Article

2004-03-23 International-UN-NGOs

Opec fails to agree on date for cut in output

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Posted by Steve White 2004-03-23 1:17:38 AM|| || Front Page|| [1 views since 2007-05-07] Top

#1 Don't you love it when this band of thieves falls out?!
Can't wait until a U.S.-led Iraq (and perhaps our new pal Libya) starts to break the back of this Saudi monopoly!

Posted by Jen 2004-3-23 12:11:05 AM|| [http://www.greatestjeneration.com] 2004-3-23 12:11:05 AM|| Front Page Top

#2 Yes, and one of those gang of thieves is our Southern neighbor.

I don't recall any of them opening up the spitgots. Vincente wants his people here, time for quid pro quo.

Posted by Anonymous2U 2004-3-23 12:17:50 AM|| 2004-3-23 12:17:50 AM|| Front Page Top

#3 Chakib Khelil, Algeria's energy minister, said: "Algeria feels that the decision that was made in Algiers on February 10 is a prudent and precautionary measure to avoid a tremendous fall in oil prices."

What's this guy talking about? The upcoming summer season is when people do a lot of their driving. Demand goes UP at this time, not down.

Posted by Bomb-a-rama 2004-3-23 12:33:51 AM|| 2004-3-23 12:33:51 AM|| Front Page Top

#4 And inventories, world-wide, are very low. That is why we are seeing immediate price rises with every twitch.

Gutting OPEC, as a priority, strikes me as on a par with killing AlQ. The two are perversely linked and AlQ funding is definitely a function of oil prices. The most effective means of destroying OPEC should be elevated to this level.

So, there's this stolen 40km wide strip along the Eastern coast of Saudi Arabia...

Posted by .com 2004-3-23 12:49:41 AM|| 2004-3-23 12:49:41 AM|| Front Page Top

#5 The upcoming summer season is when people do a lot of their driving. Demand goes UP at this time, not down.
It's also election time and it's all about the economy, stupid. Oh wait....it's all about oiiilll. ok..wait..if the ecomomy is affected by the price of oil, that would mean the left's is vote is all about oil. But they shouldn't feel bad, afterall, they don't shop at Wallmart....you know, because of the goods from China's sweatshops and all that. And they give their restaraunt doggie bags to the homeless as they walk by. So they are still cool.

Posted by B 2004-3-23 6:51:50 AM|| 2004-3-23 6:51:50 AM|| Front Page Top

#6 The upcoming summer season is when people do a lot of their driving. Demand goes UP at this time, not down

Gasoline demand goes up during the summer, but heating oil demand drops significantly.

EU industry is weak and crude oil futures are priced in US $$. Both these factors mean less wealth to the oil producers unless they keep prices very high.

The problem for them is twofold. First, very high prices encourage some to cheat in order to take more sales when demand slacks. And second, sustained high prices encourages a switch to alternatives.

So, the Saudis, Venezuela and probably Mexico would like to see Bush defeated and therefore want to keep prices high (impacts US economy). OTOH, they also don't want to see a significant shift on America's part to other suppliers.

Cartels are powerful, but they have some very real vulnerabilities too.

Rumors are that the Saudis have been cashing out of US Treasuries and stocks in a probably effort to punish Bush for his Mid East Initiative. However, as the markets showed right after the Madrid bombings, when things are uncertain capital flocks to the safest investments - and despite our level of public debt, US treasuries and our equities are the best bets around.

Posted by rkb 2004-3-23 12:10:48 PM|| 2004-3-23 12:10:48 PM|| Front Page Top

#7 [Off-topic or abusive comments deleted]

Posted by TROLL 2004-3-23 10:03:53 PM|| 2004-3-23 10:03:53 PM|| Front Page Top

02:40 .com
02:10 Jen
01:48 .com
01:36 Zenster
16:10 Zenster
15:51 Frank G
15:49 Frank G
15:44 Anonymous
18:50 Barbara Skolaut
13:16 Daniel King
09:41 Jarhead
02:45 Super Hose
02:34 Super Hose
00:29 Jen
00:09 ex-lib
00:08 ex-lib
00:03 CrazyFool
00:01 Edward Yee
00:01 tu3031
23:59 tu3031
23:58 Super Hose
23:56 Hyper
23:56 Super Hose
23:47 tu3031