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  1. #1
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    OPEC wants oil to reach $70 a barrel

    ALGIERS (AFP) – OPEC wants to see oil prices rising to more than 70 dollars a barrel, the oil cartel's secretary general Abdalla El-Badri said Sunday.

    "The price of 50 dollars is not enough to cover investment costs for the future," El-Badri told reporters in Algiers.

    "The price which allows reasonable and acceptable revenues is more than 70 dollars a barrel," he added.

    El-Badri was speaking after talks with Energy Minister Chakib Khelil ahead of the next meeting of the Organization of Petroleum Exporting Countries in Vienna on May 28.

    "There are positive signs of a recovery in the world economy, which we have to take into account before taking a decision on the future," he added, in response to a question regarding a possible cut in oil production.

    "Our forecasts are coherent, those of the IEA (International Energy Agency) are exaggerated," he added.

    On April 15, OPEC lowered its forecast for demand for crude oil in 2009 because the drop in consumption caused by the worldwide recession.

    It now says production will drop by 1.6 percent, or 1.37 million barrels a day, down to 84.18 mbd. Its previous report in March forecast a drop of 1.01 million barrels a day to 85.55 mpd.

    The IEA, in its latest forecast earlier this month, cut oil consumption by 1.0 million barrels a day for 2009 to 83.4 million barrels, citing the weak global economy as a factor.

    OPEC countries still had another 700,000 barrels a day to take out of production for the cuts agreed at the last OPEC meeting at Oran in December -- 2.2 million barrels a day -- to be 95-percent applied, said El-Badri.

    "OPEC wants a balance between the supply and demand and acceptable prices," he added.

    Khelil stressed that any decision OPEC made at the May meeting would "depend on changing supply and demand, the level of stocks -- all that will be analysed" in relation to the current crisis.

    "If there is an economic recovery, we will need to cut back," he added.

    Oil prices jumped above 51 dollars a barrel on Friday, as a flagging US dollar and rising stock markets offset concerns about weak demand arising from the global economic downturn.

    New York's main futures contract, light sweet crude for June, gained 1.93 dollars to close at 51.55 dollars per barrel.

    In its April monthly bulletin, the cartel revised down its estimate for world crude demand this year and predicted that a "devastating contraction" in consumption would keep prices under pressure in the months ahead.
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  2. #2
    Atomic Punk edwardv's Avatar
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    12.15.17 @ 05:43 PM
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    Thats what you get when you bow to the Saudi King maybe he should have kissed his royal ass and they would want to keep it at 50 a barrel.
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  3. #3
    Atomic Punk
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    05.31.14 @ 08:17 PM
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    It's called cutting off your nose to spite your face.

    In the 1970s, the OPECkers cut off the oil, so the US went to smaller cars. The price of oil went through the floor.

    Oil went to almost $100 a barrel and the US changed it's driving habbits and dumped their SUVs for hybrids, the price of oil has fallen again.

    Smart people would try to keep the price of oil stable, so you can plan your economic strategy around it. OPECkers are not smart. Raising the price of oil only speeds development of alternatives and causes more conservation. So even though you are charging more, you are selling less.

    OPECkers are going to rape themeslves again.
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  4. #4
    Good Enough The J Man's Avatar
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    06.13.16 @ 04:44 PM
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    I do not want oil to reach $70 a barrel.

  5. #5
    Atomic Punk LLFHS's Avatar
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    07.30.17 @ 08:59 PM
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    Quote Originally Posted by voivod View Post
    "The price of 50 dollars is not enough to cover investment costs for the future," El-Badri told reporters in Algiers.
    Tough shit. We've changed our driving habits and our vehicular choices, so go fuck yourselves and start getting used to the taste of Top Ramen if you're so worried about cash.

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  6. #6
    Future's in the past....
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    11.03.17 @ 01:35 PM
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    Ummm, what about all that time that oil was much higher than $70 a barrel? I guess they blew that money, huh?
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  7. #7
    Atomic Punk
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    07.24.11 @ 04:36 PM
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    this is the one thing that I can support about this whole stimulus mess, though only in theory because in practice, as we can all see it's a cluster fuck.

    The sooner we can build a little bubble around ourselves and be completely independent of that region the better.
    Stay out of it, dude.


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  8. #8
    Atomic Punk bsbll4's Avatar
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    12.15.17 @ 12:23 PM
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    Quote Originally Posted by voivod View Post
    "OPEC wants a balance between the supply and demand and acceptable prices," he added.
    Ha! Go fuck yourselves

    I guess when OPEC decided to not increase production despite the pleas of the public in 2008, that was somehow ok? This sounds like the exact quote from the West regarding the prices then. Funny how the tables turn.

