|10-19-2006, 05:40 PM||#1|
Mo' holla fo' yo' dolla!
Join Date: Dec 2002
Location: In a bunker in an undisclosed location
OPEC cuts oil production by 1.2M barrels
23 minutes ago
DOHA, Qatar - The oil cartel OPEC has decided to cut production by 1.2 million barrels a day, the United Arab Emirates' oil minister said Friday.
Mohammed bin Dhaen al-Hamili made the announcement at a news conference after OPEC's oil ministers held an emergency meeting in the capital of Qatar.
The output cut is aimed at boosting prices, which have declined more than 25 percent since mid-July. It is to take effect Nov. 1.
|10-20-2006, 03:18 PM||#2|
Famer of Rings
Join Date: Oct 2004
Location: Lake Forest, Orange County, Calif.
we need to walk to the grocery store on saturday instead of driving . That is probably 1.2 million right there. Park the hummers and big SUVs for 2 weeks. I am not sure how many cars on the road to see if little things like this would help. I drive a corolla so i am doing my part. But when my 1959 CDV cadillac is complete, watch out I am sucking down for 8 miles to the gallon.
|10-20-2006, 03:55 PM||#3|
Ring of Famer
Join Date: May 2001
you all worry too much
it is what it is, not much we can do about it right now, but they are still making over 20% more than they were this time last year, so they are just trying to pump up demand again as the global demand is waning a little
|10-20-2006, 03:59 PM||#4|
Join Date: Apr 2001
Wait, i thought the markets dictated pricing. But in this case - with energy products - it doesn't seem to work that way.
I guess one man's cartel is another man's "Board".....