Saudia Arabia walked out!
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Saudia Arabia walked out!
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.
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.
Joined: Aug 2008
Posts: 251
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RE: Saudia Arabia walked out!
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.
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Joined: Aug 2007
Posts: 1,110
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RE: Saudia Arabia walked out!
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.
OPEC wouldnt be allowed to exist if they were in america, anti-trust laws would kick in.
RE: Saudia Arabia walked out!
ORIGINAL: 08coupex
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.
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.
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Joined: Dec 2005
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From: Canada
Joined: Sep 2008
Posts: 18
From: Saudi Arabia
RE: Saudia Arabia walked out!
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
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