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<blockquote data-quote="The Other Side" data-source="post: 428689" data-attributes="member: 17969"><p>..and before anyone tries to run with that <strong><em><span style="font-size: 12px">"supply wasnt keeping up with demand"</span></em></strong> BS, this from the OPEC president in January 08 prior to the oil companies record prices and profits in 08.</p><p></p><p></p><p></p><p><strong><span style="font-size: 18px">OPEC Not to Blame For High Oil Prices, Its President Says</span></strong></p><p></p><p>By Ahmed Rouaba and Maher Chmaytelli</p><p>Bloomberg</p><p>Sunday, January 6, 2008; Page A13</p><p></p><p>OPEC, <strong>the producer of more than 40 percent of the world's oil, is supplying the international market with enough crude and cannot be blamed for record prices, the group's new president said Saturday.</strong></p><p><span style="color: red">"There is enough oil in the market,"</span> Chakib Khelil, the Algerian oil minister who took over OPEC's rotating presidency for 2008, told reporters in Algiers. "It's the problems in Nigeria, in Pakistan and the credit crisis caused by the U.S. subprime-mortgage-market collapse that caused prices to increase."</p><p>He declined to say whether the 13-member Organization of Petroleum Exporting Countries might decide to raise output to curb prices when it meets Feb. 1 to discuss production targets at its headquarters in Vienna. "If we see that the U.S. economy has moved into a recession, we won't need to increase production because that will reduce demand" for oil, he said.</p><p>"OPEC seems happy with prices as they are," said John Hall, managing director of John Hall Associates energy consultants, based in Britain. "Otherwise, it would be thinking of increasing output to help the global economy and to meet rising demand from China and India."</p><p></p><p></p><p>Oil prices in New York rose to a record $100.09 on Thursday as violence flared in Nigeria, Africa's largest producer, cold weather in the Northern Hemisphere boosted demand for fuels and investors bought commodities to hedge against inflation. Prices closed Friday at $97.91 a barrel.</p><p>Government reports that U.S. job growth had fallen short of forecasts and that unemployment had jumped to a two-year high of 5 percent are driving concern that the economy is headed to a recession.</p><p>Two days ago, OPEC members Iran, Libya and Qatar said the organization could not curb oil prices and that speculation and fears of supply disruption from the Middle East and Africa are pushing oil gains.</p><p>OPEC, led by the world's top oil exporter Saudi Arabia, left production targets unchanged at its Dec. 5 meeting, ignoring U.S. and European Union calls to pump more oil.</p></blockquote><p></p>
[QUOTE="The Other Side, post: 428689, member: 17969"] ..and before anyone tries to run with that [B][I][SIZE=3]"supply wasnt keeping up with demand"[/SIZE][/I][/B] BS, this from the OPEC president in January 08 prior to the oil companies record prices and profits in 08. [B][SIZE=5]OPEC Not to Blame For High Oil Prices, Its President Says[/SIZE][/B] By Ahmed Rouaba and Maher Chmaytelli Bloomberg Sunday, January 6, 2008; Page A13 OPEC, [B]the producer of more than 40 percent of the world's oil, is supplying the international market with enough crude and cannot be blamed for record prices, the group's new president said Saturday.[/B] [COLOR=red]"There is enough oil in the market,"[/COLOR] Chakib Khelil, the Algerian oil minister who took over OPEC's rotating presidency for 2008, told reporters in Algiers. "It's the problems in Nigeria, in Pakistan and the credit crisis caused by the U.S. subprime-mortgage-market collapse that caused prices to increase." He declined to say whether the 13-member Organization of Petroleum Exporting Countries might decide to raise output to curb prices when it meets Feb. 1 to discuss production targets at its headquarters in Vienna. "If we see that the U.S. economy has moved into a recession, we won't need to increase production because that will reduce demand" for oil, he said. "OPEC seems happy with prices as they are," said John Hall, managing director of John Hall Associates energy consultants, based in Britain. "Otherwise, it would be thinking of increasing output to help the global economy and to meet rising demand from China and India." Oil prices in New York rose to a record $100.09 on Thursday as violence flared in Nigeria, Africa's largest producer, cold weather in the Northern Hemisphere boosted demand for fuels and investors bought commodities to hedge against inflation. Prices closed Friday at $97.91 a barrel. Government reports that U.S. job growth had fallen short of forecasts and that unemployment had jumped to a two-year high of 5 percent are driving concern that the economy is headed to a recession. Two days ago, OPEC members Iran, Libya and Qatar said the organization could not curb oil prices and that speculation and fears of supply disruption from the Middle East and Africa are pushing oil gains. OPEC, led by the world's top oil exporter Saudi Arabia, left production targets unchanged at its Dec. 5 meeting, ignoring U.S. and European Union calls to pump more oil. [/QUOTE]
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