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Saudis Say OPEC Is Ready to Pump More Oil

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posted on Feb, 22 2011 @ 04:26 PM
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Saudis Say OPEC Is Ready to Pump More Oil


www.nytimes.com

“OPEC is ready to meet any shortage in supply when it happens,” the Saudi oil minister, Ali al-Naimi, said at a news conference after a meeting of ministers of oil producing and consuming nations in Riyadh, Saudi Arabia. “There is concern and fear, but there is no shortage.”

American consumers are now paying an average of $3.17 a gallon for regular gasoline, a steep rise of 6 cents a gallon in the last week. With consumers paying roughly 50 cents more a gallon than a year ago, oil analysts are warning that prices could easily top $3.50 by the summer driving season.
(visit the link for the full news article)




posted on Feb, 22 2011 @ 04:26 PM
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This statement should stabilize oil prices with the ME slowly crumbling before our eyes. With what is happening in Libya with Giddafi threatening to sabotage their own oil fields I think OPEC made a good call to quell fears of an oil shortage or having some of the supply cut off.

I still think oil prices will rise regardless if OPEC promises to increase their OIL output.

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



posted on Feb, 22 2011 @ 04:37 PM
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reply to post by ugie1028
 





“OPEC is ready to meet any shortage in supply when it happens,” the Saudi oil minister, Ali al-Naimi, said at a news conference after a meeting of ministers of oil producing and consuming nations in Riyadh, Saudi Arabia. “There is concern and fear, but there is no shortage.”


Oh really? Well why not pump up the volume right now? how about last week? last year? Gotta keep those profits going of course. Can't let it get to high or no one can afford it...don't want it too low or they can't make money off it.

Good fun....good times.

I absolutely agree with you tho....prices are going to go up stifling any economic recovery.
edit on 22-2-2011 by David9176 because: (no reason given)



posted on Feb, 22 2011 @ 04:38 PM
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Just for information the UK is currently paying $8 for a gallon (US) of petrol (Gas)



posted on Feb, 22 2011 @ 04:39 PM
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reply to post by ugie1028
 


I think it's outrageous that they are even allowed to continue business at all. It just goes to show the political ambiguity of the human species.

Armed revolts/revolutions are unnecessary; the governments are supposed to work for us, and we have been scared into complacency. If we all could just stand up and refuse then we would win. Sadly, I feel as long as we worry about Justin Beiber's new haircut or if Gaga is a reptoid disinfo/brainwash agent that nothing short of world-wide catastrophe will change the way we live.



posted on Feb, 22 2011 @ 04:40 PM
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I would only take Saudi Arabia...or any OPEC members...claim at face value if they release 3rd party verified reserve tables...

Until then, I say he is talking out his a$$, and is fully prepared to reap the extra profits of a shortage.



posted on Feb, 22 2011 @ 04:41 PM
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reply to post by bigyin
 


With a phenomenal transportation system.. Something most of the USA does not have.


Not to take anything away from 8 dollar a gallon gas.. Thats expensive.



posted on Feb, 22 2011 @ 04:43 PM
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Why don't they release the oil they have in tankers sitting and waiting for better prices?




posted on Feb, 22 2011 @ 04:44 PM
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reply to post by Fractured.Facade
 


They wont do it.

As david said before... if they did pump out everything they could at max, the prices would drop and the profits wouldn't exist.

investors are salivating right now.



posted on Feb, 22 2011 @ 04:44 PM
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Once the revolution shows up, they won't be pumping anything....



posted on Feb, 22 2011 @ 04:48 PM
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reply to post by ugie1028
 


I "think" they lie.
I "know" they fear alternative fuel.
Lotta solar and wind in the US now, more and more electric cars being built.
Skroo opec, they been robbing us too long.
Without their oil they have no income, gonna be nice to see the old sheik workin at my local 7-11.



posted on Feb, 22 2011 @ 04:49 PM
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I can't imagine why OPEC wouldn't increase the profits of exporting ... geez the USA is dumping there reserves as I type on purpose and not on usage. Its the damnest thing I've ever witnessed. If you don't believe me go read the Houston Chronicle (www.chron.com) to find the articles. Seems some of the oil reserves set aside for our military is buried underground in old salt pit lined caves.

The whole thing looks like its been purposefully planned.



posted on Feb, 22 2011 @ 04:49 PM
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post removed because the user has no concept of manners

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posted on Feb, 23 2011 @ 07:44 AM
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Lets see... We all start to walk/ride bikes to anywhere within distance that we need to go. That cuts down on the oil usage and might help with that stubborn obesity problem we have. Two birds one stone. Start to invest more in Solar and Wind... there goes a bit more oil. OPEC spikes prices because suddenly their profits hit rock bottom and they freak. As oil becomes more expensive it is used even less. Leads to a destabilization of the oil profit powered regimes and more interest in the renewables. It all begins with us speaking out and telling people that oil is a dead end.
edit on 2/23/2011 by PhoenixAlpha because: Meh it didnt really fit.

edit on 2/23/2011 by PhoenixAlpha because: Makes more sense.



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