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Originally posted by RetinoidReceptor
Originally posted by Reddupo
Everyone should go listen to Lindsey Williams on Alex Jones' Youtube channel...
Lindsey predicted the oil fall to below 50 dollars a barrel 6 months ago when it was 200 dollars a barrel.
He says it's going to stay this way, because it is the will of the powers that be to now economically crumble the Middle East.
I guess the powers that be are very fickle. I guess they want world growth again because of the low cost of oil? Rather than purge the world into eternal doom and darkness?
Originally posted by grover
Saudi King: Oil Prices Should Be Much Higher
(visit the link for the full news article)
CAIRO, Egypt — OPEC ended a hastily convened meeting in Cairo Saturday without announcing new output cuts, despite the steep drop in crude prices and the threat it poses to member governments' national budgets.
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 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.
Saudi Arabia's king said in an interview published Saturday in a Kuwaiti newspaper that the price of oil should be $75 a barrel, much higher than it is now, but the conclusion of the Cairo meeting with no announcement on output indicated no measures would likely be taken until OPEC meets again next month.