Opec cut's production - Diesel Forum - TheDieselStop.com
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post #1 of 34 (permalink) Old 09-09-2008, 10:04 PM Thread Starter
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Opec cut's production

OPEC decides to curb overproduction: Financial News - Yahoo! Finance

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post #2 of 34 (permalink) Old 09-09-2008, 10:11 PM
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all the news agencies I was watching were "speculating" this would happen.

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post #3 of 34 (permalink) Old 09-09-2008, 10:39 PM
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all the news agencies I was watching were "speculating" this would happen.
Dangit!!!










You beat me to it.
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post #4 of 34 (permalink) Old 09-09-2008, 10:43 PM
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That's not likely to happen according to the OPEC chief in this article. OPEC President: Crude Output Likely to Remain Unchanged - Oil and Gas * Energy * News * Story - CNBC.com

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post #5 of 34 (permalink) Old 09-10-2008, 12:07 PM
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And no one is surprised at the thought? Consumption is down and with it profits...of course they'll slow/drop production.

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post #6 of 34 (permalink) Old 09-10-2008, 01:42 PM
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And just on the thought of it happening gas prices around here jumped to just under $4.00 per gallon. While the barrel cost continues to drop.

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post #7 of 34 (permalink) Old 09-10-2008, 02:10 PM
 
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Yup, In ST Louie its down to 3.81, I knew it would be a matter of time
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post #8 of 34 (permalink) Old 09-10-2008, 02:19 PM
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Hold on just a minute! I thought there was an oil shortage. How can they cut back if there's a shortage?


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post #9 of 34 (permalink) Old 09-10-2008, 02:37 PM
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It would be pretty cool if in the first 100 days of the next presidency, we cut U.S. demand by another million barrels a day through conservation and by turning some coal into fuel.
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post #10 of 34 (permalink) Old 09-10-2008, 03:24 PM
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OPEC said they are going to cut oil production today! Not sure how much overall. Yet oil is continuing to drop!! Even with a hurricane coming to TX. Also gas is going up. WTH is going on?? I heard on the news (CNN) that there was an unexplained $.30 rise in KY & OH overnight. Gas and diesel went up here too in centeral TX, but only about 5-10 cents.

I would love to see a fix for this energy price volatility and price gouging.

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post #11 of 34 (permalink) Old 09-10-2008, 04:40 PM
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Quote:
Originally Posted by RatherBNtheWoods View Post
Hold on just a minute! I thought there was an oil shortage. How can they cut back if there's a shortage?
Is this sarcasm at it's finest?

And I quote:
Quote:
"We think we can keep ... current output levels," he told reporters. Still, he suggested that OPEC would have to consider cutting back in the coming months, saying the organization estimated that demand would fall by close to 1 million barrels by December.

That, and present overproduction of 1 million to 1.5 million barrels a day, means "we need an action plan from here to December to keep the market balanced," he said.
Sourced from the link Dick Cutting supplied above

Damn - current overproduction estimated at 1 - 1.5 million barrels? Seems that would have an effect on this alleged "Supply and Demand" thing that is suppose to be setting prices.

To heck with OPEC - Drill here, Drill now... Pay less!

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post #12 of 34 (permalink) Old 09-11-2008, 01:13 AM
 
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I saw 3.77 per gallon in San Jose yesterday. Couldn't believe it
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post #13 of 34 (permalink) Old 09-11-2008, 02:01 AM
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Just when I thought the prices may continues to drop to something more resonable Not sure where diesel was but gas was about 3.51 a gallon around here. Would figure to as Im about to get my truck back on the road I figure the oil companies will milk it for all its worth as long as they can. I wonder if this off shore drilling would actually help our fuel prices because I thought most of our oil was not sold here.

-Justin

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post #14 of 34 (permalink) Old 09-11-2008, 02:45 AM
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Hold on just a minute! I thought there was an oil shortage. How can they cut back if there's a shortage?
It must be that demand in China has fallen.
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post #15 of 34 (permalink) Old 09-11-2008, 07:06 PM
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what you forgot to mention was that the Saudi's walked out of the meeting and stated that they intend to supply oil.. Just lok at this Top Stocks Blog - MSN Money

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