OPEC to cut production - DFWstangs Forums
 
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post #1 of 14 (permalink) Old 12-07-2008, 09:52 PM Thread Starter
Lifer
 
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OPEC to cut production

http://www.marketwatch.com/news/stor...4C3F4B7A2CC%7D

Better enjoy that cheap gas while it lasts. I hope it goes down to 30 bux a barrel but you know they are going to do whatever they have to in order to get it back up to $70.

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Last edited by Ylw 98~~SNAKE~~; 12-07-2008 at 10:06 PM.
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post #2 of 14 (permalink) Old 12-07-2008, 11:17 PM
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That'll have to be a hell of a cut to get it back up to $70.
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post #3 of 14 (permalink) Old 12-07-2008, 11:55 PM
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I don't think there's enough demand for a production cut to increase prices.

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post #4 of 14 (permalink) Old 12-08-2008, 04:40 AM
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As long as they are making $30 a barrel they will be making plenty of money.

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post #5 of 14 (permalink) Old 12-08-2008, 07:00 AM
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Fuck OPEC . I say we run it down even further and break their asses like they tried to break ours .
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post #6 of 14 (permalink) Old 12-08-2008, 07:10 AM
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as long as we conserve they are screwed. i think this has been a wake up call for america. i know dead asses that are actually trying to use less. the weak dollar made oil a better investment but after this fall they will look elsewhere . i want that fucking chauvez the pig to go broke . maybe his buddy putin can loan him some cash. oh yeah i forgot he will be broke too . it's time for us to stop funding our enemies . cutting back 1 tank a month is all it takes. without us they cant give the shit away.

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post #7 of 14 (permalink) Old 12-08-2008, 07:34 AM
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Im guessing this production cut will go a lot like it did last time. People have cut back and hopefully learned that we, as Americans do have an effect on prices but our consumption.

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post #8 of 14 (permalink) Old 12-08-2008, 10:01 AM
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Well, they'll have to cut the hell out of production to get the price back up. Then there will be quota cheating when the opec countries aren't making any money not selling enough oil.

Hopefully opec will become divided over this issue and start squabbling amongst themselves.

And I hope that washington has enough sense to still approve offshore drilling to ensure that oil prices stay down.
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post #9 of 14 (permalink) Old 12-08-2008, 10:04 AM
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No one knows how much they produce but them. So this is just another stunt to try to raise prices. They are fucked and they know it.
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post #10 of 14 (permalink) Old 12-08-2008, 10:21 AM
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Quote:
Originally Posted by AL P
No one knows how much they produce but them. So this is just another stunt to try to raise prices. They are fucked and they know it.
I just got in from filling up @ 1.39. WTF is ethanol?

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post #11 of 14 (permalink) Old 12-08-2008, 11:37 AM
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$1.45 in my neck of the woods.

I find it amusing at the shameless greed of OPEC trying to thwart any opportunity for people to catch a break from high fuel costs.

If demand remains the same they are going to have to make some big cuts to manipulate the price.

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Originally Posted by MR EDD View Post
it was not a problem to bring money to his house at 10pm.so why is it a problem to call and bitch.it wasnt a problem when we were all sitting around smoking pot together.yes i said it we all were smoking pot together.what now stupid.
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post #12 of 14 (permalink) Old 12-08-2008, 01:32 PM
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Quote:
Originally Posted by Mustangman_2000
$1.45 in my neck of the woods.

I find it amusing at the shameless greed of OPEC trying to thwart any opportunity for people to catch a break from high fuel costs.

If demand remains the same they are going to have to make some big cuts to manipulate the price.
They want to bury us. It's been that way since 1973...

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post #13 of 14 (permalink) Old 12-08-2008, 02:02 PM Thread Starter
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I hope they lose their ass and the price stays down.

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post #14 of 14 (permalink) Old 12-08-2008, 02:17 PM
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Quote:
Originally Posted by AL P
No one knows how much they produce but them. So this is just another stunt to try to raise prices. They are fucked and they know it.
I agree. The speculators are finally out of the market and the bubble has burst. It will be a while before prices will rise again.

Also, some countries can't afford to cut production. Russia and Venezuela have built their governmental budgets on oil. If it goes down below $30 it will kick them in the gnads but they can't afford to cut production. Then you've got Brazil that just came online. They are not in OPEC to begin with.

I think most OPEC members will cut back, including the Saudis. However I doubt the Saudis will cut back much. Iraq will start bringing their oil online over the next couple of years as well. Then there is the production increases we've seen in the Gulf..

I think Obama should probably put in some regulation to keep the speculators from getting to far out of control in the future. I think that will likely happen too. You might even see WTI be restricted to trading in US regulated markets only.

I'm not 100% sure on this but I think we'll have oil below $30 by February and it won't significantly recover for at least 6 months. That will be even longer if Obama reigns in the speculators.

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