'Opec to haul in $1 trillion as oil prices increase risk of double-dip recession'

its not just oil, the whole world is insolvent........this doesnt pass the smell test.......from the telegraph........

....................."economists believe the price is still at a level near to tipping the global economy back into a downturn. To combat sky-high oil prices, the US is reported to have attempted an ambitious swap with Saudi Arabia in the past month.

It is understood that US and Saudi officials met to discuss exchanging high-quality crude oil stored in the US emergency reserve for heavier, low-quality oil from Saudi Arabia.

The idea involved shipping some of the light low-sulphur – or "sweet" – crude out of the US strategic petroleum reserve to European refiners, who needed it because the civil war in Libya has cut off shipments. In return, Saudi Arabia would sell its heavier high-sulphur – or "sour" – crude at a discount back to the US.

However, the deal fell apart as Riyadh ultimately proved unwilling to subsidise European or US customers by discounting its crude prices below market value".............LINK