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- Thread starter grateful1
- Start date
Isn't that the truth.
ironpeddler
Ye Old Newbie
Did you guys see this article a few days ago...tough $hit for them now, huh?
TEHRAN, Iran: Iran's Oil Minister said Saturday that it would be "unsuitable" for both producers and consumers for oil to dip below US$100 a barrel.
Gholam Hossein Nozari spoke on the sidelines of an international gas conference in Tehran, and urged fellow members of the Organization of the Petroleum Exporting Countries, or OPEC, not to pump too much oil and avoid a drop in prices.
"A price of US$100 and below is not suitable for anybody, neither oil producers nor oil consumers," he told reporters. "OPEC members need to respect their output quota to avoid a worsening of the oversupply," Nozari said.
Nozari said oil producers were pumping around 400,000 barrels per day more oil than the market needed.
"Oversupply could be controlled in the first quarter of 2009, given OPEC's decision to cut output," Nozari said.
The international economic crisis together with high fuel prices have hurt consumption in the United States and other industrialized nations.
Light, sweet crude for November delivery fell below US$94 a barrel on the New York Mercantile Exchange Friday, a sharp decline from the record US$147 a barrel in July.
Iran, the world's fourth-largest exporter, has traditionally opposed any crude output increase by OPEC, arguing that it would cause a fall in prices.
As OPEC's second largest oil exporter, Iran has a measure of influence over international oil markets. Iran also has the world's second largest natural gas reserves.
Iran produces 4.2 million barrels of oil per day. The country's recoverable oil reserves are estimated at 137 billion barrels, or 12 percent of the world's overall reserves. Iran's gas reserves are believed to stand at 28 trillion cubic meters.
About 80 percent of Iran's public revenues come from oil exports and Iran's oil industry needs foreign investment to keep up production and export.
The United States has imposed sanctions against Iran's oil and gas sector and has threatened to punish companies investing in Iran's energy projects, in effort to pressure Tehran into suspending its controversial nuclear program.
TEHRAN, Iran: Iran's Oil Minister said Saturday that it would be "unsuitable" for both producers and consumers for oil to dip below US$100 a barrel.
Gholam Hossein Nozari spoke on the sidelines of an international gas conference in Tehran, and urged fellow members of the Organization of the Petroleum Exporting Countries, or OPEC, not to pump too much oil and avoid a drop in prices.
"A price of US$100 and below is not suitable for anybody, neither oil producers nor oil consumers," he told reporters. "OPEC members need to respect their output quota to avoid a worsening of the oversupply," Nozari said.
Nozari said oil producers were pumping around 400,000 barrels per day more oil than the market needed.
"Oversupply could be controlled in the first quarter of 2009, given OPEC's decision to cut output," Nozari said.
The international economic crisis together with high fuel prices have hurt consumption in the United States and other industrialized nations.
Light, sweet crude for November delivery fell below US$94 a barrel on the New York Mercantile Exchange Friday, a sharp decline from the record US$147 a barrel in July.
Iran, the world's fourth-largest exporter, has traditionally opposed any crude output increase by OPEC, arguing that it would cause a fall in prices.
As OPEC's second largest oil exporter, Iran has a measure of influence over international oil markets. Iran also has the world's second largest natural gas reserves.
Iran produces 4.2 million barrels of oil per day. The country's recoverable oil reserves are estimated at 137 billion barrels, or 12 percent of the world's overall reserves. Iran's gas reserves are believed to stand at 28 trillion cubic meters.
About 80 percent of Iran's public revenues come from oil exports and Iran's oil industry needs foreign investment to keep up production and export.
The United States has imposed sanctions against Iran's oil and gas sector and has threatened to punish companies investing in Iran's energy projects, in effort to pressure Tehran into suspending its controversial nuclear program.
sack
'From man's sweat and God's love, beer came to be.
The Iranians are a wily bunch, no one knows what they will do, too bad they aren't on our side.
gregor22
Woof!
Great! Now I can sell some of my stocks to buy a gallon of gas. :whistling:
NASTY
Cold Fire
Back when oil hovered around 75-77 a barrel, wasn't gas around 2.65?
jfields
Where did all my money go?
Yep! Takes forever to adjust down according to the current barrel price, but half a millisecond to shoot up when the stock market prices increase.