« previous next »
Pages: [1]   Go Down

Author Topic: OPEC May Cut 1 Million Barrels a Day in Cairo  (Read 672 times)

0 Members and 1 Guest are viewing this topic.

Offline DixieBelle

  • Administrator
  • Hero Member
  • *****
  • Posts: 12143
  • Reputation: +512/-49
  • Still looking for my pony.....
OPEC May Cut 1 Million Barrels a Day in Cairo
« on: November 14, 2008, 10:59:45 AM »
Quote
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
Logged
I can see November 2 from my house!!!

Spread my work ethic, not my wealth.

Forget change, bring back common sense.
-------------------------------------------------

No, my friends, there’s only one really progressive idea. And that is the idea of legally limiting the power of the government. That one genuinely liberal, genuinely progressive idea — the Why in 1776, the How in 1787 — is what needs to be conserved. We need to conserve that fundamentally liberal idea. That is why we are conservatives. --Bill Whittle

Offline Chris_

  • Little Lebowski Urban Achiever
  • Hero Member
  • *****
  • Posts: 46845
  • Reputation: +2028/-266
Re: OPEC May Cut 1 Million Barrels a Day in Cairo
« Reply #1 on: November 14, 2008, 11:21:27 AM »
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:
Logged
If you want to worship an orange pile of garbage with a reckless disregard for everything, get on down to Arbys & try our loaded curly fries.

Offline Jim

  • Hero Member
  • *****
  • Posts: 1260
  • Reputation: +55/-6
Re: OPEC May Cut 1 Million Barrels a Day in Cairo
« Reply #2 on: November 14, 2008, 08:53:44 PM »
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.
Logged
My fellow Americans, there is nothing audacious about hope. Hope is what makes people buy lottery tickets instead of paying the bills. Hope is for the old gals feeding the slots in Atlantic City. It destroys the inner-city kid who quits school because he hopes he'll be a world-famous recording artist.

What's the difference between Sarah Palin and Barack Obama?

One is a well turned-out, good-looking, and let's be honest, pretty sexy piece of eye-candy.

The other kills her own food.

Offline JohnnyReb

  • In Memoriam
  • Hero Member
  • *****
  • Posts: 32063
  • Reputation: +1997/-134
Re: OPEC May Cut 1 Million Barrels a Day in Cairo
« Reply #3 on: November 16, 2008, 06:41:21 AM »
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:
Logged
“The American people will never knowingly adopt socialism. But, under the name of ‘liberalism’, they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened.” - Norman Thomas, U.S. Socialist Party presidential candidate 1940, 1944 and 1948

"America is like a healthy body and its resistance is threefold: its patriotism, its morality, and its spiritual life. If we can undermine these three areas, America will collapse from within."  Stalin
Pages: [1]   Go Up
« previous next »