Posted on 06/08/2011 7:35:07 AM PDT by Qbert
VIENNA (AP) -- OPEC says it has decided to maintain output levels, with the option of meeting within the next three months for a possible production hike.
[Snip]
Saudi Arabia and other influential Gulf nations had pushed to increase production ceilings to calm markets and ease concerns that crude was overpriced for consumer nations struggling with their economies. Those opposed were led by Iran, the second-strongest producer within the Organization of the Petroleum Exporting Countries.
(Excerpt) Read more at finance.yahoo.com ...
unexpectedly....the media’s favorite word
Perhaps Iran is trying to help Obama in creating some true American civil unrest, cause between our stupid enviro-weenies trying to stop energy production everywhere they can like in Texas with the lizard and Obama closing his ears to facing our enemies with tough talk, there may actually be some civil unrest if things don’t change soon. Anything over $2.00 - 2.50 per gallon of gas is just insane.
What would happen if Saudi Arabia & Co. just decided to turn their backs on the cartel and sell cheap?
Maybe we could drill in our territorial waters and in our country?
/sarc
Cheating in OPEC has happened before and used to be fairly common. Saudi Arabia is growing concerned over hydraulic fracturing increasing US reserves that they want to drive down prices to prevent entry into the market. IRAN, VENEZUELA and other despots need $$ to support their failing economies so want prices high. It should get interesting.
OPEC has about 30% of the world’s oil supply. The Saudis are the world’s largest exporter of oil. They could, as they have done in the past, up production, which would reduce the price. The Saudis are the only OPEC country with enough excess capacity to make a difference. It is interesting that Iraq and Iran want to keep the price as it is, but not unexpected. They both need the money badly—the Iraqis to rebuild their country and the Iranians to keep their flagging economy from going even further down.
It is also worth noting that the declining value of the dollar and the prospect that it will continue to do so has an impact since the price of oil is pegged to the dollar.
Not a surprise at all. Certain OPEC members have an agenda which has nothing at all to do with avoiding a double-dip.
“Unexpectedly” must have become the most over-used word by now; Newspeak for “don’t pay any attention to the man behind the curtain.”
Wow this was just as unexpected as that last US jobs report and spike in unemployment. We are blindsided by these developments, but love Omama anyway.
Posting on my free government smart phone (free to any gov’t aid reciepint) while riding the free handicapped shuttle to the free meal at the local air conditioned senior center where I just may fill our that absentee ballot to dump my Republican state senator who voted for WI Gov. Walker’s mean attack on teacher and state unions.
i still say OPEC is the biggest terrorist organization in the world and everyone panders to them.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.