Oil prices tumble after Saudi Minister calls for higher output

NNN0LHI

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Tue May-11-04 07:19 AM
Original message

Oil prices tumble after Saudi Minister calls for higher output

http://www.theglobeandmail.com/servlet/ArticleNews/TPStory/LAC/20040511/ROIL11/TPBusiness/MoneyMarkets

Oil prices retreated 2.5 per cent yesterday after Saudi Arabia indicated that it wanted to cool down red-hot crude markets by boosting OPEC's output, sending Canadian energy shares tumbling.

Saudi Oil Minister Ali al-Naimi said the Organization of Petroleum Exporting Countries should raise production quotas by at least 1.5 million barrels a day, up from the current 23.5 million b/d.

"We do not want to see oil prices at the level that they negatively affect the growth of the international economy or the demand for oil," Mr. al-Naimi said in a statement.

OPEC kingpin Saudi Arabia is the world's largest oil exporter.

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KittyWampus

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Tue May-11-04 07:33 AM
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1. They Probably Would'nt Want To Effect Junior's Prospects Either

Edited on Tue May-11-04 07:33 AM by cryingshame

guess they had to act now since Woodward lifted that rock and exposed the deal.

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Hotler

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Tue May-11-04 07:35 AM
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2. A little early in the campaign isn't it??

Edited on Tue May-11-04 07:39 AM by Hotler

I thought they would wait till just before the election to bring prices down.

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HereSince1628

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Tue May-11-04 08:44 AM
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3. Not too early...Shrub is desperately needing something

to make things look better.

The alternative...inventing another reason to "go orange" (And I am not boosting Syracuse) to create a distraction is losing effectiveness.

For the terra-lertz to work anymore Rove will have to implement a MIHIOP. Frankly I'd rather see oil prices drop.

People around here are choosing gas (maybe to go to work) over various foods...supermarket sales are off in both the Milwaukee & Chicago region as consumers are turning away from currently high priced milk products and fresh produce.

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The Backlash Cometh

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Tue May-11-04 09:22 AM
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4. I think this prisoner abuse scandal is more than Bush can handle right

now. If you pile on higher oil prices to his present troubles, he might not make it to election time.

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keithyboy

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Tue May-11-04 09:36 AM
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5. Prices still going up in the MA-VA-DC area

This only means more profits to the oil companies. Prices can go up 10 cents in two days but it will take months for prices go down by three cents.

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hippiechick

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Tue May-11-04 09:40 AM
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6. I was wondering about this ...

Gas prices topped $2/gal for the first time in Indy yesterday. Time to dust off the ole Hippie bike.

Can't be good for the Shrub ~ TPTB must want him to take the fall after giving the BFEE free run of the Clinton Surplus piggy bank for 3 years.

I can't imagine any other reason that prices are being kept so high.

:hippie:

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PATRICK

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Tue May-11-04 09:50 AM
Response to Reply #6

7. Is it simple?

Iraqi resistance gone ballistic and blowing up pipelines suddenly all over. Market flux, gas prices shooting up HIGHER than the expected and faster. Saudis caught flatfooted now have to do their thing.

It is ahead of schedule. Funny, Carter was sunk by appearing helpless during manipulations like these. Now we have the oil guys, the OPEC buddies in charge and it is much much worse and above all chaotic.

The bigwigs must be desperate to prop up Bush to tolerate chaos like this. No one really can game instability.

Bush indeed may be gone before November. The madness seems hardly sustainable.

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