Posted on 09/18/2008 7:27:03 AM PDT by thackney
Middle East oil producers will shelve projects to boost output if crude prices drop below $80 a barrel, a senior official from the Organization of Arab Petroleum Exporting Countries, or Oapec, told Dow Jones Newswires.
Abbas Naki, the Secretary General of Oapec[Sic], said that if oil prices fall further "we will see investments and developments in the oil sector in these countries decrease drastically."
(Excerpt) Read more at rigzone.com ...
Still ANOTHER reason to invest in our own oil resources.
Fine. We’ll invest over here.
That’s why we need to drill here, refine more here, and invest in alternate energy. All of the above.
Oil stays down in price and Americans forget how important having our own oil is = you hold all the cards still.
Ah...but greed enters and makes you reach these types of decisions (headlines) and you TOTALLY LOSE! ...helping us to win. Thaaannks!
Score: Infidels 1 - ME Oil producers 0
The problem is, investment in alternative energy is a losing proposition when oil is below $80/barrel. No money in it. Who is going to go with alternative fuels when oil is cheaper? Gonna take some deep pockets to keep that train going.
Another silent change that may be significant, mainly because it seems to have happened without a lot of fanfare.
When did OPEC disappear?
What were the dynamics of the change?
Are the muslim countries, emboldened by success, showing their true colors?
I wonder what emboldened them to show their true "us vs them" face?
Interesting development.
I’m just happy that oil dropped below $100 earlier this week because T. Boone Pickens said it wouldn’t go below $100.
How’s that crow, old man?
Coal to liquids can deliver oil at $40 a barrel equivalent or less. I think we have lots of coal in the good old USA.
T.Bone has his own interst in mind, and he has to give more of his hard earned income to Okie State. Heck he might even put windmills on the campus.
T.Bone has his own interst in mind, and he has to give more of his hard earned income to Okie State. Heck he might even put windmills on the campus.
T.Bone has his own interst in mind, and he has to give more of his hard earned income to Okie State. Heck he might even put windmills on the campus.
It did not. This is a separate organization.
On January 9, 1968, Kuwait, Libya and Saudi Arabia signed in Beirut an agreement establishing OAPEC. The three founding members agreed that the Organization would be located in the State of Kuwait.
By 1982 the membership of the Organization has risen to eleven Arab oil exporting countries: Algeria (1970), Bahrain (1970), Egypt (1973), Iraq (1972), Kuwait (1968), Libya (1968), Qatar (1970), Saudi Arabia (1968), Syria (1972), Tunisia (1982) and United Arab Emirates (1970).
In 1986, Tunisia submitted a request for withdrawal. The Ministerial Council deliberated the request and it was agreed to suspend Tunisia’s rights and obligations in OAPEC, until such a time that Tunisia chooses to reactivate its membership.
Destroying themselves while trying to hurt everyone else....
Well, before going all complex on us, let's just wait and see if the importance of the momentum for energy independence has sunk in for "Joe and Jane Six-pack..."
I realize that.
Just tell me how many news story we have read in the last 2 years that makes reference to OAPEC?
How many make reference to OPEC?
Forty years is a long time.
I do not agree. There is less money in it. But many choices still exist at $50/barrel. The concern for investors will be if the price drops to $50, will it drop to $35 for a time?
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