Chavez warning opens Opec summit

BillCosby · 11-17-2007, 01:29 PM

Venezuelan President Hugo Chavez warned oil prices could double if the US attacked Iran, as a key summit of oil exporters opened.

Mr Chavez told the summit of the Organisation of Petroleum Exporting Countries (Opec) the price of crude could reach $150 or even $200 a barrel.

Oil has been hitting record peaks of well over $90 a barrel as markets believe Opec will not boost production.

The Opec summit in Saudi Arabia is only the organisation's third in 47 years.

Saudi moderation

Mr Chavez kicked off the summit with a blistering attack on the US.

"If the United States was mad enough to attack Iran or aggress Venezuela again the price of a barrel of oil could reach $150 or even $200," he said.

Saudi King Abdullah
Oil shouldn't be a tool for conflict, it should be a tool for development
Saudi King Abdullah

Mr Chavez called for unity in Opec ranks, invoking geopolitical reasons.

"The basis of all aggression is oil. It is the underlying reason," Mr Chavez said, referring to the war in Iraq and US threats against Iran over its nuclear programme.

"Today, Opec stands strong. It is stronger than it has ever been in the past. Opec should set itself up as an active geopolitical agent."

But Mr Chavez's remarks were counterbalanced by King Abdullah, the head of state of the host nation, Saudi Arabia, the largest oil producer in the world and a US ally.

"Those who want Opec to take advantage of its position are forgetting that Opec has always acted moderately and wisely," he said.

"Oil shouldn't be a tool for conflict, it should be a tool for development."

Dollar worries

Officials from Opec member countries have already said that the summit will not be taking any decisions on oil production levels, prompting an increase in prices on Friday.

Oil reached a record high of $98.62 a barrel earlier this month

They say it will be for energy ministers meeting next month to decide whether to increase supplies to the world oil market in response to the current crisis.

A division emerged ahead of the summit between Saudi Arabia and Iran, BBC economics correspondent Andrew Walker says.

Iranian officials wanted the final communique to express concern about the weakness of the dollar, our correspondent says.

It is an issue because oil is priced in the US currency although as far as Opec is concerned the dollar's decline has been offset by the rising price of crude oil, he adds.

Saudi officials were against including any such remarks. One is reported to have warned that it could add to the pressure on the dollar.

Along with the dollar value, geopolitical tensions and concern about tight supplies have been the forces driving oil higher.

zimmy61 · 11-17-2007, 01:34 PM

Good. I hope it quadruples.

VKMHVM2 · 11-17-2007, 01:46 PM

Quote:

Originally Posted by zimmy61

Good. I hope it quadruples.

Hit it, Ginger!

YouTube - Gold Diggers of 1933 (1933) -...

zimmy61 · 11-17-2007, 01:51 PM

Quote:

Originally Posted by VKMHVM2

Hit it, Ginger!

YouTube - Gold Diggers of 1933 (1933) - "We're in the Money"

Ya think Ginger believed in a pre-emptive war strategy?

infoseek · 11-17-2007, 05:43 PM

The_Heretic · 11-17-2007, 06:10 PM

I dare the oil producing nations to raise the price to $200/bbl. I DARE them. C'mon, try it. See how fast we switch to alternative energy when it becomes the cheaper way.

Makes me think of a line Mat Damon gives in the movie Syrianna, "They will suck you dry and leave. In a hundred years you'll be back out in the desert cutting each other's heads off."

Duvidoo · 11-17-2007, 06:34 PM

Quote:

Originally Posted by The_Heretic

I dare the oil producing nations to raise the price to $200/bbl. I DARE them. C'mon, try it. See how fast we switch to alternative energy when it becomes the cheaper way.

It may be difficult to switch after all the years Big Oil has been stonewalling anything that will reduce their profits.

infoseek · 11-17-2007, 07:05 PM

Quote:

Originally Posted by Duvidoo

It may be difficult to switch after all the years Big Oil has been stonewalling anything that will reduce their profits.

WRONG! The big oilers have been selling us their desire to seek and establish new clean and renewable energies through their goodwill commercials.

Guys and gals, start laughing whenever you see them on CNN and MSNBC.

Duvidoo · 11-17-2007, 07:13 PM

Quote:

Originally Posted by infoseek

WRONG! The big oilers have been selling us their desire to seek and establish new clean and renewable energies through their goodwill commercials.

