it will be going back up very soon.Venezuela and Nigeria are complaining how the price of oil is too low.So they are cutting back on production.
OPEC countries got really spoiled with the high prices and now expect it....we will never see sub-$30 barrel's again.
(Gas prices)Don't get too used it.........
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streetsoldier
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Venezuela's got some serious internal problems...there is an active opposition which could drop Chavez like a bad habit in the upcoming elections, and they'd be more than happy to cozy up to the US.
Nigeria? If it isn't Muslim-controlled now, wait...it's on its way.
Then, there's that untapped oil under the Gulf, shale oil in the Rockies, and the Alaska pipeline; not to mention the "oil reserves" the US already has...what, me worry?
Nigeria? If it isn't Muslim-controlled now, wait...it's on its way.
Then, there's that untapped oil under the Gulf, shale oil in the Rockies, and the Alaska pipeline; not to mention the "oil reserves" the US already has...what, me worry?
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You are right senor.
I would not worry too much about it. There is something that they put in the fuel to control emissions in the summer time. It is expensive and is partly why fuel is so high during the warm season. They are not adding that to the fuel right now so we are actually paying winter prices.
I would not worry too much about it. There is something that they put in the fuel to control emissions in the summer time. It is expensive and is partly why fuel is so high during the warm season. They are not adding that to the fuel right now so we are actually paying winter prices.
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Johno8080
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Oil Gains as OPEC Members Back Output Cuts to Bolster Prices
By Mark Shenk
Oct. 9 (Bloomberg) -- Crude oil rose after OPEC said six members, including Saudi Arabia, would cut output to stem a 23 percent slide in prices since they touched a record in July.
Libya, Algeria, Kuwait and Saudi Arabia will join Venezuela and Nigeria, which previously announced they would reduce production, OPEC spokesman Levi Ajuonuma said yesterday. The plan aims to cut production by 1 million barrels a day, he said. The 11-member Organization of Petroleum Exporting Countries pumps about 40 percent of the world's oil.
``I think OPEC is serious because there are fears that if prices fall too much further they'll be unable to stanch the decline,'' said Phil Flynn, vice president of risk management with Alaron Trading Corp. in Chicago. ``They will probably fight about who makes the cuts, but that's normal.''
Crude oil for November delivery rose $1.13, or 1.9 percent, to $60.89 a barrel at 10:33 a.m. on the New York Mercantile Exchange. Prices touched $57.75 on Oct. 4, the lowest since Feb. 16. They reached their all-time high of $78.40 on July 14 amid concern that fighting in Lebanon between Israel and the Islamic militia Hezbollah, which is supported by Iran, would spread through the Middle East.
``We will have to get over last Thursday's high of $60.97 at a minimum before I'm convinced that the downward move in prices is over,'' said Tom Bentz, an oil broker with BNP Paribas Commodity Futures Inc. in New York. ``Prices are up primarily on the basis of the North Korean nuclear test and the OPEC news.''
President George W. Bush condemned North Korea today for its ``provocative'' announcement that it tested a nuclear bomb and urged the United Nations to take quick, decisive action. Bush called North Korea's actions ``unacceptable'' and said its claim to have detonated a nuclear device will only raise tensions in the world and further isolate the rogue nation.
OPEC Agreement
``Everyone is in agreement for a cut,'' Kuwaiti Oil Minister Sheikh Ali-Jarrah al-Sabah said today in a telephone interview from Kuwait. ``One million barrels a day is enough to have a good effect on prices I believe,'' he said.
The 11-member group, which is next scheduled to meet in Nigeria on Dec. 14, is still debating the need to hold an emergency meeting before December to officially ratify the agreement to cut, al-Sabah said.
OPEC usually increases output in the fourth quarter when global demand peaks because of heating-fuel use. Demand in the fourth quarter will average 85.6 million barrels a day, up 2.2 percent from a year earlier, OPEC said in a Sept. 15 forecast.
