Skip to comments.OPEC sees "acceptable" oil peak at $120
Posted on 03/22/2011 3:08:28 PM PDT by NRG1973
OPEC believes the oil price is approaching $120 per barrel but unlikely to go higher, a level that is "acceptable" and will not hinder global growth, Iraqi oil minister Abdul-Kareem Luaibi said on Tuesday.
"Global oil prices are moving towards $120 a barrel. We consider this an acceptable price that will not harm global growth," Luaibi told a news conference in Baghdad. "We think the price will not exceed $120 per barrel."
Oil prices slipped on Tuesday, with Brent crude falling below $115 a barrel as investors betting prices would rise with Western involvement in Libya took profits in anticipation of a slowdown in air strikes.
Brent crude for May 1 delivery LCOc1 was down 59 cents at $114.37 at 1320 GMT.
Iraq is a member of the Organisation of the Petroleum Exporting Countries.
(Excerpt) Read more at af.reuters.com ...
By the way, does anyone really think that OPEC is going to let the runup in crude oil price stop at $120 per barrel? In January, the head of OPEC was quoted as saying that $100 per barrel was the "right" price. Its only 2 months later and we've blown right past that level.
Americans need to start drilling ASAP!
Acceptable to me if it ensures that Obama is a one termer.
Hell...force it up to 150.00 a barrel...make us drill our own...just do it and get it over with...we need to wean ourselves from these barbaric humans...to date thousands of Americans have died with no positive results...as a matter of fact it’s just getting worst.
I realize we have a president that bows to the middle east countries and that will have to be taken care of in 2012 if not sooner (calm down SS...I mean impeachment)
crazed towel heads taking down the kingdom is perfectly acceptable to me also.
OK...typed too fast out of frustration...I’m going to hide before the spelling and grammar police come after me...lol
I doubt this is acceptable to 0bama. OPEC should consult with him a bit more... OPEC wants it about $120, and 0bama wants it much much much higher than that. Perhaps they'll compromise.
the fool goes to Brazil and tells them to pump more off shore oil so we can buy it
Drop all bans on drilling here in the US, and OPEC will roll over.
The faulkers would probably find 300 more acceptable.
Say? Wheres Obamas SEIU ,the communist party, code pink etc etc wanting to tear down the capitalista’s structures and redistribute the wealth?
Trump is the only one screaming about this.
I think we should pay about $5.00 below cost of production to all the Countries that owe/collect money from us.
So $4.00 a gallon is okay with LeBron Obama I guess.
Yep, oil is going up permanently, thanks to our leadership.
Who’s In Charge?
Acceptable at $120.00 a barrel?
Were I pres instead of this marxist moosie loving p.o.s.,
Freaking food would quadruple to ALL moosie countries.
take your oil and eat it moosie turds.
Really? Acceptable eh?
Oh, one thing we have allocated all of the budget money for non-u.S. fuel so no more intervention with all y`all Christian hater, head choppin folks. Just cant afford your gas prices. You know how it is. Sarah wont let u.S. military forces buy that stuff at non-u.S. prices.
We can keep up the watch over Israel but thats cause they are just sooo tiny!
I just know you guys are gonna learn how to get along and not kill each other off, tribe by tribe.
Your crude? Uhh, nah, thanks anyway. Everybody here is back to drilling and pumping ever since Sarah cut 82% of the EPA budget. Nothing left there except the new EPA mosquito spray trucks. Doin a helluva job too, since they got the DDT back.
Really, with the fast tracked licensing of LFTR reactors and all the rural towns buying those cool new Toshiba micro-reactors (600 kw!) we are pretty much fat on energy here in the u.S. Heck, with the new drilling policy we have more natural gas than an old dude on Precose. But if you guys can get that crude down below fifty a bbl (delivered) we will look at that.
That would be acceptable.
Dang, I nearly forgot, Secretary of Agriculture Steve King emailed me back, the export sales one-for-one price lock for bushel wheat/bbl oil really is permanent. But hey, that`ll give you guys a new goal of getting that crude price down, right?