Saudi Arabia Finally Speaks on Oil [Archive] - Glock Talk

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isuzu
06-10-2008, 20:08
Saudi Arabia has finally spoke regarding the spike in the price of oil in the world market.

They now want the price of oil to stabilize (read: more affordable), since the consumption of oil has been going down.

The price of oil closed at $131.00 today because of this news. It traded on a weak note today.

edtf
06-10-2008, 23:22
You know this makes me think. OPEC doesn't want the price to go too high because nations would collapse and lessen the demand and others would look for alternative sources for power OR nations would just grab what they can get (go to war and invade oil producing countries)

So who is pushing the price up??? speculators?? There are people who are just making lots and lots of money at the expense of nations.

You can think of it as similar to our rice cartels - they are controlling the price by holding the supply.

horge
06-11-2008, 01:52
OPEC doesn't want the price to go too high because nations would collapse and lessen the demand and others would look for alternative sources for power
Exactamente, Seņor.

So who is pushing the price up??? speculators?? .
...por otra vez, exactamente tambien. Na-sapul mo, boss.

edtf
06-11-2008, 02:33
Exactamente, Seņor.

.
...por otra vez, exactamente tambien. Na-sapul mo, boss.

Lumalabas nanaman yung greed ng tao - ok lang meron mahirapan basta kumita sila ng pera :(

(translation: the greed of people is showing - it is fine for people to suffer just as long as they can earn money - well lots of money) :steamed:

Wp.22
06-11-2008, 02:47
parang plot sa 24 series ni jack bauer

horge
06-11-2008, 04:58
In 15 years, the world will move away from mineral petroleum anyway.
Just how many years reserve is out there under the ground?

The Sauds want to ride their petroleum paychecks as long as possible,
and have hoped to plow all the revenue into some new dog-and-pony
to make money off of... but so far, nada.

edtf
06-11-2008, 06:20
In 15 years, the world will move away from mineral petroleum anyway.
Just how many years reserve is out there under the ground?

The Sauds want to ride their petroleum paychecks as long as possible,
and have hoped to plow all the revenue into some new dog-and-pony
to make money off of... but so far, nada.

Well that is understandable. These Arabs were/are pretty lazy. They never developed any support or alternative source of income so it is all about oil. If and when demand for oil would go down then they would also sink with it.

Poodle
06-11-2008, 06:23
Saudi Arabia has finally spoke regarding the spike in the price of oil in the world market.

They now want the price of oil to stabilize (read: more affordable), since the consumption of oil has been going down.

The price of oil closed at $131.00 today because of this news. It traded on a weak note today.

Saan po ang link? Di na kaya bababa ang price?

Poodle
06-11-2008, 06:26
"The economic crisis in the U.S. caused the dollar to drop sharply and the threats against Iran heightened geopolitical tensions,'' OPEC President Chakib Khelil, said today in Algiers, according to the state-run Algerie Presse Service. ``If it wasn't for these factors, the price of oil would probably be $70 a barrel; the depreciation of the dollar alone is adding $40.''

From Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=aYYPdTJwYD6E&refer=home

astig007
06-11-2008, 18:22
You know this makes me think. OPEC doesn't want the price to go too high because nations would collapse and lessen the demand and others would look for alternative sources for power OR nations would just grab what they can get (go to war and invade oil producing countries)

So who is pushing the price up??? speculators??

members of EU who wants to make the euro the standard over the us dollar.
The European Union is now the world's greatest economic power, accounting for more than a third of the globe's total gross domestic product. It is the largest exporter in the world. The euro, the EU's common currency, has increased in value almost 50 percent against the U.S. dollar since its introduction in 2002.
OPEC countries meeting in Saudi Arabia heard some of their members calling for oil to be priced in euros. Only the intervention of the Saudi delegation stopped this from happening. But could the intervention last long against the euro onslaught???

edtf
06-11-2008, 18:38
members of EU who wants to make the euro the standard over the us dollar.
The European Union is now the world's greatest economic power, accounting for more than a third of the globe's total gross domestic product. It is the largest exporter in the world. The euro, the EU's common currency, has increased in value almost 50 percent against the U.S. dollar since its introduction in 2002.
OPEC countries meeting in Saudi Arabia heard some of their members calling for oil to be priced in euros. Only the intervention of the Saudi delegation stopped this from happening. But could the intervention last long against the euro onslaught???

aahhhh but fuel is almost double the price versus the US price. They are also feeling the effects of higher fuel prices. They could enter into a recession if the increase doesn't stop. Even net exporting countries are feeling the pinch. Indonesia and Malaysia increased their prices too.

isuzu
06-11-2008, 19:30
Saan po ang link? Di na kaya bababa ang price?

I only saw that on TV. Try checking Global TV if there is a feature on the news.

In my other post, billionaire George Soros (predicted or maybe, induced the Asian Financial Crisis) said last month that the price of oil is just pure speculation, and the bubble would burst anytime. He might be right, since oil consumption had a significant drop last month, and might further drop next month.

Poodle
06-12-2008, 08:16
Ang sakit na talaga eh. Already thinking of converting our company Revo to LPG in lieu of gasoline. Was in Italy for 5 years and most Italians use methane (which is cheaper than LPG) in their cars.

edtf
06-12-2008, 16:42
Ang sakit na talaga eh. Already thinking of converting our company Revo to LPG in lieu of gasoline. Was in Italy for 5 years and most Italians use methane (which is cheaper than LPG) in their cars.

You would have no second thoughts once you finish reading this thread from the tsikot forum:

http://tsikot.yehey.com/forums/showthread.php?t=29208&page=90

isuzu
06-14-2008, 21:42
Saudi Arabia reportedly is set to announce that they will increase production to 10 million barrels a day(an increase of 500,000 barrels a day). That's the biggest output in a single day for Saudi Arabia.

They don't want consumers to lose confidence in petroleum products that would make demand for oil drop significantly.