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phantom power Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-08-11 11:01 AM
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OPEC unexpectedly decides to keep output unchanged
This all reminds me a lot of economic "coverage," where everybody pretends eternal surprise that the economy isn't as good as predicted.
:eyes:

VIENNA — OPEC unexpectedly decided to leave its production levels unchanged on Wednesday, with senior officials saying their meeting ended in disarray — a stunning admission for an organization that places a premium on consensus decision making.

OPEC officials said the lack of agreement meant that OPEC will maintain present output ceilings with the option of meeting within the next three months for a possible production hike.

"We are unable to reach consensus to ... raise our production," OPEC Secretary General Abdullah Al-Badri told reporters, in comments reflecting unusual tensions in the 12-nation Organization of the Petroleum Exporting Countries.

Analysts covering OPEC for more than 20 years said they could not remember any other time that the normally closed group had admitted to such divisions in its ranks.

Read more: http://www.chron.com/disp/story.mpl/ap/top/all/7600991.html#ixzz1OhVg6saQ


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Chimichurri Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-08-11 11:07 AM
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1. "When oil prices surged to a ridiculous $147 a barrel in the summer of 2008
conventional wisdom held that normal supply and demand issues were the cause. … hanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators."

http://www.rollingstone.com/politics/blogs/taibblog/wikileaks-cables-show-speculators-behind-oil-bubble-20110526
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