a convenient foreign target.

And in other news, George Bush is ‘saving’ the American motor industry (for Barack Obama to sort out.) No idea what this means for Jaguar Land Rover here. Chancellor of the Exchequer Alastair Darling is said to be resisting pressure from the Trade Secretary Lord Mandelson about any form of financial support for JLR (which is owned by the Indian-based Tata Group.) I wonder what the odds are on the Chancellor surviving long into 2009 are?