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-   -   Saudis Signal Support for OPEC Cut (https://www.chiefsplanet.com/BB/showthread.php?t=150178)

Donger 10-19-2006 10:19 AM

Saudis Signal Support for OPEC Cut
 
http://hosted.ap.org/dynamic/stories...10-19-09-53-09

DOHA, Qatar (AP) -- Saudi Arabia's oil minister said Thursday that his country supports OPEC's proposed 1 million barrels-a-day production cut.

"We will try to make the market balanced," Ali Naimi said, ending two weeks of silence from the world's largest oil producing nation and giving a quick jolt to oil prices.

Naimi's statement came as the cartel's oil ministers gathered in the capital of Qatar for emergency talks on cutting output after a price decline of more than 25 percent since mid-July.

Light sweet crude for November delivery rose 70 cents to $58.35 a barrel in electronic trading on the New York Mercantile Exchange.

Bowser 10-19-2006 10:24 AM

Saudis must be running out of monay. It's hard providing for 300 kids and family.

:Poke:

boogblaster 10-19-2006 10:27 AM

NUKE-EM.....

InChiefsHeaven 10-19-2006 10:27 AM

Wait...I thought Bush was controlling oil prices and stuff...

siberian khatru 10-19-2006 10:28 AM

Quote:

Originally Posted by Donger
Light sweet crude

Mmmm, tasty.

Mr. Laz 10-19-2006 10:35 AM

Hydrogen

StcChief 10-19-2006 10:36 AM

Cruise missiles on OPEC countries capitals.

ptlyon 10-19-2006 10:40 AM

I would like to be the first to greet our newest, 51st state, Saudisrelia.

Rain Man 10-19-2006 10:42 AM

Quote:

Originally Posted by ptlyon
I would like to be the first to greet our newest, 51st state, Saudisrelia.

I vote to call it North Saudilina.

Donger 10-19-2006 10:42 AM

National retail average for gasoline is $2.22 right now. That's going to go up, folks.

penguinz 10-19-2006 10:45 AM

But the elections have not happened yet!

ChiTown 10-19-2006 10:49 AM

Quote:

Originally Posted by Donger
National retail average for gasoline is $2.22 right now. That's going to go up, folks.

The Saudi's were peeing themselves when Oil shot below $65/barrel. They started making public statements about "balancing the market" shortly therafter.

I'm sticking with my original projection that the National retail average will be in the $2.65/g range by mid Jan 07, and hover in that range for several months.

Kyle401 10-19-2006 12:01 PM

This only confirms that we can not convert to E85 fast enough.

Screw the oil countries, we got corn.

Donger 10-19-2006 12:04 PM

Quote:

Originally Posted by ChiTown
The Saudi's were peeing themselves when Oil shot below $65/barrel. They started making public statements about "balancing the market" shortly therafter.

I'm sticking with my original projection that the National retail average will be in the $2.65/g range by mid Jan 07, and hover in that range for several months.

That's certainly possible, but I think that it will be closer to $2.45.

Donger 10-19-2006 12:06 PM

Quote:

Originally Posted by Kyle401
This only confirms that we can not convert to E85 fast enough.

Screw the oil countries, we got corn.

Unfortunately, ethanol isn't a viable solution. We could convert all of our fields to ethanol production and still not have enough. I'm all for it as a supplement, but not as a replacement.


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