``If necessary production will be raised but that is what we have to analyze, whether an increase is necessary because there is no supply problem,'' Rodriguez, who is also Venezuelan oil minister, told reporters.
---------------LOOK HERE "JUST THE FACTS"-------------------------
``There is no problem of supply. There is an intense problem of speculation especially in the United States because of the gasoline problem,'' he added.
---------------------------------------------------------------------------------------------
Rodriguez said Saturday that a big rise in OPEC supplies would cause a significant price drop in December and a further slump in the second quarter 2001.
JUST THE FACTS LINKhttp://dailynews.yahoo.com/h/nm/20000619/bs/markets_oil_dc_26.html
Monday June 19 7:42 AM ET
Oil Falls As Market Bets on Extra Barrels
LONDON (Reuters) - World oil prices headed lower on Monday as dealers priced in expectations of a rise in supplies in the third quarter from the powerful OPEC producers' group, which meets later this week in the Austrian capital Vienna.
North Sea benchmark Brent Blend crude futures for August delivery fell more than 50 cents in opening dealing to a low of $27.79 per barrel before recovering slightly to $27.89.
U.S. benchmark July crude futures stood at $31.80 per barrel, down 53 cents.
Brokers said oil markets would remain jittery ahead of the meeting in Vienna Wednesday of the Organization of Petroleum Exporting Countries. Trading volumes were expected to be thin.
Brent has lost more than $1.50 since Thursday, reflecting growing speculation that OPEC will increase output from July 1.
Crude prices, which fell from post-Gulf War highs in April after OPEC eased year-long production curbs, recently returned to levels above $30 per barrel because of concerns of a shortage in U.S. gasoline supplies in the peak summer driving season.
Prices rallied sharply again last week on confusion over OPEC output policy after it failed to activate an informal price target mechanism, which should have added 500,000 barrels per day (bpd) to group output.
Industry sources say that rather than the price mechanism, OPEC kingpin Saudi Arabia favors a one million bpd hike to cool prices and return them to within OPEC's target range.
The kingdom, the world's largest oil producer, has said publicly only that oil markets are reasonably balanced and all options remain open to the OPEC cartel.
OPEC President Ali Rodriguez, who arrived in the Austrian capital at the weekend, said Monday that OPEC would raise output if necessary, but that there was no shortage of crude.
``If necessary production will be raised but that is what we have to analyze, whether an increase is necessary because there is no supply problem,'' Rodriguez, who is also Venezuelan oil minister, told reporters.
``There is no problem of supply. There is an intense problem of speculation especially in the United States because of the gasoline problem,'' he added.
Rodriguez said Saturday that a big rise in OPEC supplies would cause a significant price drop in December and a further slump in the second quarter 2001.
-- cpr (buytexas@swbell.net), June 19, 2000
Answers
And all this has what to do with me paying $2.08 a gallon for gas
today?
If it walks like a duck, quacks like a duck, it's probably a duck and
not the turkey YOU'RE tryin' to sell us here!
From the posts I've seen from you cpr, you're a man behind his time.
You remind me of the early 1900's snake oil salesman selling some
mystery cure all oil to unsuspecting customers.
The only difference here on TB2K uncensored is most people aren't
buying your mystery oil anymore because it doesn't do much of
anything but make people gag.
Who really gives a crap if some oil shiek says there is no problem
with the supply of oil when the cold hard truth is people paying over
$2.00 a gallon for gas in the upper midwest?
-- Wisconsin Gas Prices (Are Skyrocketing@here.com), June 19, 2000.
off
-- Wisconsin Gas Prices (Are Skyrocketing@here.com), June 19, 2000.
Gosh, it sure sounds like you people are simply paying too much.
The prices are going to stabilize on the commodity markets and then
go down. I hardly need lessons in how to "change the subject" as you
have done here. The subject was the price of COMMODITY FUTURES
NOT "The price at the Pump". You, Hawk and the rest of the Chanters
make the same diversion all the time.
IF........FUTURES GO DOWN...........GASOLINE PRICES WILL FOLLOW. ITS
THAT SIMPLE. IF THEY GO UP, PRICES WILL GO UP.
Meanwhile, you should be picketing your gas stations and using a
bike. T.S.
Prices for gasoline here are between 1.39 and 1.69. Diesel has
dropped from 1.55 & 1.59 to 1.345.
Of course, Texas is a bit closer to the source than you are. So the
FIFTY CENT difference must be due to what?
Have you invested in a company that could develop an internal
combustion engine that runs on your hot air and CHEESE?
-- cpr (buytexas@swbell.net), June 19, 2000.
Read the part about "constitutional right to low prices".
http://cbsnews.cbs.com/now/story/0,1597,206115-412,00.shtml
-- gu (a@d.k), June 19, 2000.
I discovered on a trip this weekend that the further away from the
areas with reformulated gas I go the cheeper gas was. I think its a
supply problem in that while a place is making reformulated it can't
make regular and when a tanker is hauling reformulated it can't haul
regular. The result is that both go up because of the gas companys
having to split their forces up, but the reformulated goes up much
more because its special.
I happen to live in a part of Michigan that was having vehical
emissions testing forsed on it a few years ago. We are almost
completely rural. Ours blows over from some of the most regulated
cities in the US as far a polution goes. I believe we have been put
in the reformulated gas group for the same reasion that they wanted
testing done here.
Between here and Chicago I have to drive through part of Indiana and
in Michigan City I paid 1.83.9 per gallon compaired to 2.09.9 in farm
country.
