opec really doesn't want prices to fall below $50. even with the high prices last year the economy wasn't hurt as bad as it would have been in the
early 80's.
you may see opec on paper cut production
IEA lowers oil demand growth forcast for 2006, page
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Topic started on 14-3-2006 @ 10:22 AM by TheGoodDoctorFunk
Source-Yahoo
Supply and demand at work. Now, don't get to excited over this one. This doesn't mean we are consuming less oil than last year, it means that the growth of our oil consumption will actually be less than expected. That said, it's a good thing. Sort of. It's good to see the world tightening it's belt as far as oil goes (People driving less, switching to other modes of transportation, etc, not quitting oil altogether). There's a slight bit of worry for me that this may be the end of 2.30,2.50 gas. If the world isn't going to use as much, and OPEC is still pumping at a 25 year high, supply exceeds demand, prices drop, and that SUV looks cool again.
(Reality)
Unless that's what OPEC wants, a possibility, they will meet as soon as this situation stabilizes and again shift their production schedules to gain an equilibrium with the market. Personally, I hope this isn't the end, or even the forbearer, of expensive oil.
IEA Warns Of Weaker Oil Demand On High Prices
By Spencer Swartz
LONDON (Dow Jones)--The rate of global oil demand growth is expected to be weaker this year, the International Energy Agency warned Tuesday, in a report pointing to the impact of oil prices on consumers and industrial users, especially in parts of Asia.
...
"I believe (the report) indicates that 4.5%-5.0% gross domestic product growth rate forecasts look too high, and it makes it harder to justify support for $60 oil," McMahon said.
...
In its widely-watched monthly report, the Paris-based IEA cut its oil demand growth forecast for 2006 by 16% to 1.49 million barrels a day from 1.78 million b/d a month earlier.
...
The new forecast is bound to unnerve the Organization of Petroleum Exporting Countries just days after the 11-nation producer group decided unanimously to maintain its quota production ceiling at a 25-year high. (emphasis mine)
Source-Yahoo
Supply and demand at work. Now, don't get to excited over this one. This doesn't mean we are consuming less oil than last year, it means that the growth of our oil consumption will actually be less than expected. That said, it's a good thing. Sort of. It's good to see the world tightening it's belt as far as oil goes (People driving less, switching to other modes of transportation, etc, not quitting oil altogether). There's a slight bit of worry for me that this may be the end of 2.30,2.50 gas. If the world isn't going to use as much, and OPEC is still pumping at a 25 year high, supply exceeds demand, prices drop, and that SUV looks cool again.
(Reality)
Unless that's what OPEC wants, a possibility, they will meet as soon as this situation stabilizes and again shift their production schedules to gain an equilibrium with the market. Personally, I hope this isn't the end, or even the forbearer, of expensive oil.
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Wall Street has gamed the system to keep oil prices high despite increased domestic production.
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Posted 11 days ago with 8 member flags
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