OPEC Adjourns With No New Price Increase
Oil Producers Will Wait Til Dec. 17 Meeting To Decide On Oil Prices
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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.
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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.
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.
Posted by omnibus66 at 12:19 PM : Nov 29, 2008
Bush never promised 200 oil, you''re lying.
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
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.
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.
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.
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.
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.
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
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.
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?
+ report abuse
********
you are fighting the wrong enemy..
"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.
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.
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.
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.
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by riddelup
December 1, 2008 8:30 AM PST
- If OPEC did not cause the artificial price increase of the recent past who did? They obviously are not in control.
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