Oil Slick Stuff

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Exactly, didn't think about that! They do have the potential of cutting consumption, but how much, and when? I'm going to keep my 4Runner a long time!:D
 
Looks like a done deal to me!!:mad:

Saudi oil minister backs 1M barrel production cut
OPEC minister voices support for move at cartel meeting, and hints that another cut may be necessary in December.
October 19 2006: 10:14 AM EDT


DOHA (Reuters) -- Saudi Arabian Oil Minister Ali al-Naimi said he supported an OPEC cut of a million barrels per day from actual production at the group's meeting Thursday.
The minister was asked if a cut of more than a million may be necessary. "We will look at that in Abuja ...there is a big possibility there will be another reduction in Abuja," Naimi replied.
http://money.cnn.com/2006/10/19/news/international/opec.reut/index.htm?postversion=2006101910
 
Nnutt,

I wouldn't get to upset about a little wobble in the barrel prices. The energy sector has been getting creamed lately. If the price of oil gets any lower, the energy sector may drag the whole kit and kabodle down with it.
 
How right you are Grif! Haven't heard a thing as to the offical results of the OPEC meeting. I think the cuts have already taken in account by the markets last week.:o And let them dig!
 
OPEC to cut output by 1 million barrels per day

Cartel's president says move would begin at end of the month


Updated: 12:53 p.m. ET Oct 12, 2006
ABUJA, Nigeria - OPEC has agreed to trim global oil production by 1 million barrels a day to boost prices, and its members were discussing how to share the cut, the cartel’s president said Wednesday.
“The cut itself is agreed,” said Nigerian oil minister and OPEC president Edmund Daukoru.
Oil prices barely changed after his comments.
http://www.msnbc.msn.com/id/15218550/
 
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OPEC, don't you just love them?:mad:
"$59.20 a barrel at 20:53. Here we go! I think OPEC's cut won't hurt us that much, but give it time to come back after the initial up trend. Should settle down, but I don't know where." I take this back!!!

10/20/2006 - Updated 9:03 AM ET
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OPEC production cut to push stocks lowerMarket has been looking for reasons to pause after recent rally
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</IMG>By Leslie Wines, MarketWatch
NEW YORK (MarketWatch) - U.S. stocks are set to open at lower levels Friday, as investors take in an increase in energy prices and news that OPEC decided to reduce oil production by more than expected.
But investor sentiment could get a lift from news of Internet powerhouse Google Inc's 92% jump in quarterly profit and above-consensus earnings reports from Dow component 3M Co.
http://markets.usatoday.com/custom/...C&guid={DDA67621-7EF3-439A-B0B2-270A9D694FF1}
 
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More FYI! $58.80 a barrel at 09:10.
http://www.nymex.com/lsco_fut_condet.aspx?product=CL&month=Nov&cmonth=X&year=6&currPrev=C

AP
Oil Prices Rise After OPEC Decision
Friday October 20, 8:57 am ET
By Robert Barr, Associated Press Writer Oil Prices Rise After OPEC Agrees to Cut Production by More Than Expected
LONDON (AP) -- Oil prices rose Friday after OPEC said it would cut output by a greater-than-expected 1.2 million barrels a day to reverse a three-month price slide. Some members indicated the cartel was open to further reductions.Analysts and traders, however, cautioned that the question now is whether members of the Organization of Petroleum Exporting Countries actually adhere to the cut.
http://biz.yahoo.com/ap/061020/oil_prices.html?.v=11
 
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Cut What? $57.75 a barrel at 11:15.:D
Down to $57.35 a barrel at 12:20????
AP
OPEC Skeptics Push Oil Prices Lower
Friday October 20, 11:25 am ET
By Robert Barr, Associated Press Writer

Oil Prices Fall in Sign of Traders' Skepticism About OPEC's Resolve to Cut Production

LONDON (AP) -- Oil prices fell Friday in a sign of traders' skepticism that OPEC will follow through a 1.2 million barrels a day production cut, even as some cartel members said further reductions were possible.
The pledge to rein-in output, announced Friday after an emergency meeting, comes as oil prices have dropped by more than 25 percent since a mid-July peak above $78 a barrel.
http://biz.yahoo.com/ap/061020/oil_prices.html?.v=14
 
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Don't these people realize that this guy is trying to undermine our country?:mad:

Alaskans get power bill aid, Chavez bashing

POSTED: 9:50 a.m. EDT, October 20, 2006


"11/19/2006";JUNEAU, Alaska (AP) -- Gov. Frank Murkowski Thursday created a rural energy adviser post, signed over $183 million that will help rural Alaskans pay their electricity bills, and criticized Venezuelan President Hugo Chavez's fuel program for the state's villages.

Citgo, the Venezuelan government's Texas-based oil subsidiary, is donating about $5.3 million to Alaska Native nonprofit organizations to buy fuel this winter for more than 12,000 households, and has given millions more in other parts of the country.
About 150 Alaska Native villages have accepted the offer, but a few have refused, saying they don't want to participate in what they consider an attempt by Chavez -- an adversary of President Bush -- to embarrass the U.S.
Murkowski said his announcement was not a response to the Venezuelan fuel aid. The state's rural energy aid was approved by the Alaska Legislature earlier this year, and Murkowski said his new adviser would continue the work of an existing rural energy council.
But when asked about the Venezuelan aid, Murkowski said Chavez should be trying to lift Venezuelans out of poverty and "tin shacks" instead of trying to "buy favoritism" elsewhere.
"I think Chavez should practice a little recognition that charity begins at home," Murkowski said.
The $183 million will be added to an endowment that is estimated to generate about $25 million per year to help pay down the high cost of electricity in rural parts of Alaska.
Murkowski appointed former state senator Nels Anderson to the new rural energy adviser position, which he said will ensure Alaska villages have a policy-level voice in state government.
Murkowski, whose bid for a second term was rejected in the August GOP primary, leaves office December 4.
http://www.cnn.com/2006/US/10/20/alaska.energy.ap/index.html
 
Do I hear $56? Going once,twice!!!!:D
I think today is about all for November Futures. Oil should drift up to around $60 (they say?), but that's much better than $78 a few weeks ago.
 
In the news this morn 10/21/06 6am I heard a report of Opec to cut production. I knew this was being considered previously but I suppose this anouncement makes it official? My point is, assuming this is a new anouncement, I guess the market has not yet had a chance to react. What do you think?
 
I'm not too good at predicting Oil futures, but if you look at post #741 it seems that some think that OPEC might not be able to control output from all of their suppliers and Oil may stay at the current levels or drift even lower in the near term. I think we will probably see retracing of the higher levels to the low to mid $60 a barrel in the near future, see the link below.:o But we all know that geopolitical influences like Iran and Korea are the unknowns that can throw a wrench into the spokes and turn it around in a New York minute!
http://www.nymex.com/lsco_fut_psf.aspx
 
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