EUOBSERVER / BRUSSELS - The group of major oil-exporting countries, OPEC, has ruled out a further increase in oil production, saying there is sufficient supply to the market and that other factors, including US foreign and economic policies, are to blame for record price hikes. "All you need to do is look at the data to be convinced that the market is well-supplied in oil, that we have enough surplus capacity and we have enough stocks in the market," Chakib Khelil, the president of the Organisation of Petroleum Exporting Countries (OPEC), said on Tuesday (24 June). One barrel of 'black gold' currently sells for almost $140 Speaking after discussion with the European Union in Brussels, Mr Khelil cited the recent US sub-prime mortgage crisis, financial market speculation, the weak US currency and worsening geopolitical situation as main factors behind the high prices. One barrel of 'black gold' currently sells for almost $140. The price of petrol has passed from ten dollars in 1999 to 95 dollars last year. When asked about how much the price will jump over the summer holiday season, Mr Khelil replied: "It is the sixty-billion dollar question".
EUOBSERVER / BRUSSELS - The group of major oil-exporting countries, OPEC, has ruled out a further increase in oil production, saying there is sufficient supply to the market and that other factors, including US foreign and economic policies, are to blame for record price hikes.
"All you need to do is look at the data to be convinced that the market is well-supplied in oil, that we have enough surplus capacity and we have enough stocks in the market," Chakib Khelil, the president of the Organisation of Petroleum Exporting Countries (OPEC), said on Tuesday (24 June).
One barrel of 'black gold' currently sells for almost $140
Speaking after discussion with the European Union in Brussels, Mr Khelil cited the recent US sub-prime mortgage crisis, financial market speculation, the weak US currency and worsening geopolitical situation as main factors behind the high prices.
One barrel of 'black gold' currently sells for almost $140. The price of petrol has passed from ten dollars in 1999 to 95 dollars last year.
When asked about how much the price will jump over the summer holiday season, Mr Khelil replied: "It is the sixty-billion dollar question".
So what part of All you need to do is look at the data to be convinced that the market is well-supplied in oil, that we have enough surplus capacity and we have enough stocks in the market is stretchng the truth to arrive at the real problem that demand exceeds supply ? keep to the Fen Causeway
It's not like the truth would change anything, the world still needs their oil. keep to the Fen Causeway
It reminds me of the famines due to failed crops during medieval times. It wasn't like people just said "well Hamish, it's supply and demand and the market must clear you know".
They just knew high prices for vital goods were wrong on moral grounds, and the church agreed. How many times haven't produced been called profiteers when they just try to do their job and let market forces work?
It's the same now. People don't know and don't care why gasoline is expensive. They just know that it is wrong and that someone must have comitted some evil act. Whose fault is it? Who to blame?
Speculators, OPEC, Chinindia, Big Oil, refiners, "little guys in Las Vegas" (lololol)? In the end people see that ones making the most money on their account is Saudi Arabia, so said country must be an evil profiteerer.
So Saudi Arabia is very careful in talking about lower prices, higher production, blames specualtors etc, everything to placate the consumer masses who don't know and don't care about supply and demand.
Then they don't actually do anything, but talk is cheap and they have export earnings of $1 billion a day. Peak oil is not an energy crisis. It is a liquid fuel crisis.
