Saudi Oil Minister - "It Is Premature To Speak Of A Hike In Output" - Khaleej Times

hatrack

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Sun Nov-11-07 01:44 PM
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Saudi Oil Minister - "It Is Premature To Speak Of A Hike In Output" - Khaleej Times

KUWAIT CITY - The Saudi and Kuwaiti oil ministers said on Sunday that OPEC will discuss the possibility of raising oil production if it is necessary to cool soaring prices.

�It is premature (to speak of a hike in output). When OPEC meets, we will discuss this issue,� Ali Al Nuaimi, oil minister of OPEC kingpin Saudi Arabia, told reporters during a short visit to Kuwait.

He did not specify which meeting of the cartel he was referring to. OPEC is holding a summit in Riyadh on November 17-18 and ministers are also due to meet in Abu Dhabi on December 5.

Kuwait�s acting oil minister Mohammad Al Olaim said OPEC will �not hesitate to shoulder its responsibilities.�

EDiT

http://www.khaleejtimes.com/DisplayArticleNew.asp?xfile=data/business/2007/November/business_November306.xml�ion=business&col=

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sam sarrha

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Sun Nov-11-07 01:58 PM
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we have been drilling and capping at a feverish pace here since the 70's, we have oil people in the

Edited on Sun Nov-11-07 02:09 PM by sam sarrha

family drilling for 40 years, they say the plan is to use all theirs, raise the price sky high and raise it even more when they run out.

we probably have more oil than they ever thought they had, there is a big find in the gulf said to have over 150 year of oil in it at present levels

there are many ways we could be free of foreign oil, non-carbon chain oil, 250,000 mile oil change, hemp fuel oil carbon cycle, national solar project producing over 70% of day time energy... any combination of 1/2 dozen others

we need to go alternate because we need to save the oil for non fuel essentials

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TheWraith

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Sun Nov-11-07 03:37 PM
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3. A few years ago, I kept hearing about how it wasn't cost effective to us US oil...

Because the price per barrel would have to be over $40 to make it profitable to extract and refine. That was the excuse we had for sticking with foreign oil. Doesn't hold water today.

I've said it before and I'll say it again--I think that we're nowhere near as close to "peak oil" as a lot of people think we are. The current price isn't based on lack of supply, it's based on GREED, pure and simple. The oil companies know that they can get away with it, and so they do.

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NickB79

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Sun Nov-11-07 07:17 PM
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4. 150 years worth of oil in the Gulf? You might want to check your math

The world burns 30 BILLION barrels of oil a year. 150 years worth of oil would be 4650 BILLION barrels, or the equivalent of 20 times what Saudi Arabia claims it's reserves are. Even a 150-year supply for just US consumption would be over 1000 billion barrels of oil, or 4 times that of Saudi Arabia.

Perhaps you meant a 150-DAY supply?

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sam sarrha

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Sun Nov-11-07 01:58 PM
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1. dupe

Edited on Sun Nov-11-07 01:59 PM by sam sarrha

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bullimiami

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Sun Nov-11-07 02:23 PM
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2. here is the answer to those that keep posting about opecs output being maxed.

even with iraq mostly offline and the gulf in turmoil, they could output more.
its all a god damned scam to drive the prices up.
we the people are the marks, bushco are the inside men and opec are the cons.

heres the setup... 'id jawbone opec into opening the spigots' gwbush 2000

in the end the profits will find their way back to bushco and we are going to be left holding the very empty bag.

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