OPEC has it's pants in a bunch

[donsu]

http://jang.com.pk/thenews/feb2004-daily/07-02-2004/business/b12.htm

OPEC weighs output decision ahead of meeting

PARIS: Torn between containing high oil prices and adjusting production for the end of winter in the northern hemisphere, OPEC is carefully weighing changes to output quotas ahead of its meeting next week in Algiers.

-snip-

"If production is maintained at the same level, there has to be a decrease in prices, and nobody knows how far down the price is going to go," he told the OPECNA News Service. An end to winter in the northern hemisphere, which absorbs massive amounts of energy to heat homes and businesses, will lessen demand for oil, pushing prices lower.

On the other hand, Khelil noted, "if we decrease production, this will have an impact on prices and they could increase, and we do not know — even in this case — how much farther they would rise."

-snip-

Added to that is an increase of Iraqi crude, which is not included in OPEC quotas, flowing to markets and the current volatile state of the markets themselves.
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hmmm "increase of Iraqi crude"

had we heard it was increasing? did I miss something?

[Supormom]

1. That is interesting.

I hadn't heard there was an increase of Iraqi crude. Who is on the receiving end?

[evil_orange_cat]

2. personally, I think there's an economic tug of war between * and OPEC

the "liberation" of Iraqi oil will no doubt infuse the world market and break OPEC's strangle hold on prices... Bush's strategy is probably to decrease their power by diminishing their significance in the world oil market.

[420montana]

3. Iraq and its oil

are also a test, to see if overthrowing all of the middle east is"doable", like Iraq "is"....then really having at the oil...

[Deja Q]

4. Welcome to DU!

Frightning test. Fortunately, Bush's* greed and incompetence allowed people and terrorists to waltz on in and steal from originally unprotected facilities, loot the place, kill Iraqi people, and kill US soldiers.

Bushbastard* caused it all; out of wanton hate and based on a pack of lies.

The test is proving to be a failure. But like with the taxcuts, Bush is insane. He liked to re-do the same procedure over and over, expecting different results. You can bet your sweet bippy he'll continue his rape and assault on the world for free oil. x(

[newyawker99]

6. Hi 420montana!!

Welcome to DU!! :toast:

[mrdmk]

8. I disagree

Lower the price to much and the Texas economy will take a dump.

[Oilwellian]

5. Increases are inevitable

OPEC Mulls Move To Euro For Pricing Crude Oil

OPEC is considering a move away from using the U.S. dollar — and to the euro — to set its price targets for crude oil, the highest-profile manifestation of the debilitating effect of depreciation on the greenback's standing as the currency of international commerce.

Several members of the Organization of Petroleum Exporting Countries are seeking formal talks on using the euro, as well as the U.S. dollar, when determining price targets for crude, a senior oil minister within the cartel said Monday. “There are countries that are proposing this,” Venezuela's Oil Minister Rafael Ramirez said in Caracas. “It's out there, under discussion.”

Mr. Ramirez did not specify which OPEC members are pushing the proposal, but much of the impetus is believed to come from Persian Gulf producers.

They have seen their purchasing power in Europe pinched as the U.S. dollar loses ground against the euro — including touching a record low Monday.

http://www.globeandmail.com/servlet/story/RTGAM.20040112.wopec0112/BNStory/Business/

[Red Louisiana]

7. Iraq

The major motivation behind invading Iraq was to secure the oil, to Gain a major voice in the normally Arab monopoly...

This is one of the desired effects, metinkz