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Thread: Oil prices 'will not come down' says OPEC boss.

  1. #1
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    Default Oil prices 'will not come down' says OPEC boss.

    The cost of a barrel of crude oil has edged closer to its all-time high after OPEC president Chakib Khelil warned that oil prices “will not come down”. Ahead of a meeting with EU officials in Brussels today, he said that the cartel had done all it could to ease prices.

    His comments pushed up benchmark crude in London by $1.24 to $137.15 a barrel - it hit an all-time high of $137.69 a barrel on June 6. The spot price - the cost of buying a barrel of oil for delivery that day - has risen close to $140.

    European Union Energy Commissioner, Andris Piebalgs, said he was “not convinced” speculators are to blame and repeated his call for the Organization of Petroleum Exporting Countries to pump more oil and scrap production quotas. But OPEC Secretary-General Abdalla el-Badri said: “The market is currently hijacked by speculators,” including hedge funds. “There is no shortage of supply as I said before.”
    rest here:

    http://www.telegraph.co.uk/money/mai.../bcnoil124.xml
    "The Council of Ministers will have far more power over the budgets of the member states than the federal government in the United States has over the budget of Texas"
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  2. #2

    Default Re: Oil prices 'will not come down' says OPEC boss.

    The bombs certainly will fall, on OPEC countries if they keep this BS up.
    Economic Left/Right: -2.12 | Social Libertarian/Authoritarian: -4.21

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    Default Re: Oil prices 'will not come down' says OPEC boss.

    How many litres of oil are in a Barrel of oil (check it out and do your maths and you will see they get less than the price of bottled water per Litre) Now look at what our Beautiful government takes per Litre and also the VAT Content? Oil is very cheap
    Too much Civil Service work consists of circulating information that isn't relevant about subjects that don't matter to people who aren't interested."

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    Default Re: Oil prices 'will not come down' says OPEC boss.

    Quote Originally Posted by CelticAtheist
    The bombs certainly will fall, on OPEC countries if they keep this BS up.
    What BS?

    Oil Discoveries peaked in 1964.

    Oil production peaked in May 2005.

    This is a Geological fact, not BS
    "Always do right. This will gratify some people and astonish the rest." Mark Twain

    “When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” Napoléon Bonaparte

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    Default Re: Oil prices 'will not come down' says OPEC boss.

    If Water Discoveries peaked in 1964., what price would i Litre be now ? and do not BS be Real ( do you know how many Litres of oil is in one barrell it is 159 Litres and tahat is not Bs it is Fact!
    Too much Civil Service work consists of circulating information that isn't relevant about subjects that don't matter to people who aren't interested."

  6. #6

    Default Re: Oil prices 'will not come down' says OPEC boss.

    Quote Originally Posted by SPN
    Quote Originally Posted by CelticAtheist
    The bombs certainly will fall, on OPEC countries if they keep this BS up.
    What BS?
    Oil Discoveries peaked in 1964.
    Oil production peaked in May 2005.
    This is a Geological fact, not BS
    They certainly can increase supply a small bit to ease the prices, if not a large increase to halt them.
    The economies are going down the crapper otherwise.
    Economic Left/Right: -2.12 | Social Libertarian/Authoritarian: -4.21

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    Default Re: Oil prices 'will not come down' says OPEC boss.

    Ye are all comenting like someone will interfer and fix the problems!!!! What you fail to realise is that it won't be fixed if all people are going to do is talk about it. Demonstration is needed...

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    Default Re: Oil prices 'will not come down' says OPEC boss.

    Quote Originally Posted by SPN
    Quote Originally Posted by CelticAtheist
    The bombs certainly will fall, on OPEC countries if they keep this BS up.
    What BS?

    Oil Discoveries peaked in 1964.

    Oil production peaked in May 2005.

    This is a Geological fact, not BS
    Some people just like to think that dropping bombs will fix any problem.
    To live honestly, to hurt no one, to give every one his due.

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    Default Re: Oil prices 'will not come down' says OPEC boss.

    Quote Originally Posted by SPN
    Quote Originally Posted by CelticAtheist
    The bombs certainly will fall, on OPEC countries if they keep this BS up.
    What BS?

    Oil Discoveries peaked in 1964.

    Oil production peaked in May 2005.

    This is a Geological fact, not BS
    The fact is that the OPEC cartel restricts oil production to force artificial price increases, which is totally against free trade principles and should be made illegal.

    Else the west should form a cartel and restrict the supply of essentials such as food - or bomb the b@stards.

  10. #10
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    Default Re: Oil prices 'will not come down' says OPEC boss.

    Quote Originally Posted by CelticAtheist
    Quote Originally Posted by SPN
    Quote Originally Posted by CelticAtheist
    The bombs certainly will fall, on OPEC countries if they keep this BS up.
    What BS?
    Oil Discoveries peaked in 1964.
    Oil production peaked in May 2005.
    This is a Geological fact, not BS
    They certainly can increase supply a small bit to ease the prices, if not a large increase to halt them.
    The economies are going down the crapper otherwise.
    Any economies that are predicated on cheap oil are going down the crapper because the amount of oil available next year will be less than the amount available this year. The amount of oil available in 2010 will be about 5% less than was available last year.

    The Saudi's promised to increase production to 12.5 million barrels per day in 2004. They promised to increase production to 12.5 million barrels per day in 2005. They promised to increase production to 12.5 million barrels per day in 2007, and they have promised to increase production to 12.5 million barrels per day in 2008.

    Unfortunately, their actual production of physical oil is in decline and they are very unlikely to ever hit 10 million barrels per day - never mind 12 million.

    But you are right about economies going down the crapper!
    "Always do right. This will gratify some people and astonish the rest." Mark Twain

    “When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” Napoléon Bonaparte

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