OPEC Output Increased in October »
Posted By STONERS 2 weeks, 5 days ago in Business & FinanceThe Organization of Petroleum Exporting Countries raised crude-oil production last month to the highest level in 10 months as members took advantage of higher prices, a Bloomberg News survey showed.
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STONERS2 weeks, 5 days ago
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"Output averaged 28.76 million barrels a day in October, up 80,000 barrels from September, according to the survey of oil companies, producers and analysts. The entire gain came from the 11 OPEC members with quotas, all except Iraq. The 11 countries pumped 26.31 million barrels a day, 1.465 million barrels above their target. Iraqi output was unchanged."
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"OPEC cut output quotas by 4.2 million barrels to 24.845 million barrels a day last year as fuel demand tumbled during the worst recession since the 1930s. The group, which left the targets unchanged at a Sept. 9 meeting in Vienna, is set to meet again on Dec. 22 in Luanda, Angola."
“They are looking at prices near $80, and a stronger economic picture, and have decided it’s a good time to earn a bit more.” -
robinclarkComment removed: Spammer
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Justice4All2 weeks, 4 days ago
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They probably will. But high gas prices can be blamed on the last several presidents.
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Nixon, Carter and Ford had the beginnings of a national energy policy. Reagan changed all that in 1983 by allowing oil to be traded on the futures market. Oil prices went down within 6 months and that was good for the economy in the short term. Today we are paying the price for the irresponsible behaviour of the 1980's. Today we are paying the price for all that cheap oil. Not just the effect on our economy but the effect of all that money flooding into the Middle East. -
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Dionys2 weeks, 4 days ago
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"I wonder if those that blamed Bush for the gas prices of two summers ago will do the same to Obama this coming summer?"
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I wonder if the same circumstances that lead to the increase in prices (war in Iraq/Afghanistan thanks to Bush and a destabilized Middle East) will do so next summer hand in hand with demand increasing. -
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