OPEC and Oil Prices

[ck27]

Originally Posted by Vagabond -SC2-

That is funny I was reading an article (I will look for it) but it was saying that OPEC wants to reduce output to push prices higher. I have never heard what OPEC's max output nor have I ever read it as being an issue.

EDIT - Ok just read an on BBC that they are at record levels but that says nothing as to what they can put out. It also says they want to cut production soon... not much 1 mil or so...

Opec does not want to reduce output. They need america to keep going cause alot of them have invested alot in the us dollar and they need that dollar to stay strong in value. There is no upside to anyone for having higher oil prices besides some executives bringing in the big money. it hurts the world economy, it loses people jobs. I dont imagine they are trying to reduce production or not meeting demand or just barely meeting it on purpose.

[Vagabond -SC2-]

You are welcome to imagine as you like... I imagine it differently. Just do a search at BBC on OPEC oil (OPEC Europe court) and you will get a lot of links showing OPEC reducing output to keep oil prices high. Even the first link that is listed mentions that they want to reduce production. It is put in towards the end. And my post was in response to the idea that OPEC was at max production. Something that I sort of don’t know nor have never seen stated anywhere. All I saw was that they are at record levels. This says nothing about what the upper limits are.

I image that OPEC does not want prices to fall (see the list of article on BBC) nor do they care about other people or countries as long as they get the most $$ for the product. Do the call it a cartel for a reason?

[ck27]

I read on bbc opec was struggling to meet demand but of course we will never know cause opec keeps there statistics to themselves. The only reason i think it is cause opec has not increased production in years and that is the same thing united states did before it begain to fall in oil production. Then of course you could be right they are trying to bring in profit. its hard to tell with opec since they are confidental about everything. I just looked at there website they have about nothing on there to give a clue of what really is going on.