Opec calls meeting to discuss cut in output as oil price hit

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Opec calls meeting to discuss cut in output as oil price hit Sunday, October 12, 2008
Ft.com -- Oil prices plunged below $85 a barrel yesterday, the lowest level in a year, as Opec, the oil exporting countries' cartel, called an emergency meeting to discuss reducing its crude production to halt the collapse in prices. The announcement came as crude oil futures in New York fell almost $5 to an intraday low of $84.19 a barrel, the lowest level since October 2007. In late afternoon trading in New York, oil was down $4.14 to $84.81 a barrel. The drop suggested that the market was firmly focused on the impact of the financial crisis on global economic growth and energy demand next year, rather than in the cartel's action. The cartel, which controls 40 per cent of the world's oil output, said in an unusually frank statement that it was concerned about the "deteriorating economic conditions with contagion risks" and will meet in four weeks to tackle the problem. Gold, seen as a safe haven in turbulent times, recovered earlier losses to trade at $913 an ounce, up $8 on the
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JT Moderator	Message Posted: 10/12/2008 4:57:13 AM	Ignore JT Report Abuse
	Sunday, October 12, 2008 Ft.com -- Oil prices plunged below $85 a barrel yesterday, the lowest level in a year, as Opec, the oil exporting countries' cartel, called an emergency meeting to discuss reducing its crude production to halt the collapse in prices. The announcement came as crude oil futures in New York fell almost $5 to an intraday low of $84.19 a barrel, the lowest level since October 2007. In late afternoon trading in New York, oil was down $4.14 to $84.81 a barrel. The drop suggested that the market was firmly focused on the impact of the financial crisis on global economic growth and energy demand next year, rather than in the cartel's action. The cartel, which controls 40 per cent of the world's oil output, said in an unusually frank statement that it was concerned about the "deteriorating economic conditions with contagion risks" and will meet in four weeks to tackle the problem. Gold, seen as a safe haven in turbulent times, recovered earlier losses to trade at $913 an ounce, up $8 on the day. Visit Ft.com for full article

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trucker090 Rookie Author Cleveland Posts:80 Points:61,030 Joined:Sep 2005	Message Posted: 10/15/2008 5:08:55 AM	Ignore trucker090 Report Abuse
	They will slow down now so the price can go back up.
jmuse All-Star Author Long Island Posts:933 Points:189,905 Joined:May 2008	Message Posted: 10/15/2008 3:55:08 AM	Ignore jmuse Report Abuse
	Of course they'll cut production, but they were perfectly happy with the spigots running full bore when oil was $140. Next they be saying that they are losing money.
wtstms Veteran Author West Virginia Posts:476 Points:102,980 Joined:Sep 2007	Message Posted: 10/14/2008 7:30:02 AM	Ignore wtstms Report Abuse
	yeah once u have that high profit its hard to go back to just regular profit, because u know it does not take that much more money to produce oil from 5 years ago to today.
frede2 Champion Author Texas Posts:3,515 Points:766,385 Joined:May 2005	Message Posted: 10/14/2008 6:46:39 AM	Ignore frede2 Report Abuse
	And may the fleas of a thousand camels rest in their beards!
southpaw33 Champion Author Orlando Posts:1,517 Points:437,295 Joined:Nov 2005	Message Posted: 10/14/2008 5:50:12 AM	Ignore southpaw33 Report Abuse
	old news from sunday, it's tuesday now.
HawaiianGuy Champion Author Idaho Posts:1,374 Points:1,476,365 Joined:May 2003	Message Posted: 10/14/2008 5:47:22 AM	Ignore HawaiianGuy Report Abuse
	ladybugIL, on what basis do you make your assumption? People fear things that they don't understand. Educate yourself, please.
wizzard3040 Veteran Author St. Louis Posts:390 Points:168,625 Joined:May 2008	Message Posted: 10/14/2008 5:47:11 AM	Ignore wizzard3040 Report Abuse
	$USD finally has some legs...strength! That will do wonders...Funds seeking some core strenght/safety.
