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Author	Topic: OPEC draws fine line between oil balance and chaos	Post a Reply Back to Topics

brbaritone Champion Author Virginia Posts:2,061 Points:1,695,295 Joined:Jan 2007	Message Posted: Jun 10, 2012 5:40:29 AM Ignore brbaritone Report Abuse Members of the Organization of the Petroleum Exporting Countries will hold their first meeting of the year on Thursday and, following steep declines in oil prices and ahead of European Union sanctions on Iran, they should have plenty to talk about. “A month ago, it seemed like the quota meeting would be pretty boring, but maybe not now,” said Michael Lynch, president of Strategic Energy & Economic Research and a scheduled speaker at the upcoming OPEC conference. “The recent drop in prices is causing some pain in countries, like Venezuela and Iran, and they will push for an earlier reduction in production quotas than the Saudis are likely to agree to,” he said. The cartel’s members are gathering in Vienna for their official meeting on June 14. The election of a new secretary general ... Visit MarketWatch for full article

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Members of the Organization of the Petroleum Exporting Countries will hold their first meeting of the year on Thursday and, following steep declines in oil prices and ahead of European Union sanctions on Iran, they should have plenty to talk about.

“A month ago, it seemed like the quota meeting would be pretty boring, but maybe not now,” said Michael Lynch, president of Strategic Energy & Economic Research and a scheduled speaker at the upcoming OPEC conference.

“The recent drop in prices is causing some pain in countries, like Venezuela and Iran, and they will push for an earlier reduction in production quotas than the Saudis are likely to agree to,” he said.

The cartel’s members are gathering in Vienna for their official meeting on June 14. The election of a new secretary general ...
Visit MarketWatch for full article

REPLIES (newest first)Ignore Short Messages

TripleHs Champion Author Austin Posts:3,355 Points:915,140 Joined:Oct 2009	Message Posted: Jun 10, 2012 12:37:20 PM Ignore TripleHs Report Abuse prices too high
TruthMatters Champion Author New Jersey Posts:2,515 Points:531,510 Joined:Oct 2011	Message Posted: Jun 10, 2012 12:18:39 PM Ignore TruthMatters Report Abuse Better their pain than our pain!
leraar2 Champion Author Massachusetts Posts:3,749 Points:784,755 Joined:Mar 2011	Message Posted: Jun 10, 2012 11:38:23 AM Ignore leraar2 Report Abuse they'll run out of the "easy" oil soon. then we'll be the new opec.
dave27johnson Champion Author Chicago Posts:1,784 Points:405,665 Joined:Feb 2012	Message Posted: Jun 10, 2012 9:49:39 AM Ignore dave27johnson Report Abuse Their power is fading.
Skunk63 Champion Author Phoenix Posts:2,546 Points:555,550 Joined:Oct 2011	Message Posted: Jun 10, 2012 9:21:41 AM Ignore Skunk63 Report Abuse How about we open our land and shores up for drilling and watch OPEC become irrelevant.
MikeCapeCoral Champion Author Cape Coral Posts:1,917 Points:416,920 Joined:Feb 2012	Message Posted: Jun 10, 2012 8:39:57 AM Ignore MikeCapeCoral Report Abuse There will still be oil in a hundred years. There will still be fighting over it.
nozzle46 Champion Author Little Rock Posts:6,680 Points:1,470,775 Joined:Jul 2006	Message Posted: Jun 10, 2012 8:21:58 AM Ignore nozzle46 Report Abuse What will the world fight over when we run out of oil in a hundred years?
NanaNJNJ Veteran Author New Jersey Posts:280 Points:56,025 Joined:May 2012	Message Posted: Jun 10, 2012 7:51:40 AM Ignore NanaNJNJ Report Abuse ok
LilRedWagonIN Champion Author Indiana Posts:7,761 Points:1,552,210 Joined:Oct 2008	Message Posted: Jun 10, 2012 7:13:04 AM Ignore LilRedWagonIN Report Abuse No honor among thieves.
Buckeyee Champion Author Maine Posts:4,590 Points:895,980 Joined:May 2010	Message Posted: Jun 10, 2012 7:06:05 AM Ignore Buckeyee Report Abuse Canada and the US need to join Opec.
Evilmaddog Champion Author British Columbia Posts:3,307 Points:954,625 Joined:Aug 2010	Message Posted: Jun 10, 2012 7:03:20 AM Ignore Evilmaddog Report Abuse whatever....still paying like it was $145/barrel
Joeski1 Champion Author New Jersey Posts:9,978 Points:1,738,910 Joined:Dec 2004	Message Posted: Jun 10, 2012 6:56:51 AM Ignore Joeski1 Report Abuse They need to draw that line in wet cocrete instead of beach sand along the surf
papagee55 Sophomore Author South Carolina Posts:202 Points:46,670 Joined:Mar 2008	Message Posted: Jun 10, 2012 6:52:23 AM Ignore papagee55 Report Abuse o.k.
grandpadon28110 Champion Author Charlotte Posts:4,701 Points:1,139,385 Joined:Sep 2008	Message Posted: Jun 10, 2012 6:50:26 AM Ignore grandpadon28110 Report Abuse No kidding!
farmboyTN Champion Author Tennessee Posts:2,250 Points:446,595 Joined:Feb 2012	Message Posted: Jun 10, 2012 6:47:02 AM Ignore farmboyTN Report Abuse Really?
afghaned Champion Author Hamilton Posts:11,798 Points:1,282,460 Joined:May 2004	Message Posted: Jun 10, 2012 6:39:58 AM Ignore afghaned Report Abuse Why don't they meet in their own countries?? Right next to an oil field would make more sense. Seems they like the lap of luxury their oil has allowed them to enjoy.
Rockyguitar Champion Author Tampa Posts:2,552 Points:1,198,995 Joined:Sep 2008	Message Posted: Jun 10, 2012 6:27:47 AM Ignore Rockyguitar Report Abuse "Deep declines." That's cute. What short-sighted writing.
BBopp Champion Author Dayton Posts:6,824 Points:1,935,430 Joined:Dec 2006	Message Posted: Jun 10, 2012 6:22:43 AM Ignore BBopp Report Abuse Chaos has always been part of OPEC and oil.
yardslave Champion Author Oklahoma City Posts:2,539 Points:593,005 Joined:Dec 2005	Message Posted: Jun 10, 2012 6:17:24 AM Ignore yardslave Report Abuse What happened to honor among thieves?
FPLREP Champion Author Virginia Posts:8,246 Points:2,445,325 Joined:Oct 2005	Message Posted: Jun 10, 2012 5:50:22 AM Ignore FPLREP Report Abuse The world economy is in a shambles, they had better be careful in what they do. Increasing prices will add to demand destruction.
humblepie Champion Author Toledo Posts:34,089 Points:2,368,445 Joined:Mar 2006	Message Posted: Jun 10, 2012 5:44:18 AM Ignore humblepie Report Abuse the only people more disorganized then opec is the obama administration............
brbaritone Champion Author Virginia Posts:2,061 Points:1,695,295 Joined:Jan 2007	Message Posted: Jun 10, 2012 5:44:12 AM Ignore brbaritone Report Abuse Other snippets: ... to replace Abdalla el-Badri of Libya, which could provide a roadmap to the cartel’s next steps, will be closely watched. But more immediate concerns may get the most play. “The main topic for discussion is no doubt the 15% decline in Brent crude prices in May that brought the benchmark below $100 for the first time in 240 days,” said Kirk McDonald, senior research analyst at St. Louis-based Argent Capital Management. --- “OPEC wants to see oil at $100 per barrel, which is a good number for all of them,” said Will McAndrew, chief executive officer of Xtreme Oil & Gas Inc. “If that doesn’t happen, things can get pretty contentious.” Iran’s cost of production is “extremely high” at a little under $85 a barrel, he said, and while the global price of oil is above this level, Iran is “dangerously close to the brink.” “If Saudi Arabia keeps increasing production and lowering the price of oil, Iran will boil and burn,” McAndrew said. Under that scenario, “you would see the Strait of Hormuz closed down and the price of oil jump up about $20 immediately, which would coincidentally bring the number to over $100.”