Guys and gals, start laughing whenever you see them on CNN and MSNBC.

Not according to Linda McQuaig in this book:

It's the Crude, Dude

sunflower · 11-17-2007, 07:19 PM

Quote:

Originally Posted by Duvidoo

It may be difficult to switch after all the years Big Oil has been stonewalling anything that will reduce their profits.

YouTube - Who Killed The Electric Vehicle-Part 2

11-17-2007, 01:29 PM	#1 (permalink)
BillCosby The party of the pissed!! Join Date: Oct 2007 Posts: 4,504 My Mood: Thanks: 183 Thanked 119 Times in 92 Posts	Chavez warning opens Opec summit Venezuelan President Hugo Chavez warned oil prices could double if the US attacked Iran, as a key summit of oil exporters opened. Mr Chavez told the summit of the Organisation of Petroleum Exporting Countries (Opec) the price of crude could reach $150 or even $200 a barrel. Oil has been hitting record peaks of well over $90 a barrel as markets believe Opec will not boost production. The Opec summit in Saudi Arabia is only the organisation's third in 47 years. Saudi moderation Mr Chavez kicked off the summit with a blistering attack on the US. "If the United States was mad enough to attack Iran or aggress Venezuela again the price of a barrel of oil could reach $150 or even $200," he said. Saudi King Abdullah Oil shouldn't be a tool for conflict, it should be a tool for development Saudi King Abdullah Mr Chavez called for unity in Opec ranks, invoking geopolitical reasons. "The basis of all aggression is oil. It is the underlying reason," Mr Chavez said, referring to the war in Iraq and US threats against Iran over its nuclear programme. "Today, Opec stands strong. It is stronger than it has ever been in the past. Opec should set itself up as an active geopolitical agent." But Mr Chavez's remarks were counterbalanced by King Abdullah, the head of state of the host nation, Saudi Arabia, the largest oil producer in the world and a US ally. "Those who want Opec to take advantage of its position are forgetting that Opec has always acted moderately and wisely," he said. "Oil shouldn't be a tool for conflict, it should be a tool for development." Dollar worries Officials from Opec member countries have already said that the summit will not be taking any decisions on oil production levels, prompting an increase in prices on Friday. Oil reached a record high of $98.62 a barrel earlier this month They say it will be for energy ministers meeting next month to decide whether to increase supplies to the world oil market in response to the current crisis. A division emerged ahead of the summit between Saudi Arabia and Iran, BBC economics correspondent Andrew Walker says. Iranian officials wanted the final communique to express concern about the weakness of the dollar, our correspondent says. It is an issue because oil is priced in the US currency although as far as Opec is concerned the dollar's decline has been offset by the rising price of crude oil, he adds. Saudi officials were against including any such remarks. One is reported to have warned that it could add to the pressure on the dollar. Along with the dollar value, geopolitical tensions and concern about tight supplies have been the forces driving oil higher. __________________ Preventive war is not war!!!!Counter-terror is not terror
	Top

11-17-2007, 01:34 PM	#2 (permalink)
zimmy61 Senior Member Join Date: Aug 2007 Posts: 1,840 Thanks: 2 Thanked 7 Times in 5 Posts	Good. I hope it quadruples.
	Top

11-17-2007, 05:43 PM	#5 (permalink)
infoseek Banned Join Date: Oct 2007 Location: Watts Posts: 604 Thanks: 3 Thanked 1 Time in 1 Post	__________________ Obama has no viable economic plans. Obama has no exit strategies.
	Top

11-17-2007, 06:10 PM	#6 (permalink)
The_Heretic Master of Quill-Fu Space Invaders Champion! Pool Jam - 10 Minute Game Champion! Join Date: Oct 2007 Location: Taylorsville, UT [stuck in the 20th century]. Posts: 7,485 My Mood: Blog Entries: 6 Thanks: 36 Thanked 149 Times in 114 Posts	I dare the oil producing nations to raise the price to $200/bbl. I DARE them. C'mon, try it. See how fast we switch to alternative energy when it becomes the cheaper way. Makes me think of a line Mat Damon gives in the movie Syrianna, "They will suck you dry and leave. In a hundred years you'll be back out in the desert cutting each other's heads off." __________________ "Enough!!" -so rang Barack Obama's voice off the walls of Mile High Stadium
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