Egaser Veteran Author Atlanta Posts:409 Points:163,515 Joined:Apr 2006	Message Posted: 10/14/2008 5:46:40 AM	Ignore Egaser Report Abuse
	Whaat?
traindude All-Star Author Virginia Beach Posts:567 Points:183,020 Joined:Jun 2007	Message Posted: 10/14/2008 5:46:39 AM	Ignore traindude Report Abuse
	poor oily babies. soon demand will be so low as alternatives come on line you'll have to by bio fuels from us. wouldn't that be ironic? don't you think
rbrowdersr All-Star Author Detroit Posts:955 Points:467,975 Joined:Aug 2006	Message Posted: 10/14/2008 5:45:31 AM	Ignore rbrowdersr Report Abuse
	Old news.
ladybugIL Sophomore Author Chicago Posts:236 Points:101,780 Joined:Jul 2008	Message Posted: 10/14/2008 5:45:07 AM	Ignore ladybugIL Report Abuse
	Nuclear plants? Are you for real? I sure wouldn't want one down the block from my house. Would you?
Dennis783 Champion Author Wisconsin Posts:5,603 Points:1,122,945 Joined:Sep 2005	Message Posted: 10/14/2008 5:42:57 AM	Ignore Dennis783 Report Abuse
	When they know they can manipulate the market and we will accept >$100 prices, why would they ever allow it to stay below that?
w4kh Champion Author Riverside Posts:3,660 Points:640,945 Joined:May 2004	Message Posted: 10/14/2008 5:42:45 AM	Ignore w4kh Report Abuse
	Do not speak of the people who deal in the substance you are addicted to so harshly, unless you are prepared to make the sacrifices needed to KICK YOUR OIL ADDICTION and seriously explore new fuels and transportation methods... Put your actions where your mouth is, or you will be answering to Middle Eastern countries who know you are an addict who will gicve up anything for a full tank!
jwfrancais Rookie Author Cleveland Posts:49 Points:98,980 Joined:Sep 2005	Message Posted: 10/14/2008 5:41:35 AM	Ignore jwfrancais Report Abuse
	of course they are, and $85 a barrel was a fortune a year ago.
spunky4443 Champion Author Washington Posts:1,156 Points:456,855 Joined:May 2005	Message Posted: 10/14/2008 5:39:49 AM	Ignore spunky4443 Report Abuse
	I agree, SCREW Opec, their just Blood suckers anyway. !!!!!!!!!
laddyboy62 Champion Author Riverside Posts:1,581 Points:994,335 Joined:Mar 2005	Message Posted: 10/14/2008 5:37:46 AM	Ignore laddyboy62 Report Abuse
	again...screw them...lets keep doing what we are doing
Tanks_alot Veteran Author Rhode Island Posts:380 Points:52,910 Joined:Sep 2008	Message Posted: 10/14/2008 5:36:25 AM	Ignore Tanks_alot Report Abuse
	The trend will be downward if we keep the pressure on them.
madyank Rookie Author Baltimore Posts:89 Points:8,030 Joined:Mar 2008	Message Posted: 10/14/2008 5:35:54 AM	Ignore madyank Report Abuse
	Nuclear and Hydroelectric plants, everywhere we can build them, and to HELL with the EPA Greenie-weenies. That will give us stationary energy independence. Develop water-electrolysis Hydrogen fuel sources for transportation. That will give us mobile energy independence. The oil reserves we ALREADY HAVE in the ground will suffice, if we don't have to burn them as fuel, as lubricants and plastics/petrochemistry stocks, for AT LEAST 100-150 years. By that time, we will have developed fully synthetic replacements that won't need ANY petroleum. And OPEC can go eat all their petroleum, mixed with their sand and their cocaine (from Venezuela) and their leftover tortillas (from Mexico). Or they can sell it to Japan and China and India (until we sell the nuke and Hydrogen technology to them and REALLY put OPEC out of business!). America is STILL the class of the show, and the ONE Superpower left in the world. We don't HAVE to conquer by force of arms, and we don't need to bully people to show the way. All we need to do is make our OWN WAY, and show everyone ELSE we can do it without forcing anyone to follow us, and the SMART ones will tag along willingly; the IDIOTS can lay back in their tents and die, if they insist. We don't NEED OPEC. We can do it alone. [Edited by: madyank at 10/14/2008 10:37:33 AM EST]
Gerund1 Champion Author Toronto Posts:1,147 Points:828,105 Joined:Apr 2003	Message Posted: 10/14/2008 5:33:52 AM	Ignore Gerund1 Report Abuse
	The fact that oil has now rebounded to a much higher price should shut them up. The greedy so and sos.
