OPEC Overproducing, Cartel President Says

http://www.reuters.com/newsArticle.jhtml;jsessionid=VI5E1OAGVMMD2CRBAE0CFFA?type=businessNews&storyID=5040360§ion=news

OPEC Overproducing, Cartel President Says

Tue May 4, 2004 11:06 PM ET

JAKARTA (Reuters) - OPEC President Purnomo Yusgiantoro said on Wednesday the oil producers' cartel was currently producing 1.5 million barrels per day (bpd) more than its official output limit and there was enough fuel in the market.
Asked by reporters if there was any possibility OPEC would raise its official production limit at a meeting in Beirut on June 3 as world oil prices hit more than 13-year highs, he said:

"I am in communication with the OPEC Secretariat and (we are) still studying the development.

"We have to see what's the reason behind (the high prices). We have a leakage at 1.5 million bpd above official quota. We assure the market that there is enough oil."....cont'd >

OPEC = Organization of Petroleum Extorting Countries

Because of Peak oil. Higher oil prices should start making research and use of renewable energy more profitable, and US needs to be coerced to change it's gluttonous energy policy.

The pure and simple greed is found among the people who want to keep on wasting the rest of our most important resource on obscenely low prices.

Expect gas to go even higher, average muricans will suffer for this... maybe they will finally get it, our policies are turning the world against us. And we cannot just nuke them... expect calls to nuke them from Freeperville though...theh minute of hate will be expanded