Posted on 11/28/2008 3:39:17 PM PST by re_tail20
Iraqi Oil Minister Hussein al-Shahristani said on Friday that 80 dollars a barrel is a "reasonable" price for oil and that his country would support any OPEC decision to cut output.
"A reasonable price for oil is 80 dollars a barrel," said Shahristani on arrival in Cairo to attend a consultative meeting by the OPEC cartel to study slumping crude prices.
"We have to make sure that produced oil is used for consumption and not for storing.
"Iraq would support a decision by OPEC to cut output either here or in Algeria," the Iraqi minister added.
Organization of Petroleum Exporting Countries ministers are to meet in Cairo on Saturday amid pressure for production cuts to stem heavy oil price losses, which continued to mount on Friday.
Most cartel members appeared to rule out an immediate reduction, preferring instead to wait until the next scheduled meeting in Oran, Algeria on December 17.
Iraq is excluded from the OPEC quota production system. OPEC's official output, excluding Baghdad, stands at 27.3 million barrels per day.
World oil prices closed mixed on Friday amid signs the OPEC producers' group would wait until next month before announcing any decision to cut output.
Light sweet crude for delivery in January fell one cent to 54.43 dollars a barrel on the New York Mercantile Exchange (NYMEX) as trading resumed after markets were shut Thursday for the Thanksgiving holiday break.
On London's InterContinental Exchange (ICE), Brent North Sea crude for January rose 36 cents in late trading to end 53.49 dollars a barrel.
I guess it’s too late to urge Americans to vote for a Vice President who wants America to drill our own oil.
How much for the heavy unsweetened stuff?
Actually, $80/barrel is the price required to make Alberta’s oil fields profitable.
No profit, no drilling.
This has Soros, and Maurice Strong all over it.
No liberation discount?
Gotta love gratitude... I’ve got a better idea - how about the US gets free oil until the entire cost of this war is paid in full...
$80/barrel is likely to be the new ceiling for oil prices as per OPEC
Nobody connected to oil in any way gives a damn in the slightest if the entire world economy collapses in all-out depression,as long as they keep making profits.
Energy independence now. If the US were to completely stop importing oil for fuel, the price would probably never rise about $30 again. Let them sell it to other countries that hate us. We should be working on a domestic fuel we can make right here.
How about 10 dollars a barrel, you ungrateful bastard.
Personally, I would prefer oil at somewhere between $95.00 to $100.00 per barrel.
If the price of oil continues to languish at $50.00 a barrel, there will be little if any expansion of E&P in the U.S.
Drill Here, Drill Now! will never happen with oil at these prices.
Ya, whatever happened to that “War for Oil” thingie?
Well, we're already buying it for about $50, so thanks for the offer, but no thanks. And I would buy it just to store it, there's some room left in the strategic petroleum reserve right now, and one of Obama's really new deal projects should be to add capacity to the SPR.
And I think that 80 dollars a bushel for any grain would work just fine as a reciprocal measure.
You have no right to $10.00 oil.
How about they PAY US to take it off their hands?
So, price your Iraqi oil at $ 80.00 a barrel.
We’ll buy all we want at $ 55.00/bbl.
I Agree With You !
We gave these worthless losers 4000+ of our blood and treasure and this is how they thank us?
Iraqi Oil Minister Hussein al-Shahristani said ...
“A reasonable price for oil is 80 dollars a barrel
We have to make sure that produced oil is used
for consumption and not for storing.”
- - -
Shame on Iraq and shame on them all.
The “global” producers want to “control” the price of oil.
They don’t want any storage for use during shortages
as that would inhibit their ability to manipulate the price.
They don’t want to compete in a free market place.
Drill here, drill now, refine here, refine now.
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