Opec's oil price troubles - 24 Oct 08

As stock markets plunge again the price of oil is also falling. That is not what the leaders of the cartel were hoping for when they announced a production cut of one and a half million barrels a day. Al Jazeera's Jonah Hull is at Opec headquarters in the Austrian capital Vienna.

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News & Politics

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• Opec
• Al
• Jazeera
• English
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• Hull
• Austria
• Vienna
• oil

[deliciousmorton]

i don't trust anyone who wears a suit.

[MuslimGhost]

**** opec.. I hope solar and alternative energy bankrupts these filthy greedy swine.

[heartlessvietboy]

I am beginning to think that any gasoline engine should be made against the law if they pollute the environment. With the exception of special conditions.

[theporksicle]

Very simple, you want oil prices to go up then establish what world demand is at present (circa 85 million bpd) and cut it to 3/4 of that. I read that a 5% reduction in supply in the 1970s forced up the price of a barrel of crude 10 fold, so if you manufacture a 25% reduction in supply you could get some pretty decent prices.

Not saying they should do this but if OPEC really wanted a lot more for oil they could get it.

[jtlbz]

fuck you  Opec's

[123KGBAndMe]

"Bad news for countries like Venezuela and Iran..."

Damn Al Jazeera, what about Qatar and the soon to be ghost town of Dubai?

[AcaiBerryMONAVIE]

SUCK SATAN'S COCK opec

[Jacobrester]

I really hope Obama listens to T Boone Pickens and pursues the wind tunnel that flows through the USA and Canada.

I also hope he allows the mining on a small level, to start with, of the massive oil shale depositis in Utah and Colorado.

And finally, I hope he allows the new technology of turning coal into liquid fuel to be instituted.

If all of this is done, the USA can tell the Middle Eastern Countries to eat shit. They have nothing else. They would be bankrupt within a decade.

[TYX91101]

The decline in crude oil prices ranks as one of the most prolific collapses in market history. At last weeks lows it was down 77% from the top just six months ago. There will be countertrend bounces in the future, but you have now witnessed the highest oil prices you'll see in your lifetime.

[davidank]

I find it interesting and absurd that when oils prices were out of control and at $147 their excuse was they couldn't pump enough to keep prices low & if they could they would. Now they can pump enough and they aren't, they simply want their prices higher. Yes their economies depend on their oil, BUT they shouldn't have their eggs in one basket. They should base their economy on more than just oil. I hope OPEC and their economies crumble!

[IntellectualConcepts]

OPEC = TERRORISTS