LOL: SAUDIS say "$30/bbl. TOO HIGH" LOLOLOLgreenspun.com : LUSENET : TB2K spinoff uncensored : One Thread |
DOWN AGAIN THIS AM AFTER A ***** two cent rally yesterday??*****
READ ON DUMMIES...........LOLOLOLOLOLOLOL. Oil Eases, Saudi Says Over $30 Too High
September 28, 2000 6:18 am EST
LONDON (Reuters) - Oil prices eased on Thursday after assurances by Saudi Arabia, the world's biggest producer, that it would pump whatever volume needed to quell this year's relentless price rally and bring stability to the market."The kingdom is willing and ready to offer the amount necessary to stabilize the world oil market," Saudi Crown Prince Abdullah told a heads of state summit of the OPEC producers' group in Caracas, Venezuela.
London Brent crude futures slipped 48 cents to $30.06 a barrel and U.S. light crude was off 36 cents at $31.10.
Prince Abdullah, who has day-to-day charge of OPEC's dominant power, called on crude importing nations to play their role in easing sky-high prices by reducing taxes on fuel.
Saudi Arabia previously has said it would prefer $25 crude.
He added that he feared the world economy might be harmed if the current price spike, which has seen crude above $30 a barrel for much of the year, should be prolonged.
"We are worried today by the increase in oil prices which if continued permanently could lead to a negative impact on the world economy and the prospects for world economic growth," he told other OPEC leaders.
"We call upon consuming countries to share the sacrifice through the taxes that they impose on oil...We are unfairly blamed for all the problems of the world economy."
The Organization of the Petroleum Exporting Countries has come under pressure from consuming nations across all continents to boost oil supplies and provide some relief to escalating energy bills. OPEC has lifted production three times this year by a total 3.2 million barrels per day (bpd), but with little success in bringing down rocketing oil, which earlier this month hit a 10-year peak at $37.80 in the U.S.
Prices have since eased, a decline largely triggered by a rare U.S. decision to tap into strategic reserves for 30 million barrels of crude to shore up supplies for the upcoming winter.
The U.S. oil is due to be released next month, bringing one million bpd to the market, in addition to the extra 800,000 bpd promised by OPEC from October 1.
But the release order by President Clinton has come under domestic criticism from Republicans for being a political move to help presidential nominee Al Gore in November's election.
Republican lawmakers said on Wednesday they were looking at legislation to try and stop the White House from releasing stockpiled oil, although analysts doubt they will be successful.
U.S. SAYS STRATEGIC OIL RELEASE PRUDENT
Clinton has defended the oil release as the most prudent move to steer prices toward OPEC's target range of $22-$28 a barrel.
"The accumulated (OPEC output hike) decisions were not going to come near the target and there seemed to be a trend line going quite high," he said.
This year's price spike has mainly been driven by fears of fuel shortages in the United States, which consumes a fifth of world petroleum supplies. U.S. crude and refined product inventories stand near 24-year lows.
The U.S. initiative to tap strategic supplies has prompted the European Union to consider whether to unleash some of its own contingency stockpiles, but some member countries are opposed saying the inventories should be used for emergencies not for managing oil prices.
The West's energy watchdog, the International Energy Agency (IEA), has called an emergency meeting of its governing board on October 4 to discuss the world oil market situation.
The Paris-based IEA groups 25 industrialized countries and is responsible for coordinating joint measures to meet oil supply emergencies.
-- cpr (buytexas@swbell.net), September 28, 2000
CPR: OPEC RULES THE PRICE OF OIL.
Oil Dummies: CPR doesn't know anything.
LOLOLOLOLOLOLOL
"The kingdom is willing and ready to offer the amount necessary to stabilize the world oil market," Saudi Crown Prince Abdullah told a heads of state summit of the OPEC producers' group in Caracas, Venezuela.
London Brent crude futures slipped 48 cents to $30.06 a barrel and U.S. light crude was off 36 cents at $31.10.
"The kingdom is willing and ready to offer the amount necessary to stabilize the world oil market," Saudi Crown Prince Abdullah told a heads of state summit of the OPEC producers' group in Caracas, Venezuela.
-- cpr (buytexas@swbell.net), September 28, 2000.
LOLOLOL..........OFF I SAY