The Conservative Cave
Current Events => General Discussion => Topic started by: DixieBelle on November 14, 2008, 10:59:45 AM
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Nov. 14 (Bloomberg) -- OPEC, supplier of more than 40 percent of the world's oil, will probably announce plans to lower supply for the third time in as many months to prevent oil plunging toward $50 a barrel, a Bloomberg survey showed.
The Organization of Petroleum Exporting Countries will cut output at a meeting in Cairo on Nov. 29, according to 16 of 17 analysts surveyed by Bloomberg. Twelve of the analysts predict the reduction will be 1 million barrels a day or more.
``Given the rapid deterioration in the flow of economic data, and implications for further oil demand weakness, OPEC might have to cut by at least an extra 1 million barrels in order to catch the market's attention,'' said Harry Tchilinguirian, senior oil analyst at BNP Paribas SA in London.
``In order to strengthen prices, OPEC is very likely to recommend another production cut as the two previous ones had no effect,'' Iran's OPEC governor Mohammad Ali Khatibi told the Mehr News agency in Tehran today. ``The market is in turmoil.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=aOPLpIWyxhR4&refer=worldwide
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They just need to hold out for a couple of more months. When Barry moves into the White House, he'll restore the offshore drilling ban and jack up the price of gas again.
:banghead:
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Its harder for them to cut production than during Jimmuh's term. They've gotten used to excess and started borrowing themselves to build stupid shit like in Dubai.
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Muslims are such trust worthy souls.
They'll all agree to cut production by "X" amount then each one will increase black market production by "2X" amount thus driving the price down even more....... :rotf: