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Author	Topic: OPEC considers oil output, Iran-Saudi rivalry	Post a Reply Back to Topics

WxVette Rookie Author Omaha Posts:32 Points:1,010,565 Joined:Jul 2007	Message Posted: Dec 11, 2012 8:03:20 AM Ignore WxVette Report Abuse VIENNA (AP) -- Tough decisions await OPEC oil ministers sitting down this week for a policy meeting. The 12-nation cartel has to deal not only with how much crude to produce for the next few months but must also fill a senior position coveted both by Saudi Arabia and archrival Iran. With world supplies ample, there is some rationale for curbing output when the ministers meet Wednesday in Vienna. Oil inventories in the major industrialized countries are high, with an energy boom in non-OPEC member resulting in stocks of oil at their most plentiful there since 2008. Meanwhile, the Organization of the Petroleum Exporting Countries is pushing out over 31 million barrels a day. That's substantially more than its official daily ceiling of 30 million barrels and the highest in four years,

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Message Posted: Dec 11, 2012 8:03:20 AM

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VIENNA (AP) -- Tough decisions await OPEC oil ministers sitting down this week for a policy meeting. The 12-nation cartel has to deal not only with how much crude to produce for the next few months but must also fill a senior position coveted both by Saudi Arabia and archrival Iran.

With world supplies ample, there is some rationale for curbing output when the ministers meet Wednesday in Vienna.

Oil inventories in the major industrialized countries are high, with an energy boom in non-OPEC member resulting in stocks of oil at their most plentiful there since 2008. Meanwhile, the Organization of the Petroleum Exporting Countries is pushing out over 31 million barrels a day. That's substantially more than its official daily ceiling of 30 million barrels and the highest in four years,

REPLIES (newest first)Ignore Short Messages

DanMtz Champion Author Oakland Posts:3,330 Points:1,238,450 Joined:Oct 2009	Message Posted: Dec 12, 2012 6:20:08 PM Ignore DanMtz Report Abuse OPEC is irrelevant.
danny999 Champion Author Florida Posts:8,703 Points:1,635,060 Joined:Oct 2008	Message Posted: Dec 12, 2012 7:31:38 AM Ignore danny999 Report Abuse Iran should be kicked out of OPEC.
52MPG Champion Author Dayton Posts:7,242 Points:1,737,705 Joined:Apr 2006	Message Posted: Dec 11, 2012 11:25:33 AM Ignore 52MPG Report Abuse The Iran oil embargo should be enforced until they stop going nuclear.
investmentdr Champion Author Cleveland Posts:4,003 Points:1,450,075 Joined:Sep 2008	Message Posted: Dec 11, 2012 10:58:22 AM Ignore investmentdr Report Abuse opec smopec
darkform Veteran Author Illinois Posts:352 Points:365,685 Joined:May 2011	Message Posted: Dec 11, 2012 10:58:05 AM Ignore darkform Report Abuse ok
hornet17 Champion Author Vancouver Posts:1,323 Points:440,865 Joined:Aug 2011	Message Posted: Dec 11, 2012 10:42:12 AM Ignore hornet17 Report Abuse they control the product for the most extent, they can do what they choose. Unless we find an alternative.
dabayer Champion Author New Hampshire Posts:2,731 Points:621,030 Joined:Oct 2005	Message Posted: Dec 11, 2012 10:19:13 AM Ignore dabayer Report Abuse OPEC, an international cartel. All legal! All legal?
bruin19MD Champion Author Maryland Posts:1,052 Points:161,510 Joined:Feb 2011	Message Posted: Dec 11, 2012 10:06:37 AM Ignore bruin19MD Report Abuse Interesting article
OTISFL Champion Author Pensacola Posts:4,585 Points:860,840 Joined:Apr 2009	Message Posted: Dec 11, 2012 10:03:44 AM Ignore OTISFL Report Abuse Up go the prices!
csblesson Champion Author Texas Posts:1,791 Points:348,150 Joined:May 2012	Message Posted: Dec 11, 2012 9:48:33 AM Ignore csblesson Report Abuse We have pay because of their ways of doing things
merlinCO Champion Author Colorado Posts:1,620 Points:337,395 Joined:Mar 2012	Message Posted: Dec 11, 2012 9:19:16 AM Ignore merlinCO Report Abuse oil is just going to go up.
ss70 Champion Author Detroit Posts:9,630 Points:1,866,100 Joined:Sep 2005	Message Posted: Dec 11, 2012 9:15:48 AM Ignore ss70 Report Abuse time to break the cartel
bcline909 Veteran Author Virginia Posts:401 Points:80,170 Joined:Nov 2012	Message Posted: Dec 11, 2012 9:14:44 AM Ignore bcline909 Report Abuse tough decisions
scu227 Champion Author New Haven Posts:4,125 Points:766,905 Joined:Feb 2011	Message Posted: Dec 11, 2012 8:55:23 AM Ignore scu227 Report Abuse With supplies up and demand down, cutting production should not be a big deal, but the SPECULATORS will think differently.
doggod Champion Author Anchorage Posts:2,828 Points:737,360 Joined:May 2009	Message Posted: Dec 11, 2012 8:49:49 AM Ignore doggod Report Abuse B-b-b-but I thought the Iranians weren't selling any oil. On account of the embargo, don't you know. Oh, you mean it's possible to get around embargoes when you're selling a fungible product? Well, I'll be darned, who'd-a-thunk!
sabre75 Champion Author Florida Posts:1,663 Points:340,295 Joined:May 2012	Message Posted: Dec 11, 2012 8:44:36 AM Ignore sabre75 Report Abuse Agree with Eagle 3236
Eagle3236 Champion Author Missouri Posts:1,123 Points:204,200 Joined:Oct 2012	Message Posted: Dec 11, 2012 8:36:29 AM Ignore Eagle3236 Report Abuse Hope we get the Keystone pipeline built, then this news will not affect us as much.
AVKZ All-Star Author Kalamazoo Posts:831 Points:291,000 Joined:Apr 2012	Message Posted: Dec 11, 2012 8:24:19 AM Ignore AVKZ Report Abuse Tough times for the unbelievably rich.
amoshins Champion Author Trenton Posts:2,185 Points:638,095 Joined:Apr 2011	Message Posted: Dec 11, 2012 8:21:08 AM Ignore amoshins Report Abuse makes sense - hope supply is not curbed
wrunner Champion Author Virginia Posts:4,425 Points:1,132,585 Joined:Dec 2009	Message Posted: Dec 11, 2012 8:12:08 AM Ignore wrunner Report Abuse The fear factor.
humblepie Champion Author Toledo Posts:34,047 Points:2,367,370 Joined:Mar 2006	Message Posted: Dec 11, 2012 8:09:41 AM Ignore humblepie Report Abuse arabs have hated each other for a thousand years this is just another forum
GingoutMD Champion Author Maryland Posts:3,495 Points:713,305 Joined:Jan 2010	Message Posted: Dec 11, 2012 8:05:12 AM Ignore GingoutMD Report Abuse Whatever they decide will allow the speculators an opportunity to increase the price of oil.
graceman Champion Author Baltimore Posts:4,968 Points:1,158,725 Joined:Jun 2008	Message Posted: Dec 11, 2012 8:04:46 AM Ignore graceman Report Abuse If they do we need to apply sanctions on them.