Try this on Oil FreakaZoids: Saudi Tells Clinton will pump for $25/bbl AWL : LUSENET : TB2K spinoff uncensored : One Thread Thursday September 7 8:37 AM ET
Saudi Tells Clinton Will Pump Enough for $25 Oil

By Richard Mably

LONDON (Reuters) - Saudi Arabia has told the United States that it intends to meet its pledge to reverse an oil price spike and bring crude back down to $25 a barrel.

President Clinton was informed at a meeting with Saudi Crown Prince Abdullah in New York on Wednesday that Riyadh would back an OPEC output increase of about 700,000 barrels per day (bpd), a source familiar with the discussions said on Thursday.

``Saudi Arabia will come through. Everybody knows we want $25 a barrel. We're not equivocating on this,'' the source, contacted by telephone in New York, said.

Washington has been pressing Saudi Arabia, the only OPEC producer with any significant spare capacity, to lead a third cartel supply increase this year to tame oil prices now running at decade highs of $34 a barrel.

The Organization of the Petroleum Exporting Countries meets in Vienna on Sunday.

While an OPEC increment of 700,000 bpd would add less than three percent to cartel quotas of 25.4 million, the Saudi leader made an assurance that Riyadh's share of the crude will come in addition to recent Saudi leakage.

Saudi To Go Above Nine Million Bpd

Clinton was told that Riyadh already is pumping an extra 600,000 bpd above the official 8.25 million quota Saudi was allocated at OPEC's last meeting in June.

Under another 700,000 bpd OPEC increase, Riyadh officially would get an additional 225,000 bpd though. If necessary, it could pump more if others in the cartel proved unable to meet their share.

In any case, Saudi output after the OPEC meeting would rise above nine million bpd, U.S. officials were told, the source said.

That would be the first time oil production from the world's biggest exporter had reached those levels in 20 years. Saudi has output capacity of some 10 million bpd.

The news took the edge off oil prices which have risen sharply again this week as traders worried that OPEC would fail to address supply concerns.

London Brent crude futures dropped 62 cents to $33.75 a barrel.

-- cpr (, September 07, 2000


These are the same promises made for moinths now. The price of fuel continues to rise EVERYWHERE!

I bet you believe/believed these well known promises too:

- The Check is in the mail

- I won't cum in your mouth

-- The emperors new clothes (, September 07, 2000.

Why does the abreviation for "barrels" have 2 "Bs"?

-- Lars (, September 07, 2000.

Because cpr is a s-s-s-stutterer.

-- (, September 07, 2000.

And why are the letters "lbs" used as the abbreviation for "pounds"?

-- CD (, September 07, 2000.

Globe and Mail (National Canadian Daily):

POSTED AT 4:14 PM EDT Tuesday, September 05

"How high could crude oil go?


Globe and Mail Update

How high could crude prices go? That's the question being asked by investors, money managers and commodity traders, not to mention anyone filling up their minivan or sport-utility vehicle at the gas pump. At over $33 (U.S.) a barrel, oil futures are once again bumping up against 10-year highs, and all eyes are on the Organization of Petroleum Exporting Countries as the cartel meets later this week.

Despite OPEC's commitment to increase production if prices get too high, there are some industry watchers who believe that those 10-year records will soon be a thing of the past, and that crude oil prices will soar to the $40 or even $50-a-barrel range. That's oil-shock territory, and the repercussions could be felt from the gas pump to the White House.

In the world of crude oil, however, perception is almost more important than reality, and there is a perception that a 500,000- barrel hike won't be enough to sop up the demand that still exists in the global oil market, let alone account for the fact that crude inventories in the United States are lower than they have been for almost 25 years.

"We had expected for a while that OPEC would raise its production, but it is not going to be enough," Peter Young, an oil industry analyst with the Royal Bank of Scotland, told Agence France-Presse. How high could prices go? "I don't think we're even close to a top in this market," one energy futures trader told a business news wire. "The potential is for this market to go to ridiculous type numbers -- $50 (a barrel) maybe."

Even OPEC President Ali Rodriguez has reportedly said that he expects crude oil prices will stay high regardless of whether production is boosted by 500,000 barrels after the meeting. "It would be dangerously naive to think today that with a simple increase in production, the problem of stabilizing the oil market will be resolved," Mr. Rodriguez told the Venezuelan daily newspaper El Nacional in a recent interview.

One OPEC source told Dow Jones that a one-million barrel increase is required in order to bring prices back down, while some analysts say an extra 1.5-million barrels is needed -- or three times what OPEC's price-band agreement would produce. Part of the problem with defining the right amount is that the cartel is already producing more than their previously agreed-upon quotas to the tune of about 700,000 barrels.

-- Cash (, September 07, 2000.

Thursday, September 7 9:22 AM SGT

Few hopes OPEC meeting will calm markets, ease protests

VIENNA, Sept 7 (AFP) -

Ministers from the OPEC oil-producing cartel meet in Vienna this weekend amid unprecedented pressure to act to ease record crude prices fueling mounting social and political protests, notably in Europe.

But analysts believe there is little the 11-member cartel, which has already hiked production twice in the last year, can or will do to stop oil prices continuing to skyrocket after reaching new 10-year highs this week. =singapore/headlines/000907/world/afp/Few_hopes_OPEC_me eting_will_calm_markets__ease_protests.html

Indonesia's crude oil output falls

..........JAKARTA (September 7) : Indonesia's crude oil production fell to 1.276 million barrels per day in August from 1.305 million bpd in July, oil industry sources said on Wednesday.

.........."Crude production fell because there are still problems in reservoirs," one source said.

..........Indonesia also produced 140,000 bpd condensate in August.

