Chavez: OPEC could set oil at $40-$50

Chavez: OPEC could set oil at $40-$50

NEW DELHI - Venezuelan President Hugo Chavez said Saturday that the Organization of Petroleum Exporting Countries could fix a price for oil in the range of $40 to $50 per barrel, adding that low petroleum prices were a thing of the past.

Chavez's comments came ahead of a crucial OPEC meeting in Iran on March 16. Some analysts are expecting the cartel to cut production to boost oil prices, which have skyrocketed over the past year on supply worries.

Venezuela, the world's fifth-largest oil exporter, has been consistently pushing for higher oil prices. Venezuela produces more than 3 million barrels of crude oil a day.

"The OPEC could fix the price at between $40 to $50 per barrel," Chavez told reporters in New Delhi.

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http://www.mercurynews.com/mld/mercurynews/business/11061395.htm

:kick:

OPEC has lost the ability to control world oil prices because they're already producing at near capacity.

Chavez is just aware of the realities.

I think it was 55 today

I thought they'd been alarmed that they were this high?

the cost to the USA is, are they killing the goose that lays the golden eggs? Namely the USA.

There are countries lined up to buy their oil. they certainly no longer need the US for that. The US is losing a tremendous amount of world esteem under this Administration and it will do the US tremendous harm.

to collapse.

...higher than it was in the early 1970's, adjusted for inflation.

That website requires registration so I have not read the actual story, however, I almost take that statement to be one that says to the world and to US consumers that the asswipe needs to go or else they will keep jacking up the prices for oil.

Imagine how this election would have gone down if Chavez had said publicly: "Get rid of dubya or OPEC is going to raise oil prices so high your entire economy is gonna be toast."

Let's see--your SUV or the asswipe in the WhiteHouse... which one do YOU feel some affection for?


Laura

....I've never been partial to asswipes.

I see your point.

Isn't oil aready at $55/barrel?

for an unlimited amount of oil at a cheaper price than the going rate. I think I read that in another article this AM. Chavez has made an offer to India to supply them oil at a good rate. I wonder what OPEC has to say about that and could this spell trouble for OPEC?

Just thinking of a worst case scenario.

It could potentially mean that our economy, one that imports more than it exports, would suffer as the price of foreign based goods goes up--how fast is up in the air--due to dollar devaluation.