Opec agrees to cut oil output

News Type: Event — Seeded on Wed Sep 10, 2008 6:43 AM EDT

Article Source: AL JAZEERA

world-news, oil, gasoline, opec, comodities

Opec oil ministers have agreed to curb their collective output by more than 500,000 barrels a day.

but............

Saudi Arabia, the world's biggest crude oil producer which had come under fierce pressure in recent months from several countries, including the United States, to increase production to bring down record crude prices, had on Tuesday expressed satisfaction with recent steep falls in oil prices and indicated no signs of approving a cut in output by Opec.

"We have worked very hard since June's meeting to bring prices to where they are now. I think everything is in balance," Ali al-Nuaimi, Saudi Arabia's oil minister, had said ahead of the Opec meeting.

Wonder if this will have any major impact on crude oil and gaoline prces?

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{"commentId":2852495,"authorDomain":"jodye"}

AmusedinVa

Looks like a few OPEC countries want to stop the further fall of oil prices. Buy if Saudi Arabia decides not to cooperate will it make any difference?

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#1 - Wed Sep 10, 2008 6:45 AM EDT

{"commentId":2853546,"authorDomain":"gabby3239"}

renard

Americans are to stupid to realize that regardless whether we drill or not and even if we increase our own oil output the Arabs will still controll world supply simply because we really dont have enough oil to impact the worlds daily oil production now or in the foreseeable future.

{"commentId":2853546,"threadId":"353846","contentId":"1848669","authorDomain":"gabby3239"}

2 votes

#2 - Wed Sep 10, 2008 8:38 AM EDT

{"commentId":2854098,"authorDomain":"jodye"}

AmusedinVa

Well OPEC does control 40% of the worlds production. Drilling more here now is at best a short term solution and I hope people see that. We so get most of our imports from Canada and Mexico and with increased output here we could eliminate the need for middle east oil. That would only be good for 10 to 20 years however.

The only realistic solution now is to make sure we're ready to deal with the lack of oil 20 years from now. Bio-fuels will help to maybe stretch that time frame, but the only true solution I see is electric or hydrogen powered vehicles for the future.

{"commentId":2854098,"threadId":"353846","contentId":"1848669","authorDomain":"jodye"}

#2.1 - Wed Sep 10, 2008 9:14 AM EDT

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	At OPEC, cooling rivalries, extending a hand	Associated Press	Sun Sep 7	0
	Oil prices sink below $93 on falling demand	Associated Press	Tue Sep 9	0

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Opec agrees to cut oil output

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