Tactical Grace
24-04-2006, 18:28
But several OPEC ministers have said there is little more the group can do to bring down high prices as it is already pumping at near full capacity.
"OPEC can deal with issues it can control but... we can't do anything about the politics in the world," said Algerian Oil Minister Chakib Khelil.
He said oil markets were well-supplied and crude inventories high, so any action to increase output would only be a gesture.
"The market would see through that. If we do something, it has to be credible. Why should we hide the truth?" he said.
http://www.cnn.com/2006/BUSINESS/04/21/oil.prices.friday.reut/index.html
Kuwait will today propose to Opec that it make some 2m barrels per day of spare capacity available to cool the oil market.
After oil prices broke through the $75 a barrel mark for the first time ever on Friday, Kuwait's oil minister added his voice to that of Libya's national oil company who made a similar proposal last week. The offer came as Andris Pielbalgs, the European energy commissioner, warned that high oil prices were hitting economic growth in the eurozone. Gordon Brown called at the weekend for a greater dialogue between oil producers and consumers to bring down oil prices.
http://business.guardian.co.uk/story/0,,1759728,00.html
Ooh yeah. ME Gulf oil company disclosures are sooo credible. (http://www.hubbertpeak.com/campbell/images/com12.gif) Keep dreaming of that miracle. :p
"OPEC can deal with issues it can control but... we can't do anything about the politics in the world," said Algerian Oil Minister Chakib Khelil.
He said oil markets were well-supplied and crude inventories high, so any action to increase output would only be a gesture.
"The market would see through that. If we do something, it has to be credible. Why should we hide the truth?" he said.
http://www.cnn.com/2006/BUSINESS/04/21/oil.prices.friday.reut/index.html
Kuwait will today propose to Opec that it make some 2m barrels per day of spare capacity available to cool the oil market.
After oil prices broke through the $75 a barrel mark for the first time ever on Friday, Kuwait's oil minister added his voice to that of Libya's national oil company who made a similar proposal last week. The offer came as Andris Pielbalgs, the European energy commissioner, warned that high oil prices were hitting economic growth in the eurozone. Gordon Brown called at the weekend for a greater dialogue between oil producers and consumers to bring down oil prices.
http://business.guardian.co.uk/story/0,,1759728,00.html
Ooh yeah. ME Gulf oil company disclosures are sooo credible. (http://www.hubbertpeak.com/campbell/images/com12.gif) Keep dreaming of that miracle. :p