Tuesday, October 21, 2008
Post No. 488
"Oil prices surge on growing signs of OPEC output cut
Posted: 21 October 2008 0443 hrs - CNA
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Iran's ambassador to the Organisation of the Petroleum Exporting Countries on Monday floated the idea that the cartel may agree to cut oil production in stages at the meeting, the official IRNA news agency reported.
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A cut in production by one million barrels per day is not enough to re-establish equilibrium on the market," Libyan Oil Minister Shukri Ghanem told AFP.
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Our position for the past 10-plus years has been that we have to manage oil production," Venezuelan President Hugo Chavez told AFP.
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OPEC, led by the world's biggest oil exporter Saudi Arabia, has not officially indicated whether production levels would be altered at the meeting in the Austrian capital but its current chief Chakib Khelil said over the weekend that the cartel should order a "substantial" cut. "
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"I think it is kind of funny that OPEC wants to defend the 70 to 80 dollar a barrel range because when the price first hit these levels they said the price was too high" and blamed "evil speculators" for driving up prices, said Phil Flynn at Alaron Trading.
Now the cartel is addicted to these prices that they said made no sense and now are desperately trying to defend them," Flynn said."
When you hold 40% of the world oil production.. its easy to say what you want and get away with it.
The world is filled with greedy people.
Regards
Selfish too.
Posted: 21 October 2008 0443 hrs - CNA
.
.
Iran's ambassador to the Organisation of the Petroleum Exporting Countries on Monday floated the idea that the cartel may agree to cut oil production in stages at the meeting, the official IRNA news agency reported.
.
.
A cut in production by one million barrels per day is not enough to re-establish equilibrium on the market," Libyan Oil Minister Shukri Ghanem told AFP.
.
.
Our position for the past 10-plus years has been that we have to manage oil production," Venezuelan President Hugo Chavez told AFP.
.
.
OPEC, led by the world's biggest oil exporter Saudi Arabia, has not officially indicated whether production levels would be altered at the meeting in the Austrian capital but its current chief Chakib Khelil said over the weekend that the cartel should order a "substantial" cut. "
.
.
"I think it is kind of funny that OPEC wants to defend the 70 to 80 dollar a barrel range because when the price first hit these levels they said the price was too high" and blamed "evil speculators" for driving up prices, said Phil Flynn at Alaron Trading.
Now the cartel is addicted to these prices that they said made no sense and now are desperately trying to defend them," Flynn said."
When you hold 40% of the world oil production.. its easy to say what you want and get away with it.
The world is filled with greedy people.
Regards
Selfish too.
# posted by 好人 @ 6:32 AM 
