OPEC considers cutting oil production

Source: The Associated Press

VIENNA, Austria (AP) — With oil prices off nearly 30 percent from their highs of almost $150 a barrel, OPEC oil ministers are considering what was unthinkable just a few weeks ago — cutting back output to prop up the price of crude.

No one is predicting much of a cutback — if any at all. Still, such a move would not even have been thought of with oil prices setting record after record back in July.

But the bull run appears to have paused, if not ended, which means a new look at options for Tuesday's meeting of the 13 ministers at OPEC's Vienna headquarters.

Since crude surged to a record $147.27 a barrel on July 11, it has tumbled by over $40, or more than 27 percent. Back then, OPEC's main concern was pushing back against arguments from the U.S. and other key consumers that an output increase was needed to end rocketing prices. Oil ministers insisted there was adequate supply to meet demand, and blamed speculators and a weak U.S. dollar for crude's stellar rise.

Read more: http://ap.google.com/article/ALeqM5iTKFqY44EEha_Fb9CRDMjU692BWgD9324FT80

:eyes: :puke:

Hmmm...? Anybody....? Bueller....?

Nice try you data-manipulating little weasels. :grr:

between fannie-freddie fed takeover and now OPEC....

hope wall street has the ambulances and paramedics on standby

so the BFEE and the drill here drill not mcplain team is bs just like the 1970's crap and they have exploited everyone for ever with windfall profits

gas was 1.25 in 2000 and now it is 3.53 at a discount gas place

so I don't want to hear about them ruining the environment more for their oil buddies

They're trying to prevent a precipitous drop in the price of oil, given that much speculative interest has moved to the short side. OPEC sets the supply, but that's a very blunt way of affecting the price. It's the financial markets, in particular the deregulated markets, that have driven prices this high. All the while, OPEC was saying that prices were out of line with supply and demand fundamentals(officials have said that $60-80 is probably closer to what S/D would dictate).

My conclusion: we've finally reached a point where I trust OPEC more than I trust our government and Wall Street.

That way he can blame the high gas prices on the Dems

bring the price down really fast:sarcasm: :woohoo: I think they been sniffin glue again

:grr: