OPEC faces fresh dilemma in setting oil targets

[sweeps]

“Any (production) cut will just delay an eventual upturn in demand,” wrote Cameron Hanover energy analyst Peter Beutel in a note to clients. “OPEC thought the world could afford high-priced oil; now it can’t even afford what just a short while ago might have seemed like moderate prices.”

High oil prices also have spurred efforts around the world to develop alternate sources of energy. If OPEC producers tighten supplies and keep prices at elevated levels, they will help accelerate the process of weaning the world off their major source of revenues.

OPEC faces dilemma setting oil output - Oil & energy - MSNBC.com

[kork13]

Originally Posted by sweeps

“Any (production) cut will just delay an eventual upturn in demand,” wrote Cameron Hanover energy analyst Peter Beutel in a note to clients. “OPEC thought the world could afford high-priced oil; now it can’t even afford what just a short while ago might have seemed like moderate prices.”

High oil prices also have spurred efforts around the world to develop alternate sources of energy. If OPEC producers tighten supplies and keep prices at elevated levels, they will help accelerate the process of weaning the world off their major source of revenues.

OPEC faces dilemma setting oil output - Oil & energy - MSNBC.com

once again, please excuse a moment of maniacal laughter....

HAAAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

Seriously though, whatever ends up happening, it will be interesting to see exactly what comes of everything recently--technologies, social changes, international relations, economy, and so on.... It's all being thrown into a state of chaos right now. Where and in what fashion things will settle is only up to wide speculation.

[LuckyRobin]

Talk about what goes around comes around. OPEC made its bed, they can lay in it.

[kork13]

Check this one out.... They've officially cut production targets by a total of 2M BBL/day. So how does the oil price respond? Drops by $5 to $63.84. heehee ... That story has alot of good-sounding news to us (many countries, such as Saudi, will not consider another cut like this; could be headed toward $50/bbl; so on), but we'll see what really comes of it all.