I dont know if any of you read the story on MSN.com a couple days ago (cant find the story)

But during an OPEC meeting the countries were planning on cutting production to keep a barrel of oil around the $100-110 range. I think the Hugo Chavez guy was going crazy thinking hes a big shot in the OPEC committee and wanting to keep prices high. Anyways, Saudi Arabia had enough and just walked out. They later said that they will meet the demands of consumers and believe oil should be $80 a barrel! Talk about a miracle/surprise! The story was later talking about how this could be a major blow to OPEC and could potentially threaten its existence. I hope Saudi Arabia keeps their words.

 

Thats right. I heard about it as well.

 

Thats great, Hugo Chavez sells crap gas and a lot of people shy away from his gas stations (Citco). He is also againt the U.S. He has lost so much in U.S. sales that he is changing the name of his gas stations to "Petro Express". BTW we are at $94 a barrel this morning.

 

Wow, thats really very surprising. I would have never expected that from any oil producer....

 

fyi, decreasing production will decrease availability thus increasing cost.

OPEC wouldnt be allowed to exist if they were in america, anti-trust laws would kick in.

 

SWeET!

 

This is a correct statement at sorts..the part about CHAVEZ is correct..I am a Stock watcher and reader

 

http://www.huffingtonpost.com/2008/0..._n_113793.html

 

I am from Saudi Arabia...and I surely know that SA always keeps the production enough to meet the demand... actually it is the only country that plans to increase its production by 2Milion bbl to hit 12Milion bbl a day by 2010