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Oil producers may cut production, Libya warns
News Type: Event — Seeded on Sat Jun 21, 2008 8:31 AM EDT
Article Source: Guardian Unlimitedadvertisement
Some oil-producing countries may defy the west by cutting production, Libya warned today, ahead of an emergency meeting of oil producers and consumers in Saudi Arabia.
Shorki Ghanem, the chairman of Libya's National Oil Corporation, told Reuters in advance of the meeting in Jeddah: "Some countries may think of increasing production, but some countries may even think of cutting production."
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 | Gordon Brown tries to persuade Opec to invest 'oil shock' trillions in west's green energy revolution | Guardian Unlimited | Sat Jun 21 | 9 |
| Oil Powers Seek Tonic to Record Prices in Jeddah | Epoch Times | Sun Jun 22 | 0 |
| Humor: Why Oil Prices Aren't Going Anywhere But Up | Guardian Unlimited | Mon Jun 23 | 6 |
 | Oil minister: Saudi willing to increase crude output | Associated Press | Sat Jun 21 | 1 |
| U.S.: Speculation Not Pushing Oil Prices | CBS News | Mon Jun 23 | 0 |
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{"commentId":2017191,"authorDomain":"mridulchadha"}
"In coming days we will witness another increase in oil prices," Hojjatollah Ghanimifard, an Iranian official, told the Tehran-e Emrooz daily newspaper.
"As we get closer to the end of the current month and the... summer season oil prices are more likely to rise," Ghanimifard added.
Meanwhile, Iran's Opec governor, Mohammad Ali Khatibi, said: "Currently, Opec does not see a need to boost its production.
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#1 - Sat Jun 21, 2008 8:32 AM EDT{"commentId":2017557,"authorDomain":"ezeques"}
Since it's their oil they should be able to do with it whatever they want. On the other hand, cartels should be illegal.
I guess we could just take it from them if we wanted. Then again, if we lived in pedestrian friendly cities as in the last millennium and walked to work and shopping I guess we wouldn't need their oil.
{"commentId":2017557,"threadId":"295448","contentId":"1597527","authorDomain":"ezeques"}
- 2 votes
#2 - Sat Jun 21, 2008 10:18 AM EDT{"commentId":2017832,"authorDomain":"spookybf"}
What proportion of the rise in oil prices is caused by market speculation? A supplier of the basic product would be foolish to produce more raw product to only have middle men create more value through "greater fool" theory. Oil producers should try to create more added value by reigning in their limited, crude product and controlling it and adding value to the raw product through their own refining and marketing. The KSA and Gulf states have understood this for decades; thus Emirates and KSA owned and partially owned European gasoline retailers . It looks like Libya is trying to follow this economic model.
{"commentId":2017832,"threadId":"295448","contentId":"1597527","authorDomain":"spookybf"}
- 1 vote
#3 - Sat Jun 21, 2008 11:11 AM EDT{"commentId":2019941,"authorDomain":"energynet"}
Try to? They are one of OPEC older insiders... But they are also one of the country's that can no longer produce anything near what they used to do 30 years ago, just as Tx and Cal. can no longer produce anything like they used to do 50 years ago.
Its gone gone gone...
Anybody really interested in why the price is going up should look at the global demand for oil over the last 20 years and then look at the some top 40 producers and see what is happening to each one of their abilities to produce oil over time.
any finite resource can be charted over time onto a classic bell curve.
Once you are on the down side of that bell curve, you can pray, you can bull@!$%#, you can do lie, steal or kill others, but you are still on that curve heading down.
U.S. production has been on the down side of the bell curve since 1970.
Global demand is still going up while we are near the point where supplies will no longer meet demand. It will probably take about a decade to know if we are at this point or not globally.
The biggest symptom will be whether or not there is anything that the industry does they are not able to bring prices down or stabilize.
If we see another big jump in prices if a hurricane shuts down gulf production later this summer, then there will be more than just a few news stories here and there.
Right now Bush is setting up his last deals for his buddies from locking in contracts to steel Iraqs oil to pushing for more drilling for oil here, and blocking any alternatives, likes serious conservation programs.
At the start of his administration, his neocon buddies set up their plan to destablize the middle east with the agenda of consolidating military control over the region's oil and other resources. To finish this agenda, he will have to nuke Iran, with the same kind of surgical strike his dad carried out against Iraq.
This was the plan. Expect it to happen unless the rest of the world gets in the way.
Right now, the rest of the world is playing a major role in driving up the price of oil to punish Bush and his agenda.
If he or Israel goes ahead with a surgical strike on Iran, expect things to get a lot worse.
{"commentId":2019941,"threadId":"295448","contentId":"1597527","authorDomain":"energynet"}
- 1 vote
{"commentId":2020751,"authorDomain":"ezeques"}
Giving those Jews Jerusalem and that part of the Palestinian world was so stupid after WWII. They should have just given them Bavaria. Or maybe Manhattan or Hollywood since they now own it anyway.
In my opinion there is no question that either Israel or GWB is going to strike Iran before the next administration in the US. This is not rocket science. This is common sense considering the idiot GWB is and his Christian beliefs.
{"commentId":2020751,"threadId":"295448","contentId":"1597527","authorDomain":"ezeques"}
- 2 votes
#4 - Sat Jun 21, 2008 10:45 PM EDT{"canLink":false,"threadId":"295448","isPrivate":false}
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