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OPEC

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posted on Oct, 19 2008 @ 03:12 AM
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OPEC To Cut Production By 2 millions barrels a day


fe10.story.media.ac4.yahoo.com

ALGIERS (AFP) – OPEC should order a "substantial" cut in oil output at next week's emergency meeting in Vienna, Algerian Energy Minister and current OPEC chief Chakib Khelil said Saturday.

"There will be a reduction in production at the next extraordinary meeting of OPEC, and it will have to be a substantial one to get the balance right between supply and demand," he told reporters.

"If it has to be 1.5 million barrels per day, or two million barrels per day, that's what it will be," Khelil added, during a visit to the southern Algerian province of Tamanrasset.
(visit the link for the full news article)



[edit on 19-10-2008 by Vitchilo]




posted on Oct, 19 2008 @ 03:12 AM
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So let's say 2 millions barrel a day cut... so about 3-4% cut. So we'll see the price going up at least 5%.

Yeah, keeping it at reasonable prices... between 70 and 90$... HELL it was 60$ in 2005, before the Iraq war 30$ and in 91 before the first gulf war, 10$! We're being raped.

Could we invade Saudi Arabia? There's many reasons for it, a big one, the most extremist sect of islam is based there, wahabism. Not to mention the theocracy, the sharia law and their oil.

Enjoy being raped while Bush kisses the King.

fe10.story.media.ac4.yahoo.com
(visit the link for the full news article)



posted on Oct, 19 2008 @ 03:48 AM
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And a reality check for the OP

OPEC has all along said that the price has nothing to do with the amount of oil pumped - its all about the weekly rhetoric about bombing *insert random country* by the USA and/or Israel

now the US is looking at problems at home - notice how the price has rapidily fallen....



posted on Oct, 19 2008 @ 04:03 AM
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reply to post by Harlequin
 


I know. It's production + speculation + value of the US dollar. That's what sets the price of oil.

But eh, cutting production is a factor.



posted on Oct, 19 2008 @ 04:13 AM
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I guess the oil companies and producing nations have become so money drunk that they can't handle the market getting back to decent price.

All I can say is thanks to their greed we are now going to use less and less oil every year beginning with the mass production of alternative cars or at least ones that get 100 mpg. Had they kept it under 100 dollars a barrel we would have never considered giving up our gas guzzlers.

OPEC can go to hell as far as I'm concerned and I look forward to the day when they don't have us by the balls anymore. I hope they continue to blow their money like drunk sailors so that someday they will live in tents again and no longer be a threat to our world.

[edit on 19-10-2008 by verylowfrequency]



posted on Oct, 19 2008 @ 04:31 AM
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Balance right, between supply and demand. It's been an annoying weight on the side of oil companies the last several years, I refuse to believe that it's ONLY the US's fault, though I'm willing to accept the US was largely to blame. I think they're just throwing their weight around (OPEC) now at this point. Honestly, it's horrific, and we rely on these guys for our fuel and oil? Sheesh.



posted on Oct, 19 2008 @ 04:55 AM
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I have been enjoying the price of gas under $2.50 a gallon. I know those a$$ clowns in OPEC hate that thorn in their side. their greed has gotten the better of them. so they want to cut production. i say go ahead and cut it. Even though gas is cheaper now people still won't be using as much oil as they have been. Food prices are still high. inflation is growing.

I heard Saudia Arabia's break even price is $55 a barrel. so they shouldn't be so greedy and keep the price around $60-70 barrel. they have to make some profit and a $5-$15 proffit seems fair to me. even though they should have saved some of that money from when oil was $140+ a barrel so they would have a rainy day fund.



posted on Oct, 19 2008 @ 05:12 AM
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the ignorance in this thread is AMAZING

opec is not at fault - and yet we have such words as `ass clowns` used to describe them - they have been wanting to cut production for months since there is too much oil - and thats getting ignored all because of blind patrionism



posted on Oct, 19 2008 @ 05:26 AM
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reply to post by Harlequin
 


Well, explain yourself. You're saying that there's too much oil production for the refinery capacity? It doesn't matter in the real world. Even if there's too much production, it will still affect speculation if they cut production.



posted on Oct, 19 2008 @ 05:34 AM
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Funny how some of the people whining about OPEC are the same ones who pray to the gods of capitalism and preach that oil company profits are sacred. But you don't extend that theory to the owners of the resources the oil companies plunder daily, many of which rely on a price of close to $70 a barrel just to balance their country's budgets and not be selling oil at a nett loss. And it's not 1991 or whatever other year you're wishing for when you could get a steak dinner and see a show for under a buck. Oil's only worth $10 a barrel when everyone earns under $100 a week.

And of course, somebody suggests bombing them and stealing their oil. Let them go back to living in tents so we can fill the hummer and go tailgating. Congratulations America, you're officially disgusting.



posted on Oct, 19 2008 @ 06:20 AM
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reply to post by Vitchilo
 



theres more oil being pumped out than there is being bought, its not about refinery capacity its about those players in the market who are buying the stuff - so there is a surplus, so to extend the total life of oil production , since not as much is needed right now , opec have been saying for the last 6 months they want to lower the amount pumped.



posted on Oct, 19 2008 @ 11:58 PM
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Originally posted by mythatsabigprobe
But you don't extend that theory to the owners of the resources the oil companies plunder daily, many of which rely on a price of close to $70 a barrel just to balance their country's budgets and not be selling oil at a nett loss.


Well, it might be true that some oil today is more expensive to extract - thus in some places they might need $70 a barrel to make it work. That is not the case with most OPEC countries and tell me why have they been living in gold lined Palaces with hundreds of servants each, not to forget hundreds of wives , (economic virtual slaves) because they've been losing money on their oil for the past 50 years? After all oil didn't break the $50 dollar mark until a couple years ago. I suggest more so than Americans - their lifestyles are unsustainable.

Almost as much as the greedy bankers, the oil profiteers (including many of the same people who own the banks) have had a hand in causing financial crises in our world. How many truckers had to quit driving because oil cost too much? No wonder they couldn't make their house payments. Oil has effected all products including food. Oil has caused the price of plastics to to go up by nearly 1/3 and hundreds factories and factory workers in China went out of business.

Why do we have a war going on over there that is bankrupting America? Oil. Where do we factor in that cost in a barrel of oil? The big lie it's hidden in taxes.

I suggest oil prices have put just as big of plug in the system as the credit crises has.

It's all about greed and OPEC is part of that greed. Why do you think terrorist come from their countries? Because they don't distribute the wealth to their people and their people blame us, because we buy most the oil, the oil companies come from the west and so do the military forces that help continue the status quo.

We have made OPEC some of the richest humans ever on our planet and what do we get in exchange? Terrorists who didn't get their share of the profits, a bankrupt economy and the patriot act.

[edit on 20-10-2008 by verylowfrequency]



posted on Oct, 20 2008 @ 12:35 AM
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Originally posted by Vitchilo
Yeah, keeping it at reasonable prices... between 70 and 90$... HELL it was 60$ in 2005, before the Iraq war 30$ and in 91 before the first gulf war, 10$! We're being raped.

this is the part that infuriates me. in 2005 when it was $60 we were paying roughly A$0.80 - A$0.90 per litre. At its peak of around $140/barrel we were paying A$1.40 - A$1.60 per litre.
Now that the barrel price has dropped, the pump price should have come down considerably as well but we are still payng A$1.30+!!!

It is not so much the producers, but the petrol companies....and the governments for letting them get away with it.



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