In Nigeria, anger at western calls for lower oil prices

Agence France-Presse

Peter Cunliffe-Jones

September 06, 2000

LAGOS, Sept 6 (AFP) - Strident calls from the rich western democracies for a cut in the world price of oil aroused anger Wednesday in this poverty-stricken oil producing country. Both the United States and France have in recent weeks stepped up demands that oil-producing countries increase production to lower the price of oil on the world market.

But those demands are viewed as selfish here and get little support. ANA/0410-0405-Oil-OPEC-Nigeria.sched...html

'Time to Act French Style Over Fuel Cost'

Newsquest (Bradford) Ltd [ UK ]

September 06, 2000

Fuming haulage bosses and truck drivers from Bradford have taken to the roads to strike back against fuel prices which they say are crippling the industry.

The Tax Truck stopped off at the Hartshead Moor service station on the M62 yesterday afternoon with members of the Road Haulage Association (RHA) and the freight industry on hand to protest at diesel prices. eng-newsquest_bradford/eng-newsquest_bradford_091822_13 6_805683679413.html

Taxi Drivers May Join France Protest

Updated 10:02 AM ET September 7, 2000

By ANGELA DOLAND, Associated Press Writer

PARIS (AP) - More French gas stations put up "empty" signs Thursday as a French truckers' protest over the high cost of fuel spread, with farmers threatening to block the Channel Tunnel and taxi drivers planning to disrupt Paris traffic.

A day after the government said no to further compromise and demanded an end to protests that began Monday, dissatisfied farmers left a meeting Thursday with Agriculture Minister Jean Glavany and said they would continue protesting. After Britain, France has the highest gas taxes in the 15-nation European Union. ests

Militant threat over fuel price in Spain

Source: The Irish Times

Publication date: 2000-09-07

Spanish farmers and transport workers are threatening militant action unless the government takes steps to reduce oil prices, or reduce VAT and the special hydrocarbons tax on their fuel. Members of more than 20 organisations, including farmers, fishermen and ambulance, taxi and heavy goods vehicle drivers met in Madrid to form a Consumers' Platform and to plan their strategy. 54065&ID=cnniw&scategory=Energy

-- Cash (, September 07, 2000.

Wow...this is great!!

You guys can all cut-n-paste articles to back up your opinions, no matter on which side of the "debate" you happen to be!!

Hmmmmmmmmm.......kind of reminds me of something recent............

(Oh, to The Emperor: You forgot, "Of COURSE I'll respect you in the morning.")

-- Patricia (, September 07, 2000.

Within two years oil will be over $200 per barrel. Heating oil and natural gas will be rationed to businesses sometime around mid- January 2001. The President will ask that we turn our thermostats down just like Jimmy Carter did back in the late 70's. These energy costs and industry rationing will cause the markets to teter and finally crash in early February. Major announcements will be made that the government knew we were past peak oil production and are now in a steep decline of production that will cripple industrial nations and send the world into a depression that will make the 30's look like a walk in the park. This is the beginning of the end of prosperity, comfort and progress. The world will now find itself in a defensive, rather than progressive, position regarding the future. This may last for many years, perhaps decades (maybe forever) until alternative sources of energy can be developed. Avoiding TEOTWAWKI will be like walking a tight-rope across the world trade center towers in a hurricane. Stockpile food and supplies! Get guns! Find a place in the woods off the beaten path! Hunker down and lock and load!

I pray I'm wrong.

I pray that millions or perhaps billions don't die because of our short-sightedness.

Time will tell. Will you be ready?

If you aren't you'll die. Probably painfully and slowly. Freezing or starving to death. Not pretty. Your body will be stacked among the millions like cordwood. There won't even be fuel to run the bulldozers to bury you. Nor wood to spare for a pyre. You'll rot in the sun. The air will be filled with flies and your corpse with maggots. The wind will blow your disease filled stench to the remaining pitiful bands of stragglers who soon sucuumb to the ULTIMATE TEOTWAWKI.

There is no hope. None remain. Extinction. Time continues. Or does it?

-- Ultimate TEOTWAWKI (, September 07, 2000.

Oh great. Another doomer troll posting speculation as if it is a done deal. How does one live with such depressing thoughts and paranoia?

It could happen that way I guess. Or you could get hit by a bus this afternoon, then it will really be TEOTWAWKI for you.

-- Buddy (, September 07, 2000.


Very true Buddy. No one has a crystal ball. This is a worse case scenario. If I knew the future I'd pick the lotto numbers and buy myself a couple miles of coastland and set up a nice big estate. Well stocked for TEOTWAWKI of course.

But even if you aren't prepared for the worst or even prepared for major changes that could affect your way of life, be prepared to react quickly to whatever comes along. Those who can react to change quickly and positively will live longer and happier. And be prepared to change your mind.

-- Ultimate TEOTWAWKI (, September 07, 2000.

I thought the Saudis said the same thing a few months ago. Guess they'll do anything to deceive the people while they fix the embedded systems.

-- (Y2K@very.costly), September 07, 2000.

UT, will respect, it's a little early to be predicting the end of the world, and the scenario you propose is just a tad over the top. No one is saying oil will disappear or even become scarce. It's just not going to be as plentiful. Production peak will likely occur within this decade -- 2004 to 2009, depending on your source and your definitions -- and it will probably be more a plateau than a peak, with the decline in production coming within a few years. A few voices can be heard in the wilderness saying we're there already. Whether the downslope is shallow or steep depends on so many variables it's almost useless to speculate now. The current situation is more a political/economic shortage than physical shortfall, but it does give a taste of the future.

-- Cash (, September 07, 2000.

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