OPEC Threatens to 'Flood Market'

The Moscow Times ^ | 11/28/01 | Valeria Korchagina

[marshmallow]

Russia, the new good guys.

I hope they call the bluff of the OPEC gangsters.

[Abcdefg]

Price war! Yes, do it and I'll party like its 1969!

Cruising could come back in style.

[Diogenesis]

Hot air. Will never happen. Seems they are getting hysterical.

[xm177e2]

OPEC is bluffing, bigtime. And, if not, well... we just might send a little economic aid to Russia (our economy will be doing just fine with all the cheap oil, we'll be able to afford to send Russia aid as thanks for creating the whole situation)

[WriteOn]

Let's buy Russia and sell Russians.

[mlocher]

tell daschle to stuff it. we do not need any economic aid package that he would endorse. opec may provide one for us!

[ElkGroveDan]

Do it, man do it. Our economy could use the boost. Ah, yes 85 cents a gallon. Fire up the assembly lines crank out those SUVs!

[Reweld]

So.........this means we'll have to pay higher pump prices, to pay for the storage of the surplus?

[TopQuark]

Russia, Norway, Mexico and Oman cut a combined 500,000 bpd. I do not know about Oman, but look at the remaining ones:
(i) Russia: it's in her interest to undermine OPEC. This would increase her weight in the oil market and with Islamis neighbors;
(ii) Norway is a member of NATO;
(iii) We have just recently bailed out Mexico from financial crisis, and the could be reminided of that. This is not a bad situation at all...

[RogueIsland]

Does this mean we'll see a return of the Chevy LS6 and Olsmobile 455 Rocket?

[marshmallow]

At my local filling station here in Georgia, a gallon of regular is already 85c. The cut price place a couple of miles away has it for 83c. I'm amazed every day I drive by it seems to have dropped by another 3-4cents.

[Semper Paratus]

Go ahead Sheiks, make my day!

[GeekDejure]

OPEC (behind the scene): "BWAAAAAAAAAAAAA . . . (sniff sniff) . . . I want my Mommie" !!! :-))

[nascarnation]

Buy that new GM pickup or SUV 494 lovely cubic inches of Tonawanda built American horsepower. Can I get an AMEN!

[zlala]

Russia is stuck. Crude comes out of the ground at over 200 degrees F. It's hot. And Siberia is cold, especially this time of year. Know what happens when crude get's cold? It turns into tar, and then Russia can't turn the pump back on. Russia cannot slow production down, they have antiquated technology to start with, and a cold climate which certainly complicates matters. If they do shut the pump down, the pump will be down until at least late Spring. Then it's an 'IF' they can turn it back on. Russia is not doing us any favors ... they simply are playing the cards that they have been dealt.

[GuillermoX]

I'm loving $.769 here in Metro Atlanta. I wonder how many extra billions are spent on other items due to cheap fuel.

[Shermy]

Illarionov: OPEC Doomed, Ignore It (Nov. 22)

Moscow Times: "Combined Reports President Vladimir Putin's top economic adviser said Wednesday that Russia should resist OPEC's calls to reduce oil output as lower prices for crude, its main export, benefited the economy.

"Question: What should we do with OPEC? Answer: Nothing, because OPEC is an unreliable partner, because OPEC is a historically doomed organization, because in the price war declared against us, Russia is in a much more advantageous position than OPEC," Andrei Illarionov told a news conference.

Illarionov, who often takes strong views and has earned himself the reputation of a dissenter, is known to have the president's ear -- and Putin seems to listen to much of his advice. ...."

See also this article

Russia, Oil and Conspiracy Theories

This article is a bit off-kilter, but has good links. It was discussed at this earlier here Thread: Russia, Oil, and Conspiracy Theories (Nov. 27)

At first I thought Russia would sacrifice itself a lot by letting the oil price go down, due to the greater expense of extracting and transporting Russian oil, relative to Saudi. But perhaps Saudi is more expensive, for factors including their debt payment demands. Developing...

[zlala]

.769!!! I paid 1.399 last night up here in Washinton state. But we all know that the gas companies would never gouge us, right?

[blam]

This is part of the war on terrorism. There is a lot going on behind the scenes. Can you say, "Goodbye house of SAUD?"

[marshmallow]

They can pump it and store it, can't they?