OPEC will step in if oil price hits 100 dollars: Kuwait

FarCenter

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Thu Apr-15-10 01:29 PM
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OPEC will step in if oil price hits 100 dollars: Kuwait

http://www.france24.com/en/20100415-opec-will-step-oil-price-hits-100-dollars-kuwait

AFP - Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Thursday that OPEC will step in to alter output if crude prices top 100 dollars a barrel.

"If prices of oil go above 100 (dollars), then OPEC will meet to take a decision on production levels," in a bid to boost supplies, the Kuwaiti minister told reporters outside parliament.

But Sheikh Ahmad stressed that any decision will greatly depend on prevailing "market situations and supply and demand."

The minister also said he was happy with the current oil price, which has been hovering around 85 dollars a barrel for some time.

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Zynx

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Thu Apr-15-10 01:33 PM
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1. I remember when OPEC wanted oil to be between $20 and $30. That wasn't actually that long ago either

I would say that was as recently as 2004.

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DJ13

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Thu Apr-15-10 01:47 PM
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2. Suuuure they will

They were a big help the last time oil went above $100, werent they?

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Javaman

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Thu Apr-15-10 02:06 PM
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3. Gee, that's really sporting of them...

but like last time, they will claim that lowering the price is beyond their control.

While Canada sits very quiet over in the corner (our largest provider of our oil) laughing quietly to itself at our folly.

Can't piss off the Canadians, after all they have national health care, love hockey and are creating a massive superfund site mining the tar oils.

So yeah, let's continue to scream and yell at the Saudi's it's all their fault because they aren't pasty white Canadians!

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