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OPEC to meet to manipulate market - again
Posted by: McQ on Thursday, October 09, 2008

The USA Today headline blares, "US Calls Global Meeting On Financial Crisis". But that's not the only meeting being called. OPEC is none too happy either.
"The price is getting near to $80, and they're getting nervous," said Johannes Benigni, chief executive officer of Vienna-based consulting firm JBC Energy. "OPEC is going to send the signal that they'll do what it takes to defend $80."
Doing "what it takes" will most likely entail a 500,000 barrel a day reduction in production.
Shokri Ghanem, chairman of Libya's National Oil Corp., told Bloomberg News in a telephone interview from Tripoli that OPEC may meet Nov. 18 in Vienna.

"Oil producers are losing money because prices are falling," Ghanem said. "We'd better keep the oil in the ground and not sell it because the international banks are collapsing, and we may lose our money there as well."
Yup - can't have cheap oil again, can we?

Drill here.

Drill now.
 
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It doesn’t matter what OPEC does. Oil will continue to fall with every dollar/pound/euro/krona that’s pumped into banking.
 
Written By: Arcs
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Chances are good that this meeting will end in failure to do anything. the downward pressure is sever due to the economic slowdown.
 
Written By: kyleN
URL: http://impudent.blognation.us/blog
Admittedly this is a little tin foil, but I expect the prices will be stabilized and recover much of what they lost shortly after Nov. 5. Maybe even slightly before.

Its to the advantage of most worldwide oil producers for the price of oil to be a non issue in this election.
 
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