patbob56 Champion Author Colorado Springs Posts:1,746 Points:360,675 Joined:Apr 2006	Message Posted: 10/14/2008 5:33:01 AM	Ignore patbob56 Report Abuse
	right
laddyboy62 Champion Author Riverside Posts:1,581 Points:994,335 Joined:Mar 2005	Message Posted: 10/14/2008 5:32:45 AM	Ignore laddyboy62 Report Abuse
	screw them
wizzard1222 Veteran Author St. Louis Posts:392 Points:704,750 Joined:Mar 2006	Message Posted: 10/14/2008 5:32:27 AM	Ignore wizzard1222 Report Abuse
	What it's like to be a big Financial Bank= $10 BIILLION ! Here, take it...it's from your Uncle Sam!
gaschicCT Sophomore Author Hartford Posts:228 Points:58,365 Joined:Apr 2008	Message Posted: 10/14/2008 5:31:51 AM	Ignore gaschicCT Report Abuse
	Don't cry for OPEC, they don't want to see their profit margin go down, that's all.
esquared Champion Author Oklahoma City Posts:1,406 Points:630,950 Joined:Jan 2006	Message Posted: 10/14/2008 5:30:43 AM	Ignore esquared Report Abuse
	In capitalism, it's a natural response to decrease the supply of a "necessity" when there's a decrease in demand in order to raise the price. Market economics at work here, folks.
checkum Champion Author St. Louis Posts:1,121 Points:215,845 Joined:Jan 2008	Message Posted: 10/14/2008 5:30:02 AM	Ignore checkum Report Abuse
	greed rules the oil patch!
SeerLV All-Star Author Las Vegas Posts:537 Points:132,015 Joined:Jun 2008	Message Posted: 10/14/2008 5:29:13 AM	Ignore SeerLV Report Abuse
	Screw OPEC
Sentraholic Champion Author Maryland Posts:2,150 Points:506,465 Joined:Nov 2006	Message Posted: 10/14/2008 5:29:13 AM	Ignore Sentraholic Report Abuse
	Keep conserving -- and this doesn't mean fewer trips. STOP THE SPEEDING, PEOPLE! No one's impressed. Every time one of you pinwheels flies by me at 80 in your minivan, I realize you're paying $6 a gallon for the same gas I am buying for $3 right now because of your lead foot. Try leaving earlier for once and enjoy the drive. Geez. You're not ALL brain surgeons en route to Johns Hopkins.
dralicandro Rookie Author Detroit Posts:68 Points:6,590 Joined:Oct 2008	Message Posted: 10/14/2008 5:29:05 AM	Ignore dralicandro Report Abuse
	Why cut output, keep extra suuplies for when tragedies happen. That way we don't get the hike in prices.
tomok Champion Author Portland Posts:9,635 Points:719,335 Joined:Aug 2006	Message Posted: 10/14/2008 5:29:04 AM	Ignore tomok Report Abuse
	Discuss all you want OPEC - we will drive very high MPG vehicles, that are very reliable and have a reasonable cost.. NO SUVs, Hummers or daily driver pickups...............either. So go ahead and talk, talk, talk - all you want……......
no_monkey2002 All-Star Author Tallahassee Posts:859 Points:535,335 Joined:Mar 2006	Message Posted: 10/14/2008 5:28:57 AM	Ignore no_monkey2002 Report Abuse
	tell OPEC they can't have our first child...they need to get a grip on it..say no NO to OPEC
Don20 Champion Author Oklahoma City Posts:1,525 Points:1,013,770 Joined:Mar 2005	Message Posted: 10/14/2008 5:28:49 AM	Ignore Don20 Report Abuse
	Don't see this meeting making much difference in the price, because half of them will not stay with their quota. They will cheat on their quota trying to make a buck before it goes lower.. Lets not stop conserving gas in any way you can, that will help more than any thing else..
hank1326 All-Star Author Los Angeles Posts:505 Points:127,480 Joined:Jun 2008	Message Posted: 10/14/2008 5:27:49 AM	Ignore hank1326 Report Abuse
	Ditto to gasman50. Keep on conserving and put the pinch on those OPEC clowns.
nyacoub1 All-Star Author Chicago Posts:815 Points:60,130 Joined:May 2007	Message Posted: 10/14/2008 5:26:36 AM	Ignore nyacoub1 Report Abuse
	interesting.
kingpin6 All-Star Author Arkansas Posts:917 Points:229,800 Joined:Jul 2007	Message Posted: 10/14/2008 5:25:58 AM	Ignore kingpin6 Report Abuse
	OPEC is going to control prices one way or another.
eaglev All-Star Author Oklahoma City Posts:978 Points:332,145 Joined:Jul 2005	Message Posted: 10/14/2008 5:22:33 AM	Ignore eaglev Report Abuse
	OPEC wants to keep the price low enough that we don't drill for ourselves then they can control what we do.
gordonfan05 Rookie Author Illinois Posts:84 Points:170,870 Joined:Apr 2005	Message Posted: 10/14/2008 5:22:17 AM	Ignore gordonfan05 Report Abuse
	Sure prices are dropping in oil. Plastics are made from oil. I work in injection molding of plastic automotive parts. Cars are not selling. We are producing half of the output of just three months ago! Also half the employees don't use gas to get to work, they are on lay-off!
