OPEC Should Act To Boost Oil Price - Libyan Oil Head

[SpikeTss]

Source: AFP

PARIS (AFP)--The Organization of Petroleum Exporting Countries should take action to halt the decline in oil prices, the head of Libya's oil industry told AFP Friday, after prices slipped below $50 a barrel and touched three-year lows.

Nevertheless, Shokri Ghanem didn't explicitly repeat his call for oil production to be cut when the group meets in Cairo on Nov. 29.

...

"The oil market needs some kind of action," he said. But he added: "Of course the falling price hits our earnings, but we're not worried because it can't last. We expect a turnaround."

Last week, Ghanem had explicitly called for further production cuts.

Read more: http://www.easybourse.com/bourse-actualite/marches/opec-should-act-to-boost-oil-price-libyan-oil-head-566487

[phantom power]

1. We're not worried. But it needs some kind of action.

Whaaaa?

[Idealism]

2. After raping us for the past 5 years

The past two months of lower prices are hurting them? Fuck off

[dipsydoodle]

3. That is an absurd statement

The days of you pissing away the world's supply of fossilised fuel at low cost are over.

[Idealism]

4. So you think $147 per barrel is a fair price for oil?

That is a rediculous statement

[dipsydoodle]

5. It's currently less than $50 / barrel

Apart from that if you owned a fixed non renewable supply of a commodity whouldn't you want the best price ? And don't forget that when they get whatever for their oil the USA gets the same price for its oil too - it all goes on the world market like it or not.

[Idealism]

6. Thats my point, its $50 now, a reasonable price

but all OPEC is doing is bitching about how its too low. High energy prices were a big part of the global recession we are now seeing signs of. They have been doing this for years, manipulating the price, to produce the biggest bottom line for them. How is that fair to consumers? You don't have to own a car to be affected by the high price of energy. Its a built in cost of doing business in every spectrum of life. How is that right? They said the reason it was so high earlier this year was because of the emerging market of China and India as huge energy consumers, so WHERE did all these new energy users go? It was all bullshit manipulation that allowed them to squeeze us for every dollar extra they could get, they didn't have any remorse for us during that period did they? I didn't hear OPEC screaming for oil production increases, yet I have already witnessed one cut last month, and several reports saying another will occur in early December. That seems fair...