OPEC president says oil prices not tied to market

UpInArms

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Sun Jun-01-08 08:08 AM
Original message

OPEC president says oil prices not tied to market

Source: Associated Press

ALGIERS, Algeria - The weak U.S. dollar, market speculation and the subprime crisis are the causes for the spiraling price of oil, OPEC's current president said Saturday.

Algerian Energy Minister Chakib Khelil told reporters the cartel will make no new decision on production levels until its Sept. 9 meeting in Vienna.

He notes that OPEC controls only 40 percent of world oil production, and says the high prices do not reflect market conditions but rather other factors linked to the weakening dollar, market speculation and the U.S. subprime mortgage market turmoil.

Read more: http://news.yahoo.com/s/ap/20080601/ap_on_bi_ge/algeria_opec

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ohio2007

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Sun Jun-01-08 08:25 AM
Response to Original message

1. factors linked to the weakening dollar, market speculation and the U.S. subprime mortgage market tur

....factors linked to the weakening dollar, market speculation and the U.S. subprime mortgage market turmoil

?
and those reasons have nothing to do with the price of oil in the open market ?

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Trillo

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Sun Jun-01-08 10:18 AM
Response to Reply #1

2. I was thinking it was likely tied in with the articles

Edited on Sun Jun-01-08 10:23 AM by SimpleTrend

posted this morning by the title The Corporate State and the Subversion of Democracy.

Risk is for humans, not corporations.

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TheWraith

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Sun Jun-01-08 12:09 PM
Response to Reply #1

3. Most oil trade is done in US Dollars.

But the real cause, when you get right down to it, is profiteering.

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liberal N proud

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Sun Jun-01-08 01:00 PM
Response to Original message

4. Ahem

The market speculation and the subprime crisis are the market.

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Javaman

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Mon Jun-02-08 10:20 AM
Response to Original message

5. AKA don't blame us!!!

quite actually that might be right.

Since the U.S. alone uses 25% of all the oil produced.

If we dropped down to 20%, I bet you would see a drastic reduction in the price. But then again, we should really be down to like 10%, but what do I know?

but alas, I can dream.

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