Forums Forums National News Opec Refuse To Cut Oil Production

Nice one; they will lose tens of millions as a result of this decision, but they have decided to let the price run it's course for now, to see if the cuts last month, filter through before 2009. So despite analyst's and media saying that the cartel wanted prices at $100 per barrel, and will hold the west to ransom, they are in fact helping the average consumer at present.

It's a real shame our government could'nt do the same thing, you know, HELP people in times of need (no chance of a tax cut when the fuel prices were soaring). I see the basket price is currently at $47.00, very good news for Christmas at least. Although, I wonder how long it will last; I doubt it will rocket up within the next 3 - 4 months at least. Next summer may be painful, and we're guaranteed to have a VERY heavy tax increase to be announced for late 2009/early 2010 to make up the billion's that the government is currently wasting.

BBC News Report

Our government DONT HELP OTHERS only themselves and the fat cats who line their pockets!! When was the last time you heared a politician or fat cat complain about the recession!!!

I feel for them, losing all that money. Maybe we can club together and have a collection for them. It must be hard for OPEC, especially around this time of year.

Typical government, do you expect any less? C*nts.

I recon we just "club together" and Club the politicians!!
Is that a "Political Cull??"

I know they are minted and raking it in, but at least they are not trying to increase prices, at present at least.

There is no incentive for them to allow the price of oil to remain low, they gain nothing from it, and it is we, the consumer, who are dependent upon them. If they halved production tomorrow, the price would go back up to a basket price of $100+ per barrel, and they are well within their rights to do that.

But it seems that the majority of Opec believe in a fair pricing system and probably see and have some compassion with the terrible time the western world is having right now.

dont believe it...Opec are Grrrs....and will fk the west at the drop of a hat...except if they put up prices...the world suffers even more economically...and rememebr whilst its at $47...the pound has slipped massively from 2.02 to only 1.4 dollars to the pound...
factor that on in..and it aint so cheap

The abysmal state of Sterling is a result of our own economy (the government's mis-handling, people still happy to wrecklessly spend on credit this Xmas even though they are already struggling with existing debts, etc) and Opec have no control over that.

BTW, Sterling has never never been 2.02 up against the dollar on a stable basis; The highest stable number it was, is around 1.98. I have to keep an eye on it as a lot of my business is traded in EUR and USD, so as you can imagine, the weak pound is crippling me atm lol.

maybe not stable...but it was that high not so long ago....