Posted on 09/09/2008 8:52:04 PM PDT by bobsunshine
OPEC members have agreed to roll back oil production to quotas agreed in September 2007, a level that will cut output by about 500,000 barrels a day. An OPEC statement issued at the conclusion of its meeting Wednesday said the organization agreed to produce 28.8 million barrels a day. An Associated Press report cited OPEC President Chakib Khelil as saying the quota meant that member countries agreed cut back production by 530,000 barrels a per day.
(Excerpt) Read more at marketwatch.com ...
What happened? I thought the Saudi Minister said they wouldn’t cut production before winter. Doesn’t matter if OPEC decided it, I think the members won’t cut anyway.
Get ready for the blame Bush crowd as prices rise.
They say one thing throughout the meeting...and at the last minute...
Drill, drill, drill. It will kill, kill, kill...OPEC and the democrat party. The libs want us under their thumbs. They are namby pamby on the mooselimb terrorist pukes. It looks like some dims are in bed with the ‘limbs.
the sooner we get oil independent, the better.
More incentive.
Oil, the only freemarket(?) where collusion is openly discussed.
With the major travel season over...this OPEC move probably wont bring prices down. If they start going down, some of the members will produce more anyway
They’re trying to influence our election.
My thought as well. WE need to make sure people know that we have no control over OPEC.
I guess they’ve decided $100 a barrel is as low as they’re gonna go, at least until they can get a weak President Zero elected.
More needs to be done to reform the oil speculation market along with drilling.
Many times they lie...hoping the others cut production, they increase it to make more money.
Posing.
Anyone shocked? Everyone knew what OPEC was going to do before the meeting. No news here, except that the Dems will be up in arms again.
Apparently the President of OPEC
“We are going to stay with the level of production where we are now,” OPEC President and Algerian Energy Minister Chakib Khelil told reporters.
http://www.freerepublic.com/focus/f-news/2078424/posts
Tuesday, September 09, 2008
And also:
“We have worked very hard since June’s meeting to bring prices to where they are now. I think everything is in balance,” said Saudi Arabia’s Oil Minister Ali al-Nuaimi ahead of an OPEC policy meeting here later in the day.
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