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CAIRO, Egypt - Saudi Arabia's king says the price of oil should be $75 a barrel, much higher than it is now, but his oil minister indicated Saturday that no measures will likely be taken until OPEC meets again next month.
Saudi Oil Minister Ali Naimi said that the Organization of Petroleum Exporting Countries will "do what needs to be done" to shore up falling oil prices when the cartel meets Dec. 17 in Algeria.
Saudi king says oil should be $75 per barrel (OneNewsNow.com) (http://www.onenewsnow.com/Headlines/Default.aspx?id=337390 - broken link)
Saudi Arabia is pretty conservative, they have a pretty big reserve. They can deal with $40/barrel oil, some of the other OPEC nations are going to have trouble though.
OPEC isn't really able to manipulate prices very well though...its just hot air. I don't even know why they bother to meet.
Saudi Arabia is pretty conservative, they have a pretty big reserve. They can deal with $40/barrel oil, some of the other OPEC nations are going to have trouble though.
OPEC isn't really able to manipulate prices very well though...its just hot air. I don't even know why they bother to meet.
IMO: It's going to go up anyway and it doesn't matter if he or anyone else over there cries a river wanting it higher - it'll just happen.
The "flood of money the Fed is creating" is not even enough to replace was is being destroyed....
Agreed. But that does not meet Gold is Money Dogma.
As far as:
Quote:
Where did you get your crystal ball?
[for prices heading up]
Long-term -- a year out or more -- there is the upward risk of it whipping back up as easy-pickin's cheap fields continue to pump down -- Like Saudi for example, while all the other exploration slows or stops and alternates are abandoned.
So far demand is dropping quicker than production, but if the two cross again, it may whip up higher than the last Price Peak.
We have been down this road before. If an under-damped system model matches this (and I am only saying "if") -- The price peaks will get higher and the valleys lower and time lines between those peaks and valleys closer between.
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