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Old 03-24-2008, 05:35 PM
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Default Exclusive: US & Saudi Arabia Agree To Bring Oil Prices Down To $85-90

Source: http://www.debka.com/headline.php?hid=5139
Quote:
DEBKAfile’s Gulf sources disclose that US Vice President Dick Cheney persuaded Saudi leaders to raise production in order to curb rocketing world oil prices, during their talks in Riyadh on Saturday, March 22.

King Abdullah thereupon convened the Supreme Council for Petroleum and Mineral Affairs Sunday, to underline the kingdom’s commitment to stabilizing the international oil market “by ensuring adequate supply.”

The Saudi Supreme Oil Council’s statement emphasized OPEC’s role in “stabilizing the world energy market and realizing global progress and prosperity.”

It also “emphasized the Kingdom’s desire for oil market stability, and ensuring supplies to different regions at all times to maintain world economic growth.”

The council expressed its satisfaction with the progress in new investment projects for expanding oil production and refine capacity; and, finally, committed the kingdom to working with OPEC countries, other producers and consuming countries toward oil market stability and avoidance of the effect of harmful speculation.”

These decisions, as DEBKAfile’s Gulf oil sources disclose, add up to the Saudi King’s compliance with Cheney’s request to act for stable world oil prices - by speeding up the expansion of production and refining projects both inside OPEC and in cooperation with other world producers, such as Russia and Norway.

Cheney thus succeeded where President George W. Bush failed in January.

The Saudi monarch refrained from complying with the US president’s request to persuade members of OPEC, the Oil Producing Cartel, at its last meeting to step up production. The Saudis only spiked the initiative of radical members, led by Iran and Venezuela, to cut production down.

Saudi Arabia has targeted the year 2009 for increasing its output from 11 to 12.5 million barrels per year. The new Council decision brings the target date forward by some months. In any case, the kingdom does not export all it produces and could sell more by drawing on its emergency reserve.

In the first two days of the week, oil prices, like other commodities, began to slide – mainly in response to US Federal Reserve steps. Those steps may have helped convince Riyadh that it was time for a more aggressive policy to curb the speculation rife in oil prices.

While the extent of this downward trend is hard to predict, oil producers are looking favorably at prices of $85-90 in the short term, which are realistic given the protracted US dollar slump. Vice President Cheney proposed lower price levels for the more distant future, but Abdullah said that given the volatility of international oil and financial markets, this was not realistic.
Although it isn't much, every little bit helps.

Cheney has been a great vice president. I could never see Obama capable of doing this. "Talks" don't render such outcome.
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Old 03-24-2008, 05:41 PM
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Originally Posted by superdude17* View Post
Source: http://www.debka.com/headline.php?hid=5139


Although it isn't much, every little bit helps.

Cheney has been a great vice president. I could never see Obama capable of doing this. "Talks" don't render such outcome.
I saw a release about oil companies looking at drilling off of the US today.
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Old 03-24-2008, 05:43 PM
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I still have mixed feelings about these guys.

But I guess I can say that out of all the oppressive monarchies with a bad human rights record they are my favorite.
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Old 03-24-2008, 05:48 PM
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I still have mixed feelings about these guys.

But I guess I can say that out of all the oppressive monarchies with a bad human rights record they are my favorite.
Ask me about that story again some time.
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Old 03-24-2008, 06:02 PM
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I still have mixed feelings about these guys.

But I guess I can say that out of all the oppressive monarchies with a bad human rights record they are my favorite.
They seem to be moderate compared to what the Chinese are doing right now to the innocent Tibetan munks.

Lets be honest, Saudi Arabia's monarchy might be oppressive, but it has been instilled for centuries. The people there are used to this type of rule and have always had this type of rule. Therefore, making it a big deal when it really isn't isn't worth our time.

I won't think twice at the pump.
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Old 03-24-2008, 07:24 PM
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But they can't control prices on a whim?
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Old 03-24-2008, 08:51 PM
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Originally Posted by superdude17* View Post
They seem to be moderate compared to what the Chinese are doing right now to the innocent Tibetan munks.

Lets be honest, Saudi Arabia's monarchy might be oppressive, but it has been instilled for centuries. The people there are used to this type of rule and have always had this type of rule. Therefore, making it a big deal when it really isn't isn't worth our time.

I won't think twice at the pump.
You have a great misunderstanding of Saudi Arabia. The Saud family, the 'Monarchy' ruling the country took it over once the Ottoman empire fell apart. They are a new Monarchy, only being established in the 30's. The people absolutely hate them but are severly restricted. However, the seeds of a proletarian revolution are certainly there andikely to germinate very soon, say when Oil stops being the 'big' commodity.

Fact is, our Oil connections seem to be paying off, but what do you expect when our troops are all over their region. However, Saudi Arabia is probably going to collapse soon and if we are very unlucky it'll go down the Iranian road.

I'll bet the average person in Saudi Arabia hates the US. This is because we have backed this oppressive regime. A repeat of Iran. Another great American screw up that inevitably will bite us in inappropiate places.
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Old 03-25-2008, 09:34 AM
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But they can't control prices on a whim?
Exactly, they can't. You're finally learning. If they could then prices would be half of what's being discussed now.
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ANWR Exploration Republicans: 91% Supported. Democrats: 86% Opposed.
Coal-to-liquid R's: 90% YES. D's: 78% NO.
Oil Shale Exploration R's: 90% YES. D's: 86% NO.
Outer Continental Shelf Exploration R's: 81% YES. D's: 83% NO.
Increased Refinery Capacity R's: 97% YES. D's: 96% NO

SUMMARY: 91% of House Republicans have historically voted to increase the production of America’s own oil and gas. 86% of House Democrats have historically voted against.
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Old 03-25-2008, 09:12 PM
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We don't need low Oil & Gas prices.
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Old 03-26-2008, 07:18 AM
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Originally Posted by superdude17* View Post
They seem to be moderate compared to what the Chinese are doing right now to the innocent Tibetan munks.

Lets be honest, Saudi Arabia's monarchy might be oppressive, but it has been instilled for centuries. The people there are used to this type of rule and have always had this type of rule. Therefore, making it a big deal when it really isn't isn't worth our time.

I won't think twice at the pump.
Kid, you're incredibly ignorant. You don't know any of the facts about Saudi Arabia. Here are a few.

And here are a few more.
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