OPEC Adjourns With No New Price Increase

Oil Producers Will Wait Til Dec. 17 Meeting To Decide On Oil Prices

(AP)  OPEC ended a hastily convened meeting in Cairo Saturday without announcing new output cuts, despite the steep drop in crude prices and the threat it poses to member governments' national budgets.

The oil producing group's president, Chakib Khelil, said OPEC is concerned about the weakening world economy and its impact on oil prices.

The group, however, will likely wait until a meeting in Algeria on Dec. 17 to decide whether to cut additional crude supplies from the market.

Khelil said oil ministers of the Organization of Petroleum Exporting Countries "agreed to take any additional action on 17th of December to balance oil supply and demand and achieve market stability."

His comments Saturday came after the group convened what it called a consultative meeting in Cairo to take stock of market situations and to asses whether members were complying with a 1.5 million barrel per day output cut announced Oct. 24 in Vienna, Austria.

Khelil said preliminary market data indicated members were complying with the earlier cuts.

The cut announced in Vienna has so far failed to stop the price drop, and the cartel abruptly convened the Cairo gathering on the sidelines of the Organization of Arab Petroleum Exporting Countries' meeting.

The price of crude stood at about $147 a barrel in mid-July. On Friday, the U.S. benchmark West Texas Intermediate crude for January delivery was trading at about $54 per barrel.

The price drop and the wider financial meltdown threatens to cut deeply into OPEC member states' government budgets.

[riddelup]

If OPEC did not cause the artificial price increase of the recent past who did? They obviously are not in control.

[wl7bzh]

If there were such rules, I`m sure I`d have seen a copy of them by now.

Posted by juwboy at 07:18 AM : Dec 01, 2008

Read your own history. When were the Jewish people at their greatest and when were they at their weakest?

Was the "Six Day War" a small thing? What made Abram a man called Abraham? You call yourself "Juwboy" is it simply genetics that makes one tribe of Israel great? Read your history. You underestimate yourself and your heritage.

[juwboy]

w17bzh:

What are "the rules" that make Jews Jewish?

If there were such rules, I`m sure I`d have seen a copy of them by now.

[wl7bzh]

So, if Jews control "the IRS and everything else",as you claim, then you, WarDogLRS, are saying that an infinitesimal fraction of any Jew is more than a match for a weak, ineffective, limp-wristed, schickerer Yock like yourself.

Posted by juwboy at 06:47 AM : Dec 01, 2008

You Sir, underestimate the talent and abilities of the Jewish people when they follow "the rules" that made them "Jewish".
And no, I''m not Jewish.

[juwboy]

WarDogLRS said:

"The IRS is a guard dog created by the Jewish Zionist like everything else they control"

Gentile-Americans ounumber Jewish-Americans by about 50-to-1.

Gentiles outnumber Jews worldwide by about 400-to-1.

Gentile-Americans outnumber Jews worldwide by almost 20-to-1.

So, if Jews control "the IRS and everything else",as you claim, then you, WarDogLRS, are saying that an infinitesimal fraction of any Jew is more than a match for a weak, ineffective, limp-wristed, schickerer Yock like yourself.

[babooph]

There is a shortage,but a strong smart president keeps the oil costs down a lot-Nixon had it low until he was in trouble with pressure,booze & pills-it got out of control with the idiot,but should be calmer now.

[downtowner97]

Mr meat spin - You don''t have to be liberal to believe in conspiracies. A bunch of conservatives believe a nutty conspiracy theory that a guy in a cave organized the total destruction of the World Trade Center and a successful attack on the most heavily guarded building on the planet. That there''s a nutty conspiracy theory!

[mrmeatspin]

liberals are too full of themselves they cannot even get their ''conspiracies'' correct..

[mrmeatspin]

Posted by WarDogLRS at 07:44 AM : Nov 30, 2008
+ report abuse

********

you are fighting the wrong enemy..

[wl7bzh]

Which analogy would be more appropriate?
1. The parasites were bright enough not to drain the last ounce of blood out of the host?

or

2. The farmer and his wife was not stupid enough to kill the goose that laid the golden egg?


What would happen to the Arab world if there was a controlled economic collapse?

[runningralph]

The drop in oil prices is temporary. Worldwide consumers need to continue conservation. I don''t see much conservation in my area. The roads are still jammed. But there do seem to be more small cars instead of big guzzlers. At some point Opec will cut production and speculators will bid prices up. Consumers should still look for ways to conserve.
Conservation is a way to sustain. Liberalism is a way to collapse. Don''t give up on conservation and alternative energy due to a lull in prices.

[wardoglrs]

The Federal Reserve Robbing America since 1913:

Don''t pay taxes and stop using credit card''s. you can defeat these Neo Cons America, with the same fire they use "MONEY"

The IRS is a guard dog created by the Jewish Zionist like everything else they control, if you don''t fight what you see and know to be true and sound then you have lost.

Destroy them before they destroy you & your family''s security. There not worth it...
Google "End the fed"

Return to your Constitution it protects you from them..Enforce your fraud law''s on all leadership
Jail them before they jail you.

Or better yet just get a rope

[whitemale08]

...that''s because OPEC is trapped in a dead ''financial system'' that forces these countries to denominate their oil revenue in ''dollars''.

But this is all about to change because once these countries stop exporting their sovereign resources for ''paper-butt-money'' then there will simply be just a shortage oil from ''protectionism''.

That will spark the Weinmar hyper-inflation soon to come after the temporary deflation in oil and other commodities.

[mrmeatspin]

they are worried that the world is starting to notice

[mrmeatspin]

they are worried that the world is starting to notice

[kevboom]

I hope OPEC and middle eastern economies go bankrupt. Let them learn the definition of "global economy" the hard way. Manipulate output and prices to the point of bankrupting the world''s most powerful economy, drive down demand, and what goes around comes around. Stick that in your hookah and smoke it! Let''s hope the next presidential administration is smart enough to continue pushing for alternative fuels and vehicles to push demand down even farther, instead returning to our old wasteful behavior that will only serve to make the sheiks of OPEC profitable again.

[denn034]

A good thing.

[shanev137]

When is all that Iraqi oil going start paying for Bush''s war, like TickingDick promised?

[babooph]

I guess all that oil $ building cities in the middle of no where is no dumber than destroying a great nation ,paying for a military ,with an idiot for commander in chief.

[babooph]

When I see all the massive building going up on those hellish sand dunes,I think of ruins excavated all over the world,of ancient cities that are now valueless!What folly !