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| Saudi king says oil should be $75 per barrel |
| 2008-11-29 |
| Saudi Arabia's king says the price of oil should be $75 a barrel, much higher than it is now, but his oil minister indicated Saturday that no measures will likely be taken until OPEC meets again next month. Saudi Oil Minister Ali Naimi said that the Organization of Petroleum Exporting Countries will "do what needs to be done" to shore up falling oil prices when the cartel meets Dec. 17 in Algeria. Naimi did not entirely rule out the chance that the cartel would slash output at a hastily convened meeting of OPEC members in Cairo Saturday, but he said the bloc needs to wait until the Algeria meeting to assess the impact of earlier production cuts. ... |
| Posted by:ed |
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| Posted by: Greentitan 2008-11-29 23:00 |
| #9 This would be a great time for us to tighten up and further consolidate trips, carpool, minimize idling, etc. |
| Posted by: Darrell 2008-11-29 21:39 |
| #8 Drink it, bitches. |
| Posted by: tu3031 2008-11-29 21:20 |
| #7 $75/barrel would be enough to balance the Saudi budget but would still be too low to save Iran from bankruptcy (they need something like $90/barrel). That might be the thinking. |
| Posted by: mhw 2008-11-29 20:38 |
| #6 Hey King, I was thinking more like $20-$40 per barrel is reasonable--lower if possible. We don't want to support your friggin opulent life style. Unfortunately the King would still be making money at that price. |
| Posted by: Thing From Snowy Mountain 2008-11-29 12:38 |
| #5 Between the Obama policy's and Green lawsuits I don't think we have to worry about low oil prices discouraging exploration. Three of the 5 years to develop a field is getting past the lawsuits and congressional blocking (NIMBY). And Obama will stop "local" development on federally controled lands as soon as he is sworn in. |
| Posted by: tipover 2008-11-29 12:31 |
| #4 The charity |
| Posted by: Cornsilk Blondie 2008-11-29 12:16 |
| #3 At $40 & below you'll pretty much stop further investment in deepwater (Gulf of Mexico, Brazil, West Africa), shale oil, and greatly slow gas liquefaction, oil sand, etc., which will increase dependency on KSA, and cause another, even sharper price spike in the near future. |
| Posted by: Glenmore 2008-11-29 11:36 |
| #2 hell, i guess you think it should be $200 a baral so you could line your pockets some more |
| Posted by: rabid whitetail 2008-11-29 11:09 |
| #1 Hey King, I was thinking more like $20-$40 per barrel is reasonable--lower if possible. We don't want to support your friggin opulent life style. |
| Posted by: JohnQC 2008-11-29 09:46 |