OPEC President: Production hike won't necessarily lower oil price, page 1

OPEC President: Production hike won't necessarily lower oil price, page

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Topic started on 16-1-2008 @ 08:43 PM by DimensionalDetective

OPEC President: Production hike won't necessarily lower oil price

www.reuters.com

ALGIERS (Reuters) - A decision to hike output at next month's OPEC meeting wouldn't necessarily tame the oil market because prices are being determined by factors other than supply and demand, OPEC's president said on Wednesday.

Chakib Khelil, who is also Algeria's Energy and Mines Minister, added in remarks to reporters that there was no point producing more oil if there was no real demand for more supply.

Producing more "won't necessarily lower prices because prices are controlled by other factors which have nothing to do with supply and demand."

(visit the link for the full news article)

reply posted on 16-1-2008 @ 08:43 PM by DimensionalDetective

So in other words, these greed mongers are going to keep prices through the roof and hold the world hostage at the pumps, no matter what. It seems like they always figure out a way to milk everyone for the maximum expense...

I am so worn out from this nonsense.

www.reuters.com
(visit the link for the full news article)

[edit on 16-1-2008 by DimensionalDetective]

reply posted on 16-1-2008 @ 08:47 PM by johnsky

If supply and demand doesn't control the price of oil, then someone somewhere is guilty of some SERIOUS forgery of prices.

Whoever is altering the prices is attempting to make it look like its a supply and demand issue... someone needs to hang.

reply posted on 20-1-2008 @ 12:33 PM by DimensionalDetective

A little follow up. I think we are going to be held hostage at the pumps for a LONG time, based on these peoples contempt for the consumers...

OPEC dismisses U.S. calls for more oil

ABU DHABI (Reuters) - OPEC dismissed further calls to boost oil output from top consumer the United States, saying the global market is well supplied and the producer group has little control over oil prices near $90 a barrel.

U.S. Energy Secretary Sam Bodman on Saturday urged top exporter Saudi Arabia and OPEC to raise supply on a visit to the kingdom. His appeal came just days after President George W. Bush asked the group for more oil on a separate visit to Riyadh, and less than two weeks before OPEC's next meeting on February 1.

"I don't think there is a need to increase because the market is well supplied," Oil Minister Abdullah al-Attiyah told reporters on the sidelines of a conference in Abu Dhabi on Sunday.

The Organization of the Petroleum Exporting Countries (OPEC) is keeping a close eye on the market and stood ready to pump more when needed, OPEC Secretary-General Abdullah al-Badri said.

"If we reach the conclusion the fundamental data warrant an increase in production, then our oil ministers will not hesitate to decree this," Badri told German weekly magazine Der Spiegel in an interview published on Saturday.

"But at present we see no need for this."

For rest of story:

www.reuters.com...

reply posted on 20-1-2008 @ 02:16 PM by Vojvoda

OPEC is correct.

The problem is not in OPEC production, the problem is US $! Because of constant devaluing of $, oil price increases.

reply posted on 20-1-2008 @ 02:21 PM by Johnmike

Originally posted by Vojvoda
OPEC is correct. The problem is not in OPEC production, the problem is US $! Because of constant devaluing of $, oil price increases.

Perhaps you could give the economic explanation for this function?

reply posted on 20-1-2008 @ 03:07 PM by Terapin

Crude oil per barrel is more expensive than previously. It would be logical to think that thus, the oil companies would show a smaller profit margin. The truth is that the big oil companies, who refine and sell the oil, are raking in record profits.

THEY are the ones responsible for high prices at the pumps, and not OPEC. Remember, we have an oil man in the Whitehouse. No surprise that his buddies are getting richer while we get shafted.

VOTE ABC.... Anyone But Clinton!

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