Well, it may seem like an odd proclamation during the most significant oil price retracement in months, but here it is:
OPEC officially abandons production quotas
"[OPEC's President and Nigerian Oil Minister Edmond] Daukoru said: There is no quota, no, either up or down."
This is a significant move away from the previous 28 million barrel per day quota. While it is largely recognized that the quota has had no meaning for some time now, its formal abandonment is significant. The same action by the Texas Railroad Commission (the Texas oil & gas regulatory body) in the early '70's is viewed, with the benefit of historical hindsight, as the turning point signifying a peak in oil production.
In my opinion, interesting times are ahead. I don't see any catastrophic collapse or similar events in the next few years, but I do think that at current prices there now is a historical buying opportunity for oil. But that's a topic for a future note on post-peak investing strategies...