Saudi Arabia
``I wouldn't read to much into the statements until the Saudis come out and say they are cutting volume by a specific amount and we hear from loaders saying how much is arriving,'' said Rick Mueller, an analyst with Energy Security Analysis Inc. in Wakefield, Massachusetts. ``This isn't a good time for OPEC to cut output. Refiners in the U.S., Europe and Asia will soon be increasing fuel production as they prepare for winter.''
Persian Gulf producers will defend an oil price of $55 a barrel, Mohsin Khan, the International Monetary Fund director for the Middle East and central Asia, said yesterday. The price is an important determinant of annual government budgets in the region. Each dollar off the price of oil shrinks the Middle East's earnings by about $8 billion, he said.
Brent crude oil for November rose $1.04, or 1.7 percent, to $60.87 a barrel on the London-based ICE Futures exchange. Brent touched $57.70 on Oct. 4, the lowest since Dec. 30.
By Mark Shenk
Oct. 9 (Bloomberg) -- Crude oil rose after OPEC said six members, including Saudi Arabia, would cut output to stem a 23 percent slide in prices since they touched a record in July.
Libya, Algeria, Kuwait and Saudi Arabia will join Venezuela and Nigeria, which previously announced they would reduce production, OPEC spokesman Levi Ajuonuma said yesterday. The plan aims to cut production by 1 million barrels a day, he said. The 11-member Organization of Petroleum Exporting Countries pumps about 40 percent of the world's oil.
``I think OPEC is serious because there are fears that if prices fall too much further they'll be unable to stanch the decline,'' said Phil Flynn, vice president of risk management with Alaron Trading Corp. in Chicago. ``They will probably fight about who makes the cuts, but that's normal.''
Crude oil for November delivery rose $1.13, or 1.9 percent, to $60.89 a barrel at 10:33 a.m. on the New York Mercantile Exchange. Prices touched $57.75 on Oct. 4, the lowest since Feb. 16. They reached their all-time high of $78.40 on July 14 amid concern that fighting in Lebanon between Israel and the Islamic militia Hezbollah, which is supported by Iran, would spread through the Middle East.
``We will have to get over last Thursday's high of $60.97 at a minimum before I'm convinced that the downward move in prices is over,'' said Tom Bentz, an oil broker with BNP Paribas Commodity Futures Inc. in New York. ``Prices are up primarily on the basis of the North Korean nuclear test and the OPEC news.''
President George W. Bush condemned North Korea today for its ``provocative'' announcement that it tested a nuclear bomb and urged the United Nations to take quick, decisive action. Bush called North Korea's actions ``unacceptable'' and said its claim to have detonated a nuclear device will only raise tensions in the world and further isolate the rogue nation.
OPEC Agreement
``Everyone is in agreement for a cut,'' Kuwaiti Oil Minister Sheikh Ali-Jarrah al-Sabah said today in a telephone interview from Kuwait. ``One million barrels a day is enough to have a good effect on prices I believe,'' he said.
The 11-member group, which is next scheduled to meet in Nigeria on Dec. 14, is still debating the need to hold an emergency meeting before December to officially ratify the agreement to cut, al-Sabah said.
OPEC usually increases output in the fourth quarter when global demand peaks because of heating-fuel use. Demand in the fourth quarter will average 85.6 million barrels a day, up 2.2 percent from a year earlier, OPEC said in a Sept. 15 forecast.
Saudi Arabia
``I wouldn't read to much into the statements until the Saudis come out and say they are cutting volume by a specific amount and we hear from loaders saying how much is arriving,'' said Rick Mueller, an analyst with Energy Security Analysis Inc. in Wakefield, Massachusetts. ``This isn't a good time for OPEC to cut output. Refiners in the U.S., Europe and Asia will soon be increasing fuel production as they prepare for winter.''
Persian Gulf producers will defend an oil price of $55 a barrel, Mohsin Khan, the International Monetary Fund director for the Middle East and central Asia, said yesterday. The price is an important determinant of annual government budgets in the region. Each dollar off the price of oil shrinks the Middle East's earnings by about $8 billion, he said.
Brent crude oil for November rose $1.04, or 1.7 percent, to $60.87 a barrel on the London-based ICE Futures exchange. Brent touched $57.70 on Oct. 4, the lowest since Dec. 30.
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