All these greedy OPEC want to maintain the price of CRUDE to at least US$100 , but the trader said that it is not possible to maintain such a high price in long term.
Now OPEC want to cut the otput again to maintain the price. Seems that the price of crude is not determine by the OPEC members. But in the hands of traders.
They have earn so much from selling crude, it time for them to go back where they come from now.
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If the price level continues as it is we are seriously thinking of cutting down our production and calling other member countries in OPEC, and non-OPEC producing countries, to cut their production to safeguard their incomes," Shukri Ghanem said in a phone interview.
"We are very much worried about this drop of the price," added Ghanem, who is Libya's representative in the Organisation of the Petroleum Exporting Countries (OPEC), the 13-nation cartel that supplies some 40 percent of the world's crude.
"We will think that all producing countries should take a unified view and should try to do something to stop the deterioration of the prices," said Ghanem, who is also chairman of the Libyan National Oil Corporation.
Ghanem also told AFP that he would support an emergency meeting of OPEC oil ministers to discuss the issue.
In September, OPEC decided to cut its production of 520,000 barrels of oil per day, to sustain oil prices above 100 dollars a barrel.
Vs
Phil Flynn at Alaron Trading downplayed the impact of any OPEC output cut.
"Even if they cut production the market might not care" beyond a few days of rallying because demand would not be sustainable, Flynn said.
"Economies in turmoil will not pay artificially high prices for oil for very long and consumption would fall," he said.
Now OPEC want to cut the otput again to maintain the price. Seems that the price of crude is not determine by the OPEC members. But in the hands of traders.
They have earn so much from selling crude, it time for them to go back where they come from now.
=========================================================
If the price level continues as it is we are seriously thinking of cutting down our production and calling other member countries in OPEC, and non-OPEC producing countries, to cut their production to safeguard their incomes," Shukri Ghanem said in a phone interview.
"We are very much worried about this drop of the price," added Ghanem, who is Libya's representative in the Organisation of the Petroleum Exporting Countries (OPEC), the 13-nation cartel that supplies some 40 percent of the world's crude.
"We will think that all producing countries should take a unified view and should try to do something to stop the deterioration of the prices," said Ghanem, who is also chairman of the Libyan National Oil Corporation.
Ghanem also told AFP that he would support an emergency meeting of OPEC oil ministers to discuss the issue.
In September, OPEC decided to cut its production of 520,000 barrels of oil per day, to sustain oil prices above 100 dollars a barrel.
Vs
Phil Flynn at Alaron Trading downplayed the impact of any OPEC output cut.
"Even if they cut production the market might not care" beyond a few days of rallying because demand would not be sustainable, Flynn said.
"Economies in turmoil will not pay artificially high prices for oil for very long and consumption would fall," he said.
