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Monopolising Oil...

Discussion in 'The Economy' started by AsxBroker, 19th Oct, 2008.

  1. AsxBroker

    AsxBroker Well-Known Member

    8th Sep, 2007
    Sydney, NSW
    OPEC wants substantial cut in oil output
    October 19, 2008 - 6:32AM

    OPEC will need to order a "substantial" cut in oil output at next week's emergency meeting in Vienna, Algerian Energy Minister and current OPEC chief Chakib Khelil said.

    "There will be a reduction in production at the next extraordinary meeting of OPEC, and it will have to be a substantial one to get the balance right between supply and demand," he told reporters on Saturday.

    "If it has to be 1.5 million barrels per day, or two million barrels per day, that's what it will be," Khelil added, during a visit to the southern Algerian province of Tamanrasset.

    Iran - OPEC's second largest exporter - also called on Saturday for a significant cut amid prospects of reduced demand in the face of the global economic slowdown, the state broadcaster reported.

    OPEC has announced it will hold an extraordinary meeting earlier than expected next Friday - instead of in November - to discuss the global financial crisis and its impact on the oil market.

    Oil prices had reached a peak of $US147 a barrel earlier this year but slumped below $US70 on Thursday for the first time in more than a year.

    Prices rebounded above $US71 a barrel on Friday on speculation that OPEC could cut production at the emergency meeting, traders said.

    © 2008 AFP

    OPEC just wants to get more money out of us using simple supply and demand...:(