CNN:OPEC to boost oil output by 10 percent to help stabilize crude prices

[funkybutt]

breaking news story to come...

www.cnn.com

[THUNDER HANDS]

1. or stabalize Bush's poll numbers

either or

[rawstory]

2. LINK

http://money.cnn.com/2004/07/22/news/international/opec.reut/index.htm?cnn=yes

[funkybutt]

3. anyone else have a problem with this timing

i thought they were gonna wait till october as per Bush's request

[Fovea]

26. The Saudis may not even be around in Oct.

This is a nation teetering on collapse.
How OPEC is going to squeeze out an additional 10% is absolutely beyond me. Iraq is not exactly moving oil hand over fist right now either.

Our dollar is sinking against the Euro, and China buys more oil every day. Like the Hunts in the 70's, there is no way to actually corner the oil market. Some monopolies are simply unworkable.

[Barrett808]

4. Perhaps also to offset declining Iraqi oil output n/t

[Tempest]

This does not mean lower prices at the pump

China and Indonesia will absorb most of the increase in production.

They are in much better shape to bid up the price of oil than the U.S. and OPEC is in holding it down.

The best Bush can hope for is a 5 to 10 cent drop at the pumps.

Which will keep the price of gas still much higher than when he took office (approx. $1.26 nationwide).

[mbperrin]

5. Find someone working over there and ask them if they

believe that production CAN be pumped up 10%! My friends say that they are pumping seawater with some of that crude and that production cannot be jumped up much more at all.

How many times in the last year have we heard about production increasing, but just hasn't happened?

[Viking12]

6. Exactly

Few of the OPEC nations actually honored the agreed upon cut in production last April. This is merely a smokescreen to restore internal OPEC agreements with actual production.

[GreenArrow]

7. Good man, Bandar!

New we coold count on you.

George

[DS1]

8. exactly

Oh no, we never said we'd do that (but it's a damn good idea) :eyes:

[funkybutt]

9. haha

i had a discussion this past weekend with a neighbor who used to work for the Saudi Royal family. She worked overseeing health care in some capacity.

Anyway, she said that Bandar has brought shame upon the family by having an illigitimate child with an Egyptian (not sure about that nationality)...so the family sends him out to be their spokesperson? I just don't get it...seems like they'd give him some menial task if they were ashamed of him.

[BaysideLiberal]

10. it's about time

my wallet needs some relief

[SoCalDem]

13. maybe a coinpurse.. those will be pennies of "savings"

the extra will be held in a secure location..AKA CEO's offshore accounts:)

Good luck !

[jmcgowanjm]

11. Breaking News to CNN: China's power shortages show no signs of easing

We still see no sight of change or things getting better," said Ma, quoted by the official China Daily newspaper.

http://www.forbes.com/business/commerce/feeds/ap/2004/07/21/ap1463404.html

China, India will take OPEC's "extra".

No "extra", no growth, no jobs, no income distribution,
no capitalism.

[xchrom]

12. prince bandar -- you rock!

you're doing just like you told bush you would do!

blech -- i hate these pirates.

[Az_lefty]

14. that's a gooood Bandar! Now roll over........

[rocktivity]

15. ...and bring down gas prices just before Election Day

so that Bush can take credit for it.

:headbang:
rocknation

[Tempest]

16. Oil Prices Up 84 cents

Seems the oil traders aren't hearing what OPEC is saying.

[Crachet2004]

17. I doubt there is an extra ten percent to be had...

They are probably just trying to jawbone prices down...again!

[Zynx]

18. Bull, they don't have the capacity.

The OPEC scum are already cheating at or very, very near capacity. This won't mean any actual increase in production.

[legin]

19. Making the assumption that

they actually do increase production by 10% and it's not some fudge to take account of current overproduction, it represents an increase of 2.5 million barrels per day, about $5 - $10 off the price of a barrel of oil, i.e. oil down to about $30 - $35 a barrel from around about $40.

Should take about a month to work through the system I assume.

(This post carries the usual 'legin degree of accuracy' warning ;-) )

[laylah]

20. and Dumbass's

poll numbers...slimeballs, all of them :mad:

Jenn

[rustydad]

21. Experts

Colin Campbell and other experts in the business of oil are confident that OPEC is essentially at capacity. Words are cheap and ME oil exporters are notorious liars. Also keep in mind that there is no actual shortage that is driving up prices. No orders for crude are being denied. What is happening is that the value of the dollar is way down vs-a-vie other currencies so we in the US pay more. The price of gasoline in other countries has not gone up much if at all.

Those of you who think $2.00 gas is high are in gross denial. When real bidding begins as production falls behind world demand the price of oil will be at the mercy of the markets and the speculators. I see oil going to $100 a barrel and higher. Then you will see gas at $6-10 a gallon. At that point our economy will tank, the dollar will devalue which in turn will push the crude price to the US ever higher. The only saving grace will be that eventually when we all are dirt poor we will be unable to buy gas and demand destruction will kick in and stabilize prices to a degree. I advise you all to get a good bike while you still can afford one. And a good bike lock. Bob

[Fovea]

22. Join the club.

Nice to meet another person who can see the end of this American paradigm in our lifetimes.

[lakeguy]

23. PEAK OIL!

I thought all the extra capacity, at least in Saudi Arabia, was the heavier, high sulfer crap...

[Doosh]

24. operation bush salvage

[feedppl]

25. My bike really doesn't care.

10 miles to the quart....of water.

[Jeff in Cincinnati]

27. Meanwhile, Shrub sends his kneepads off the the dry cleaners...

nt