[Newsbot]

<strong>Title: </strong> <a href="/link.php?id=14355" target="_blank">OPEC to make first oil output cut since 2004</a> (click to view)

<strong>Category:</strong> <a href="/modules.php?name=News_Links&file=category&catid=17" target="_blank">Business</a>
<strong>Posted By: </strong> <a href="/modules.php?name=Your_Account&op=userinfo&username=Stagger_Lee" target="_blank">Stagger_Lee</a>
<strong>Date: </strong> 2006-10-05 08:54:06

[Stagger_Lee]

I saw a bumpersticker a LONG time ago that made me laugh... "FECK OPUCK".... lol

[Scrappy]

Greedy Tastards, I put a pox on all of them. Spit.

[USCAdad]

A couple of thoughts on this. What kind of oil is being reduced. The Saudis have tankers full of the stuff floating around the globe looking for someone that wants to refine their sludge. There's really not that much need for more sludge on the market.

I'm hoping that some new refining tech will be coming on line next year. This will drop the price of oil dramatically. On this view, Opec cutting production is the begginning of the end of this last oil boom. I hope people haven't over extended themselves purchasing property in Alberta.

[Stagger_Lee]

And we read Irving Oil is building a 2nd Oil Refinery in Saint John, NB, the one there currently being the largest in Canada... hmmmm

[stratos]

I heard about this on the way into work this morn. OPEC is basicly going to take 1million barrels of the market ASAP. This redueces the the supply while maintaing the demand. With the announcement only the price of Oil jumped back up over $60 US. per barrel.

[RUEZ]

stratos stratos:

I heard about this on the way into work this morn. OPEC is basicly going to take 1million barrels of the market ASAP. This redueces the the supply while maintaing the demand. With the announcement only the price of Oil jumped back up over $60 US. per barrel.

It's interesting that price manipulation and fixing is illegal for just about everything else, except oil.

[bootlegga]

The thing with OPEC is that it doesn't wield the powers it used to. Its members, who once controlled the oil market and nearly brought Western economies to their knees, are notorious for over-producing their OPEC-set quotas. Odds are several will overshoot their quota and prices will fall anyways. They're all far too greedy...

[fatbasturd]

RUEZ RUEZ:

stratos stratos:

I heard about this on the way into work this morn. OPEC is basicly going to take 1million barrels of the market ASAP. This redueces the the supply while maintaing the demand. With the announcement only the price of Oil jumped back up over $60 US. per barrel.

It's interesting that price manipulation and fixing is illegal for just about everything else, except oil.

and diamonds

[RUEZ]

fatbasturd fatbasturd:

RUEZ RUEZ:

stratos stratos:

I heard about this on the way into work this morn. OPEC is basicly going to take 1million barrels of the market ASAP. This redueces the the supply while maintaing the demand. With the announcement only the price of Oil jumped back up over $60 US. per barrel.

It's interesting that price manipulation and fixing is illegal for just about everything else, except oil.

and diamonds

True, but with the new Canadian mines that should change, as long as De Beers doesn't buy them all out.

[fatbasturd]

Jade is also becoming a Canadian resource to.