Thread: OPEC to cut production by 1 Mil. barrels a day

OPEC to cut production by 1 mil. barrels of oil per day

October 11, 2006
ABUJA, Nigeria---- OPEC will cut global oil production by 1 million barrels a day, Nigerian oil minister and OPEC president Edmund Daukoru said Wednesday.
''The cut itself is agreed,'' Daukoru told reporters after a Cabinet meeting in the Nigerian capital, adding the cuts would begin at the end of the month.

Daukoru said members of the producing cartel were still working out how to share the cuts, but were ''nearing consensus.''

Daukoru's comments followed a slew of reports attributed to anonymous sources from member countries who said the cartel planned to trim daily production by 1 million barrels to prop up prices.

Daukoru had said last week that OPEC was considering holding an emergency meeting before its scheduled Dec. 14 conference to discuss what to do about falling prices.

Oil prices have fallen sharply in recent weeks. On the New York Mercantile Exchange, light, sweet crude oil futures for November delivery reached a fresh eight-month settlement low Tuesday. The contract settled down $1.44, or 2.4 percent, at $58.52 a barrel.

AP

http://www.suntimes.com/business/91966, ... 06.article

Sorry......this isn't normal supply and demand issues.....it's an artificial way to keep profits up......keep this in mind when the tides turn and what excuse they use.

Timed perfectly so that oil prices shoot back up right after the election!

The sooner we remove our dependance from foreign oil, the sooner these rich tyrants will suffer.
We need to throw out any elected official bums who are in the pocket books of the big oil companies, and make it a law punishable by prison to even allow OPEC or any other oil giant to lobby its candidates.
We need to be the first nation to implement fuel cells and other means of fuel which don't require us on foreign oil. If we did this, other nations would follow suit, and pretty soon the oil tycoons will go bankrupt.

Anybody remember the movie On Deadly Ground with Michael Caine and Steven Segal?
Michael Caine plays an incredibly evil oil tycoon who's only concern is money and power. He certainly portrays these oil controlling demons very well.
Plus, at the end of the movie, Steven Segal gives a very good summary of why the internal combustion engine technology has been outdated for over 50 years.
Being a former mechanic myself, I know the cleaner fuel technology is out there and being supressed, or many of the inventors either are being bought out, or are being made to 'disappear' by the oil cartel goons.