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What cost - the price of oil?

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  • What cost - the price of oil?

    Business news
    Thursday, 5 February 2004


    If OPEC decides to increase oil production at its meeting next week, "we will see a rapid decline in prices," Algerian Energy Minister Chakib Khelil said in Vienna.

    Khelil, speaking in an interview with the cartel's OPECNA news agency, said he was not sure the members of the Organization of Petroleum Exporting Countries were capable of easily increasing production, even if they wanted to.
    OPEC oil ministers are to meet Tuesday in Algiers.

    Most analysts forecast that OPEC is to maintain its output quotas, currently fixed at 24.5 million barrels per day, at the meeting in the Algerian capital, and postpone any change until its next meeting at the end of March.

    But they are no longer ruling out a production cut by the Vienna-based cartel if oil prices drop sharply between now and Tuesday.

    Khelil raised that prospect, suggesting a reduction in production could be decided to counterbalance an expected decrease in global demand in the second quarter.

    He said any decision would depend on how OPEC evaluated the possible decrease in prices. "If we start with a high level of prices, like we are seeing now, maybe OPEC will not be tempted to decrease," he said.

    The current high level of oil prices was due to speculation, he said, noting that market demand was being satisfied.

    Thursday, oil prices continued to slide following news of rising US commercial crude oil stocks.

    The price of benchmark Brent North Sea crude oil for March delivery dipped two cents to 28.86 dollars in late afternoon trading in London.

    New York's reference light sweet crude March contract lost 45 cents to 32.65 dollars in early deals.

    OPEC's average basket price for seven types of crude oils stood at 28.55 dollars a barrel as of Wednesday, compared with 29.19 dollars Tuesday.

    Provided by AFP.

  • #2
    The level of the oil prices would not make any difference to the standard of living of the ordinary people in the OPEC countries. The majority of the Algerian people are subjected to abject poverty and misery and that would continue to be the case irrespective of the level of the oil prices.

    The only people who benefit from the oil revenues is the mafia (military and politicians) that has been screwing Algeria since 1962.


    • #3
      Well said

      Hello TOTI

      I couldn't agree more, and what better way to keep screwing them by continuing the 'mushroom' treatment.

      Keep them in the dark and feed them on bull****.


      • #4
        oil money goes maily to the west

        Today prices of oil are about 30 USD/barr = 90 USD/ton, but the price at oil station in Europe for the 95 brend is arr. 1,25 USD/ Litre....just make your calculation from 0,09 USD/litre....the end result is 13 time more...

        so one litre of crude oil is 8 cent correct?
        what is the price of 1 litre drinking plastic bottle of water?
        or a cup of coffe?
        or a minute a phone call?
        or a pouder milk?
        cement? steel?

        just check it, and you all will see that the oil price are far more the cheapest comodity in the world...and yet the oil countries has be blamed fro high prices.

        in my opinion they should close those valves for 12 months and see how many tree will remain in amazoon, africa...and elsewhere.....

        Si on avait à choisir une personne intelligente, on irait probablement chercher celle qui pense comme soi.


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