Greed and Speculation Fueling High Oil Costs: Opec produces surplus oil

[JCMach1]

Opec is over-producing by at least 2 million barrels per day, ensuring ample oil supplies in the market, and high prices are due to a combination of factors, the UAE minister of energy said yesterday.

Mohammad Bin Dha'en Al Hamili also called for effective cooperation and communication between producing and consuming countries to achieve stability in the oil market.

"There is at least 2 million bpd of surplus oil in the market and Opec is offering more oil but nobody is taking it," Al Hamili told reporters on the sidelines of an energy conference... http://gulfnews.com/business/Oil_and_Gas/10036991.html


This is the sort of news that doesn't often make it to the US... Ask yourself why!!!

[spindrifter]

1. Okay--call me dumb, but

are we able to find out who is doing the speculating? Also, there are offers of the additional oil--but at what price per barrel? I think part of the untold story involves the Chinese quest for oil--as in trying to buy up companies, contracting with some of the "other" producers, such as Nigeria and so forth--not to say that our very own energy companies aren't fiddling with the books so they can snatch massive profits.