    That's hypocrisy at its finest. Fuck those camel jockeys.
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  9. #9
    Atomic Punk smithjc's Avatar
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    08.04.17 @ 11:33 PM
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    Quote Originally Posted by LowLifeFlatHeadScum View Post
    Tough shit. We've changed our driving habits and our vehicular choices, so go fuck yourselves and start getting used to the taste of Top Ramen if you're so worried about cash.

    Nice. ^ Couldn't have said it better.
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  10. #10
    Good Enough pal1800's Avatar
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    06.02.16 @ 09:13 AM
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    Don't fool yourselves, the price will go back up. Hybrids and driving habbits are not the reason the price has gone down to the 50 dollar range.

  11. #11
    Atomic Punk
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    07.24.11 @ 04:36 PM
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    Quote Originally Posted by pal1800 View Post
    Don't fool yourselves, the price will go back up. Hybrids and driving habbits are not the reason the price has gone down to the 50 dollar range.
    what do you attribute it to?
    Stay out of it, dude.


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  12. #12
    Good Enough pal1800's Avatar
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    06.02.16 @ 09:13 AM
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    The economy, the value of the dollar, the speculators on Wall Street that helped drive the price up in the first place. Lots of manufacturing is down in the country, many factories that use much more hydrocarbons than people do driving, less ships carrying materials, less trucks delivering materials, etc...

    I just sayin", don't believe it is from our driving habbits and the smart car. U live in Texas, take a look around when U R on the road and what do U see?

  13. #13
    Atomic Punk
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    07.24.11 @ 04:36 PM
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    Quote Originally Posted by pal1800 View Post
    The economy, the value of the dollar, the speculators on Wall Street that helped drive the price up in the first place. Lots of manufacturing is down in the country, many factories that use much more hydrocarbons than people do driving, less ships carrying materials, less trucks delivering materials, etc...

    I just sayin", don't believe it is from our driving habbits and the smart car. U live in Texas, take a look around when U R on the road and what do U see?
    oh I agree with you...our "changing driving habits" and a few hybrids is a proverbial spit in the ocean when we're talking about fuel consumption. I just wanted to hear your full opinion.
    Stay out of it, dude.


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  14. #14
    Wear the fox hat... Filthy 150's Avatar
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    10.16.17 @ 11:43 AM
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    A few months ago OPEC decided not to cut production citing that the world economy couldn't handle increased oil prices. I know most people on here don't want gas prices to increase, but if OPEC doesn't cut production and oil gets to $70 bbl it is a good sign for the world economy. If it goes up due to cuts, then thats a different story.
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  15. #15
    Good Enough SLEEPER5150's Avatar
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    12.03.10 @ 03:16 PM
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    Quote Originally Posted by VanHalenRules View Post
    Ummm, what about all that time that oil was much higher than $70 a barrel? I guess they blew that money, huh?
    Well, you know.... It's tough. You can only buy so many palaces, and purchase so many Bentley's and Rolls Royce' before your moneyroll starts getting a little depleted.
    Oil aside.......Look where the fuck we are financially. You know...rents in Vancouver, are just on average, slightly less than a 1.200.00 mortgage payment. The average house (or condo) is around a Million. Sometimes I still just shake my head at how high prices have gotten on everything. Right now as we speak, we've got some Enviro-Economic genius on my radio trying his best to explain how even if we as a province went with windmill technology or solar, it would still have to be funded with higher "Carbon Taxes" and that higher grid access prices would have to be charged for this once touted "free" renewable technology as a method of promoting conservation. Ok.........so what now....the wind's gonna run out? The Sun's gonna go supernova? (personally a supernova sun seems a little more problematic to my wellbeing!)
    Basically this guy has this great radio voice, with a natural gift for spin, and he's just buttering us up and making us feel that it's the right thing to be expected to pay exhorbinant prices for energy that is not generated through non renewable resources. Wow!!!! what a great way to get people on board. Remember when HDTV started out, and how it was going to be the standard and blah blah blah. Well I know digital is going mandatory, but digital does not mean HD. I'm paying 30+ bucks a month on top of my regular bill for the "priviledge". Don't get me wrong. The true HD is awesome, but it just seems like so many promises of things better, is just nothing more than bait and switch. These Carbon Taxes on oil and gas put into law.....I'm not for polluting, but they are worded brilliantly. They are bulletproof. Prices we are paying now are just the tip of the iceburg. Scary stuff.
    She looks so $#@!'n good ,so sexy and so frail....Somethin's got the bite on me, I'm goin' straight to Hell.

 

 

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