Members catphish Posted October 20, 2008 Members Share Posted October 20, 2008 FACTBOX-OPEC comments ahead of emergency meeting10.20.08, 2:17 PM ET LONDON, Oct 20 (Reuters) - Pressure is mounting within OPEC to reduce supplies after oil prices have fallen by more than 50 percent, from a record of $147.27 hit in July, and expectations have mounted that global recession will erode fuel demand. Link to comment Share on other sites More sharing options...
Members Jugghaid Posted October 20, 2008 Members Share Posted October 20, 2008 We will see. Yuo very well may be right, but there's a lot of internal turmoil within OPEC right now and they may not be the global price-fixing assholes they are today very soon. Link to comment Share on other sites More sharing options...
Members slapthefunkyfour Posted October 20, 2008 Members Share Posted October 20, 2008 Link to comment Share on other sites More sharing options...
Moderators ThudMaker Posted October 20, 2008 Moderators Share Posted October 20, 2008 This is a critical part of your article- "Saudi Arabia, OPEC's leading producer and the only one to be pumping significantly above its output target, has yet to make any official comment. OCT 20 OPEC may not need to make a substantial cut in its production as demand for oil from the world's second largest consumer China is not expected to drop sharply, the Saudi-owned al-Hayat newspaper said on Monday, quoting an OPEC source." Link to comment Share on other sites More sharing options...
Members RSBro Posted October 20, 2008 Members Share Posted October 20, 2008 We will see. Yuo very well may be right, but there's a lot of internal turmoil within OPEC right now and they may not be the global price-fixing assholes they are today very soon. I'm gonna concur here. They risk an even greater drop IMO in the long term as alternative sources spring up and higher MPG vehicles come out daily. It's very touchy territory they're playing with right now. Remember oil export is pretty much all a lot of these countries have to generate national income. They don't want to run everyone off. Link to comment Share on other sites More sharing options...
Members RSBro Posted October 20, 2008 Members Share Posted October 20, 2008 This is a critical part of your article-"Saudi Arabia, OPEC's leading producer and the only one to be pumping significantly above its output target, has yet to make any official comment. OCT 20 OPEC may not need to make a substantial cut in its production as demand for oil from the world's second largest consumer China is not expected to drop sharply, the Saudi-owned al-Hayat newspaper said on Monday, quoting an OPEC source." This is what I was leaning towards. Saudi does so much more than everyone else over there, they kind of play by their own rules. They realize I think better than anyone that once the oil dries up (if ever) or the demand wanes to a fraction of what it is now, they're screwed. Link to comment Share on other sites More sharing options...
Members catphish Posted October 20, 2008 Author Members Share Posted October 20, 2008 Feel free to not buy gas, but the chances of gas prices going up in the next few days are fairly good. Link to comment Share on other sites More sharing options...
Moderators ThudMaker Posted October 20, 2008 Moderators Share Posted October 20, 2008 Feel free to not buy gas, but the chances of gas prices going up in the next few days are fairly good. Oil goes up and down all the time. The Saudis are the leaders and don't care for the Russians or Hugo, who happen to be in cahoots with each other. Link to comment Share on other sites More sharing options...
Members catphish Posted October 20, 2008 Author Members Share Posted October 20, 2008 Oil goes up and down all the time. Sure, and in this instance there is a reason to think it will go up. Link to comment Share on other sites More sharing options...
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