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.

[dronemonk]

God you guys, your economic reporting sucks. OPEC doesn''t decide prices. They decide how much they''ll make available for trade and the price is determined by the free market. It''s like you''re trying to keep Americans dumb with *** propaganda.

[omnibus66]

OPEC are NOT the good guys. OPEC is a cartel whose purpose is to manipulate oil prices through controlling supplies. Their goal is to maintain the highest possible oil prices that the world economy can withstand.

The only reason that oil prices are low right now is that the speculators have temporarily left the market.

When demand resumes its upward climb, the speculators will jump back in, and we will see the $200 oil that Bush promised OPEC.

[timothyone-2009]

OPEC truly is not a good guy, and BUSH is OPEC! CHENEY is OPEC. ALL of the oil scum we''ve had running our country the past 8 years are OPEC scum. They steal resources from poor land owners and hold the world hostage to it. Since 2000 they have pushed prices upward while watching for signs that the economy was about to shutter from the burden, and once they saw the economy about to collapse they began dropping oil prices. If you honestly believe that the demand for oil suddenly dropped enough to cut oil from $147 to $54 in a matter of weeks, you are simply stupid. Prices have been manipulated by BushCo like everything else they''ve gotten their greedy mits on, and they need to go to prison for these crimes.

[jowand]

Prices have been manipulated by BushCo like everything else they''''ve gotten their greedy mits on, and they need to go to prison for these crimes.

Posted by timothyone at 12:36 PM : Nov 29,

The only OIL SCUM in this country is the US Congress, almost all Democrats, which is preventing us fron accessing the 400 year supply of domestic oil within our own borders. Pricing is being manipulted in the USA by politicians who are determined to get rid of oil and have everyone driving battery powered cars. Even if it takes putting GM, Ford and Chrysler out of business in the process.

[jowand]

When demand resumes its upward climb, the speculators will jump back in, and we will see the $200 oil that Bush promised OPEC.

Posted by omnibus66 at 12:19 PM : Nov 29, 2008

Bush never promised 200 oil, you''re lying.

[pbkster]

How much oil that is "made available" directly affects the price and the world market is far from free.The term free market is propaganda.BTW dumb means unable to hear but thinking that prices are not controlled by production is stupid.

[jowand]

OPEC truly is not a good guy, and BUSH is OPEC! CHENEY is OPEC. ALL of the oil scum we''''ve had running our country the past 8 years are OPEC scum. They steal resources from poor land owners and hold the world hostage to it. Since 2000 they have pushed prices upward while watching for signs that the economy was about to shutter from the burden, and once they saw the economy about to collapse they began dropping oil prices. If you honestly believe that the demand for oil suddenly dropped enough to cut oil from $147 to $54 in a matter of weeks, you are simply stupid. Prices have been manipulated by BushCo like everything else they''''ve gotten their greedy mits on, and they need to go to prison for these crimes.

Posted by timothyone at 12:36 PM : Nov 29, 2008
+ report abuse

If you have enough land to legally drill for oil or gas on it, about 40 acres,you will get about 3/16 of the production dollars from that well. No one is getting exploited, you read too much of the junk being posted on idiot web site like dailykos and moveon.o-r-g-a-s-m

[jowand]

How much oil that is "made available" directly affects the price and the world market is far from free.The term free market is propaganda.BTW dumb means unable to hear but thinking that prices are not controlled by production is stupid.

Posted by pbkster at 12:46 PM : Nov 29, 2008

100 percent correct. The only entity affecting oil production in the USA is Congress for the last 20 years. Same people who have stopped more refineries being built in the USA, none built in 30 years.

[condumbistan]

Posted by jowand
The only entity affecting oil production in the USA is Congress for the last 20 years. Same people who have stopped more refineries being built in the USA, none built in 30 years.

Ronald Reagan, the Bush Crime family, and Bill Clinton have been the best friends that OPEC has ever had. The GOP Congress of 1995 eliminated all fuel economy standards, thus the advent of the mindless SUV. As for new refineries, Corporate America chose not to build any new refineries knowing that if they restricted production, the price ould rise.

[dronemonk]

How much oil that is "made available" directly affects the price and the world market is far from free.The term free market is propaganda.BTW dumb means unable to hear but thinking that prices are not controlled by production is stupid.

Posted by pbkster at 12:46 PM : Nov 29, 2008

By that model, sailboats would "control" the wind that drives them. It''s not as though the slump in prices was enacted, with intent, by OPEC. OPEC may have goals, but they don''t set the price of oil.

[hotwitch]

Doesn''t CBS news know anything, it''s not the evil OPEC guys controlling the price of oil, it''s Bush, Cheney and the secret society of Skull and Bones who meet at Haliburton Headquarters every other Tuesday that set the price.

[deckardbr]

If somebody will nuke the Saudi royal family, every last, stinking one of them, I''ll gladly put the car on jacks and walk to work FOR THE REST OF MY LIFE!

[deckardbr]

Doesn''''t CBS news know anything, it''''s not the evil OPEC guys controlling the price of oil, it''''s Bush, Cheney and the secret society of Skull and Bones who meet at Haliburton Headquarters every other Tuesday that set the price.
Posted by hotwitch at 04:23 PM : Nov 29, 2008

Nope. Close, but no cigar. Satan calls David Rockefeller, and together they determine the price.

[bigscruffy1]

Honestly let them do what they want. It is really up to us (the consumers) to regulate the price of oil. If it goes back up to $75 a barrel park your car for a week or two. The only way we can show them what is reasonable to us is by reduceing demand until it is at a price WE find reasonable.

[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 !

[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.

[shanev137]

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

[denn034]

A good thing.

[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.

[mrmeatspin]

they are worried that the world is starting to notice

[mrmeatspin]

they are worried that the world is starting to notice

[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.

[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

[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.

[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?

[mrmeatspin]

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

********

you are fighting the wrong enemy..

[mrmeatspin]

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

[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!

[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.

[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.

[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]

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]

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.

[riddelup]

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