NavyEOD Champion Author Los Angeles Posts:1,961 Points:431,390 Joined:Jul 2007	Message Posted: 10/14/2008 5:22:06 AM	Ignore NavyEOD Report Abuse
	Tkhe meeting is to higher prices.
amacquarrie Veteran Author Nevada Posts:333 Points:77,235 Joined:Jun 2008	Message Posted: 10/14/2008 5:22:02 AM	Ignore amacquarrie Report Abuse
	greed is wonderful isn't it.
DEBARY Rookie Author Tallahassee Posts:1 Points:17,645 Joined:Sep 2008	Message Posted: 10/14/2008 5:21:07 AM	Ignore DEBARY Report Abuse
	of course,they don't want it to get too cheap!they'll lose to much money
ww2gas All-Star Author Virginia Posts:505 Points:232,580 Joined:May 2007	Message Posted: 10/14/2008 5:19:15 AM	Ignore ww2gas Report Abuse
	Can't wait until they become irrelevant to our lives.
rockinrog All-Star Author Ontario Posts:843 Points:681,680 Joined:May 2006	Message Posted: 10/14/2008 5:18:59 AM	Ignore rockinrog Report Abuse
	More greed!
gasman50 Champion Author Portland Posts:1,315 Points:820,515 Joined:Nov 2005	Message Posted: 10/14/2008 5:17:02 AM	Ignore gasman50 Report Abuse
	Those Countries are NOT our Friends
Yonkers111 Champion Author Scranton Posts:3,009 Points:217,360 Joined:Apr 2007	Message Posted: 10/14/2008 5:17:00 AM	Ignore Yonkers111 Report Abuse
	Opec has a good position until prices are high enough to support developing alternate fuels and vehicles. The price now only encourages more consumption.
t4204life Champion Author Ohio Posts:4,292 Points:852,685 Joined:Jun 2006	Message Posted: 10/14/2008 5:16:16 AM	Ignore t4204life Report Abuse
	lack of supply= higher prices,sorry no multi-billion dollar profits this 1/4.
tigeriz Veteran Author Maine Posts:302 Points:73,145 Joined:Aug 2008	Message Posted: 10/14/2008 5:15:28 AM	Ignore tigeriz Report Abuse
	old news.
plumb37 Champion Author Quebec Posts:2,372 Points:98,840 Joined:Jun 2008	Message Posted: 10/14/2008 5:14:55 AM	Ignore plumb37 Report Abuse
	krucker said ...... "I think I speak for just about everyone when I say ........@#%& OPEC!!!!!!" ------------------------------------------ No, you don't speak for me, I have more to say than just, @#%& OPEC!!!!!! .
USAFA82 Champion Author Colorado Springs Posts:1,526 Points:259,770 Joined:Feb 2008	Message Posted: 10/14/2008 5:14:42 AM	Ignore USAFA82 Report Abuse
	Their greatest fear is that one day Opec will become irrelevant.
montana920 Sophomore Author Chicago Posts:224 Points:41,515 Joined:Oct 2008	Message Posted: 10/14/2008 5:14:11 AM	Ignore montana920 Report Abuse
	JPGKC....sounds exactly what i said yesterday :)
Lonewolftx Champion Author Houston Posts:5,719 Points:1,125,985 Joined:Sep 2005	Message Posted: 10/14/2008 5:13:05 AM	Ignore Lonewolftx Report Abuse
	Well they can go stick it where the sun don't shine . . .
JPGKC Champion Author Tampa Posts:3,164 Points:572,050 Joined:Sep 2006	Message Posted: 10/14/2008 5:11:52 AM	Ignore JPGKC Report Abuse
	Yeah, yeah, yeah. Let me see, at first they blamed the speculators for high prices and $80 was the magic number (which I think they were behind all that speculation deal any way) now they are crying when the price is close to $80. It's called economic terrorism people.