OPEC set to slash oil output as prices crumble

[villager]

Source: AFP

OPEC set to slash oil output as prices crumble

by Ben Perry Ben Perry

LONDON (AFP) – OPEC, the cartel pumping 40 percent of world oil, is this week set to announce plans to slash output in the hope of lifting crude prices weighed down by a recession-fuelled slide in energy demand.

The Organization of Petroleum Exporting Countries on Wednesday convenes in the Mediterranean port city of Oran, Algeria, where it is widely expected to announce plans to cut its oil output quota for a third time since September.

Iran, for one, will be calling for a cut at the meeting, the ISNA news agency reported Sunday.

"Our position in the upcoming OPEC meeting in Algeria is a cut of 1.5 million to two million barrels per day in OPEC's quota output," Iranian Oil Minister Gholam Hossein Nozari was quoted as saying.

Julian Jessop, the chief analyst at consultancy Capital Economics, suggested they would probably get their way. "The cartel is likely to announce further cuts of at least two million barrels," he predicted.

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Read more: http://news.yahoo.com/s/afp/20081214/bs_afp/opeccommoditiesenergyoilprice

[Andy823]

1. I think their big problem

Will be that the smaller producers may agree, but in the long run they need the money more than the Saudi's and they always seem to put more oil on the market to keep their money coming in. I watched 60 minutes last Sunday and they were interviewing the Saudi oil minister. They have developed several new fields that they say contain billions of gallons in oil and have invested billions and billions doing so. Of course the high prices this year sure helped out! The guy said that they need $55 a barrel to run their country, but wants the average up to $85 a barrel. He also admitted that they don't want to see alternative sources of energy because it will hurt them. A little while later he was talking about what they are doing with solar in their own country and that they are going full bore on a plan to produce solar energy for the world!

America needs to jump on the alternative energy sources and get ahead of the rest of the world for a change. We can't wait till the oil is gone, whenever that may be, we need to get it going now!

[ohio2007]

2. Wealthiest Arabs lose $25bn

:nopity:

The world’s 50 richest Arabs have lost a collective $25 billion (Dh91bn) over the past twelve months as result of the global financial crisis, according to Arabian Business magazine.

Among the biggest losers was Prince Alwaleed bin Talal and one of the largest investors in Citigroup, who had lost 19 per cent of his personal wealth over the past year, the magazine said in its annual Rich List, a survey of the Gulf’s wealthiest individuals.

The Saudi billionaire was still ranked the wealthiest Arab with assets worth $17.08bn, although this was down from the $21bn he held a year ago, the magazine reported, citing Prince Alwaleed’s private financial accounts.


snip

http://www.thenational.ae/article/20081214/BUSINESS/187231964/-1/ART

looks like they will be forced to cut back on their philanthropic endeavors.

hope it doesn't come back to bite them in the hand some day soon

[gtar100]

3. "philanthropic endeavors" and Saudi billionaires - hahahahaha

:rofl: Never the twain shall meet.

They are nothing but leeches and parasites on humanity and nature.

[ACTION BASTARD]

4. Dumbfucks. The same thing will happen again. Prices go up and we stop driving.

I think we got Opec's number this time around.

[villager]

5. Goddamn the pusher man. But yes, what happens if we detox?

n/t

[benld74]

6. REMEMBER THIS!!!

Once the prices begin to RISE again. THE RNC will put out a memo to all their faithless. Memo will be along the lines of, the Reason behind the increase of Gas Prices - OBama Refuses to Drill off US Shores!! THEY all will chime in unison, all the fat talking heads will pour out the vile hatetred- it will be on the news, the radio, the Sunday morning news shows.
Everyone will forget! Be sure to remind them of this!!!!!

[Skink]

7. As a bonus they said the Pirates can keep the oil tanker.