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#272694 - 1st Dec 2008 5:08am Opec Refuse To Cut Oil Production
MattLFC Offline
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Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Originally Posted By: BBC News
Opec energy ministers have decided to leave oil production quotas unchanged after talks in the Egyptian capital following falls in the price of oil. Opec President Chakib Khelil said any such decision would be made at a meeting in Algeria next month.

The price of a barrel of oil has tumbled to below $55 after peaking at a record $147 in mid-July. Opec members have lost billions of dollars as demand has dropped in the face of the global economic downturn.

Opec member Venezuela favours a cut in output of a million barrels a day to try to boost prices. But several Opec ministers had already dampened expectations that a cut in production would be announced this weekend.

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

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#272709 - 1st Dec 2008 9:01am Re: Opec Refuse To Cut Oil Production [Re: MattLFC]
hoseman Offline
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Registered: 30th Sep 2007
Posts: 2346
Loc: Bromborough
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!!!
no
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#272728 - 1st Dec 2008 2:28pm Re: Opec Refuse To Cut Oil Production [Re: hoseman]
DavidB Offline
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Registered: 7th Dec 2003
Posts: 5634
Loc: Bebington, Wirral
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. laugh laugh laugh

Typical government, do you expect any less? C*nts.
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#272730 - 1st Dec 2008 3:05pm Re: Opec Refuse To Cut Oil Production [Re: DavidB]
hoseman Offline
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Registered: 30th Sep 2007
Posts: 2346
Loc: Bromborough
I recon we just "club together" and Club the politicians!!
Is that a "Political Cull??" raftl
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BETTER TO BURN OUT THAN FADE AWAY!

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#272732 - 1st Dec 2008 3:24pm Re: Opec Refuse To Cut Oil Production [Re: hoseman]
MattLFC Offline
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Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
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.

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#272739 - 1st Dec 2008 5:18pm Re: Opec Refuse To Cut Oil Production [Re: MattLFC]
Beemertastic Offline
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Registered: 16th Oct 2007
Posts: 1113
Loc: wirral
Originally Posted By: MattLFC


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
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#272808 - 2nd Dec 2008 5:12am Re: Opec Refuse To Cut Oil Production [Re: Beemertastic]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
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.

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#272883 - 2nd Dec 2008 4:13pm Re: Opec Refuse To Cut Oil Production [Re: MattLFC]
Beemertastic Offline
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Registered: 16th Oct 2007
Posts: 1113
Loc: wirral
Originally Posted By: MattLFC


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....
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