Tuesday 26th of November 2024
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the value of friends .....

the value of friends .....

The Organisation of Petroleum Exporting Countries(OPEC), which produces 40 per cent of the world's oil, appears set to ignore US President George W Bush's 11th-hour demand that the cartel increase oil output at its ministerial meeting. 

Mr Bush, whose nation is the world's biggest energy consumer, said it would be a 'mistake' by OPEC not to hike production to help bring down record-high oil prices of above $US100 when the organisation meets in Vienna on Wednesday.

But OPEC ministers, as well as an influential committee that advises the 13-member oil-producing club, said they were in favour of keeping output on hold ahead of an expected drop in crude demand during the second quarter.

Some hardline OPEC members have even called for a cut in production.

yo-yo-yo-yo...

Yesterday's news is old news...

Here is today's news:

Oil, gold prices soar on inflation fears

By finance reporter Adrian Thirsk

ABC

OPEC has decided to leave oil production quotas unchanged, drawing criticism from the International Energy Agency and sending prices for crude to record highs.

Oil futures were high as $US104.95 a barrel on the New York Mercantile Exchange which sent the gold price to record highs just shy of $1,000 as renewed inflation fears take hold.

The higher oil prices also reflect a surprise drop in US stockpiles of crude and have limited the gains on American equity markets.

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Gus: yesterday, gold and oil had fallen on the stock market dramatically... (7 bux down for gold, Oil down to 99.xx a barrel)
the day before they were up
the day before who knows...
three days is a long time trying to make a buck on Wall Street...

ignoring Bushit...

Saudis Rebuff Bush, Politely, on Pumping More Oil
By SHERYL GAY STOLBERG and JAD MOUAWAD

RIYADH, Saudi Arabia — President Bush used a private visit to King Abdullah’s ranch here on Friday to make another appeal for an increase in oil production that might give American consumers some relief at the gasoline pump. The Saudis responded by announcing they had decided a week ago on a modest increase of 300,000 barrels a day.

The White House said the increase would not be enough to lower gasoline prices, which are nearing $4 a gallon, and industry analysts called it mostly symbolic.

But Mr. Bush’s request, his second in five months, coupled with rising anti-Saudi sentiment in the Democratic-led Congress, underscored the growing tensions between the countries over oil. The issue is also dominating the domestic agenda in Washington, where the Energy Department said Friday it was suspending shipments of oil to the strategic petroleum reserve.

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Gus: see misleading toon at top (price and output not included)...