[Newsbot]

Title: OPEC Expected to Cut Output In Bid to Prop Up Oil Prices
Category: Business
Posted By: tritium
Date: 2008-10-21 16:56:48
Canadian

[tritium]

Don't get use to those falling oil prices... today OPEC asked Russia, Mexico and Norway to cut oil production to boost up the price per barrel today.

[RUEZ]

Prop it up? So the billions they make at 60 or 70 per barrel isn't good enough? One of the few legal price fixing cartels in the world.

[dino_bobba_renno]

I think they said they want to stablize it at 75. That's not to bad considering it takes 40 to get it out of the tars sands.

Boy, I'll bet there are some broke ass future traders out there today.

[RUEZ]

dino_bobba_renno dino_bobba_renno:

I think they said they want to stablize it at 75. That's not to bad considering it takes 40 to get it out of the tars sands.

Boy, I'll bet there are some broke ass future traders out there today.

Problem is about five years ago they wanted to stabilize it at 50 per barrel.

[dino_bobba_renno]

RUEZ RUEZ:

dino_bobba_renno dino_bobba_renno:

I think they said they want to stablize it at 75. That's not to bad considering it takes 40 to get it out of the tars sands.

Boy, I'll bet there are some broke ass future traders out there today.

Problem is about five years ago they wanted to stabilize it at 50 per barrel.

5 years ago it only cost 25 to get it out

[RUEZ]

dino_bobba_renno dino_bobba_renno:

RUEZ RUEZ:

dino_bobba_renno dino_bobba_renno:

I think they said they want to stablize it at 75. That's not to bad considering it takes 40 to get it out of the tars sands.

Boy, I'll bet there are some broke ass future traders out there today.

Problem is about five years ago they wanted to stabilize it at 50 per barrel.

5 years ago it only cost 25 to get it out

We're talking about OPEC though and not Alberta. I don't think OPEC's costs have gone up very much.

[tritium]

dino_bobba_renno dino_bobba_renno:

I think they said they want to stablize it at 75. That's not to bad considering it takes 40 to get it out of the tars sands.

Boy, I'll bet there are some broke ass future traders out there today.

Yeah, try again. The talk is to stabilize the cost per barrel around $100.

http://www.france24.com/en/20080819-car ... i=ECONOMIE

...here, 1987 it was $18 a barrel.

http://query.nytimes.com/gst/fullpage.h ... A961948260

[dino_bobba_renno]

RUEZ RUEZ:

We're talking about OPEC though and not Alberta. I don't think OPEC's costs have gone up very much.

Well your right there. I was pretty surprised at Iran at 90 bucks to break even. I think the problem is that many of the Opec nations have based their entire economies around oil production. With out high oil the entire country is in danger.

Funny thing is what was the price of oil a year ago? Maybe 50 to 70 bucks? Less if you ga back further. How can it be that the break even price for some of these states is in the 70 to 100 dollar range. Why didn't they go broke back then? And why can Canadians with our extremely high cost of labour do it cheaper?

[RUEZ]

dino_bobba_renno dino_bobba_renno:

Well your right there. I was pretty surprised at Iran at 90 bucks to break even. I think the problem is that many of the Opec nations have based their entire economies around oil production. With out high oil the entire country is in danger.

Funny thing is what was the price of oil a year ago? Maybe 50 to 70 bucks? Less if you ga back further. How can it be that the break even price for some of these states is in the 70 to 100 dollar range. Why didn't they go broke back then? And why can Canadians with our extremely high cost of labour do it cheaper?

Some good questions.

[dog77_1999]

tritium tritium:

Don't get use to those falling oil prices... today OPEC asked Russia, Mexico and Norway to cut oil production to boost up the price per barrel today.

Strange considering Norway is not a member. Don't know if they will cut. Mexico won't. Half the government revenue comes from oil. Russia will probaly lie about it as it needs the money to rebuild back to their glory days.

[dino_bobba_renno]

tritium tritium:

dino_bobba_renno dino_bobba_renno:

Yeah, try again. The talk is to stabilize the cost per barrel around $100.

I'm prefectly fine with that but I'm also hoping gas (Natural Gas not fuel) hits 9 bucks or higher.

[tritium]

dog77_1999 dog77_1999:

tritium tritium:

Don't get use to those falling oil prices... today OPEC asked Russia, Mexico and Norway to cut oil production to boost up the price per barrel today.

Strange considering Norway is not a member. Don't know if they will cut. Mexico won't. Half the government revenue comes from oil. Russia will probaly lie about it as it needs the money to rebuild back to their glory days.

Yeah, and neither is Mexico and Russia part of OPEC?

0:

800px-OPEC_svg.png [ 81.69 KiB | Viewed 82 times ]

[tritium]

dino_bobba_renno dino_bobba_renno:

tritium tritium:

dino_bobba_renno dino_bobba_renno:

Yeah, try again. The talk is to stabilize the cost per barrel around $100.

I'm prefectly fine with that but I'm also hoping gas (Natural Gas not fuel) hits 9 bucks or higher.

Well some may consider this pretty fucking gay.. but oh well. I just bought an ecoped, top speed 32KM/H and range 60 KM. It's 100% electric, and just for in town.

Cost at the pump $0.00, insurance $0.00 it's classed as a bike.

http://www.ecoped.ca/

[scarecrowe]

tritium tritium:

Well some may consider this pretty fucking gay.. but oh well. I just bought an ecoped, top speed 32KM/H and range 60 KM. It's 100% electric, and just for in town.

Cost at the pump $0.00, insurance $0.00 it's classed as a bike.

http://www.ecoped.ca/

Donate your legs to science.