-- Just passin through (nobody@nowhere.com), June 19, 2000.
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Oil%
20News&touch=1&T=energy_news_story.ht&s=AOU5N3BQjTGV0J3Mg
-- dg (a@f.m), June 19, 2000.
Few countries can increase oil production
http://hv.greenspun.com/bboard/q-and-a-fetch-msg.tcl?msg_id=003JpX
-- (recent@news.story), June 19, 2000.
Monday
June 19 11:39
AM ET
OPEC to Take Stab at Easing Oil Prices
By Richard Mably
VIENNA, Austria (Reuters) - OPEC bids this week to pull off a
tricky
balancing act by raising oil output enough to satisfy demands in the
West for
lower fuel costs without sending crude prices crashing.
Leading members of the Organization of the Petroleum Exporting
Countries,
including Saudi Arabia and Iran, believe oil now near $30 a barrel is
damagingly
high.
``Saudi Arabia and the United States share the same goal -- they
both want
oil prices back down to $25 a barrel,'' said Roger Diwan of
Washington's
Petroleum Finance Corp.
Prices have
remained
stubbornly strong despite the seven percent increase in output
sanctioned by
OPEC last March after heavy pressure from its biggest customer, the
United
States.
Saudi government sources have said Riyadh now favors up to an
extra one
million barrels daily on top of the 24.7 million bpd now assigned to
10 OPEC
members.
In public, Saudi Oil Minister Ali al-Naimi has kept his cards
close to his
chest, but the betting is that OPEC's top producer will get fellow
members on
board for that sort of volume at a meeting which starts in Vienna on
Wednesday.
Outside the cartel, Mexico and Norway also are expected to
announce
additional supplies, amounting to a few hundred thousand barrels a
day.
The prospect of more oil to come was enough to push crude prices
lower
sharply lower on Monday. U.S. light crude fell 98 cents a barrel to
$31.35 by
1630 GMT.
Keeping Washington Content
OPEC's task this week is not simple. Timely oil market data is
notoriously
unreliable and prone to hefty revisions.
While worldwide crude inventories remain low, industry data shows
stocks are
building quickly. Most dealers agree that crude prices would be lower
were it
not for new environmental rules this summer in the United States that
have
restricted the pool of American gasoline supply.
``There is no problem of supply,'' said OPEC President Ali
Rodriguez on
Monday. ``There is an intense problem of speculation especially in
the United
States because of the gasoline problem.''
``The Saudis are going to want to lift production because of their
political
concerns with the U.S.,'' said Gary Ross of U.S. consultancy
Petroleum Industry
Research Associates.
``But they have a legitimate concern that there is already plenty
of crude
available and that it is tightness in the U.S. gasoline market which
is in part
to blame for taking crude so high.''
The International Energy Agency in Paris estimates oil stocks in
the 77
million barrels daily world market will rise swiftly by 2.2 million
during the
second quarter.
But OPEC also is worried that evidence is starting to mount that
expensive
oil has stunted demand growth among consumer nations.
The IEA has twice in recent weeks downgraded its projection for
world oil
demand in 2000, citing the impact of lofty prices on consumption.
IRAN BACK IN THE FOLD?
OPEC is hoping to bring Iran back into the fold this time by
securing
Tehran's part in a new agreement.
Hojatollah Ghanimifard of the National Iranian Oil Company said on
Saturday
that Iran too thought prices should be lower and that his country
would take its
share of any increase in cartel production.
``The current increase in oil prices was beyond expectations.
Nobody expected
such an increase,'' said Ghanimifard. ``The main risk is that a
substitute for
oil may be found.''
Tehran in March opted out of the OPEC deal, complaining about
interference in
OPEC affairs from the United States, but upped output anyway.
OPEC must take some of the blame for prices which at their high
point last
week rose over $33 in the United States.
The cartel aggravated the market by deciding not to implement a
mechanism,
informally agreed in March, that was supposed to trigger 500,000 bpd
of extra
output when prices rose above $28 for a basket of its crudes.
Ministers now will have to wrestle again with an idea which has
been
criticized by some in the industry for increasing price volatility by
attracting
speculative trading to test OPEC's designated $22-$28 a barrel price
band.
If they keep the mechanism, traders will be hoping that this time
OPEC
decides to write down the details of how it works.
|
-- cpr (buytexas@swbell.net), June 19, 2000.
ONCE AGAIN cpr
Who really gives a crap if some oil shiek says there is no problem
with the supply of oil when the cold hard truth is people paying over
$2.00 a gallon for gas in the upper midwest?
Your stupid theories have done NOTHING to bring the
price per gallon down at my gas pump! All you have shown are promises
made by oil tycoons & election year politicians.
THE PRICE PER GALLON HAS DOUBLED IN ONE YEAR!!!! GET THAT POINT
THROUGH YOUR HEAD WILL YA? THE PROOF IS IN THE PRICE,
ANYTHING ELSE IS JUST SMOKE AND MIRRORS!
-- Wisconsin Gas Prices (Are Skyrocketing@here.com), June 19, 2000.
off
-- Wisconsin Gas Prices (Are Skyrocketing@here.com), June 19, 2000.
Gosh, it sure sounds like you people are simply paying
too much.
The prices are going to stabilize on the commodity markets and
then go down.
I hardly need lessons in how to "change the subject" as you have done
here. The
subject was the price of COMMODITY FUTURES NOT "The price at the
Pump". You,
Hawk and the rest of the Chanters make the same diversion all the
time.
IF........FUTURES GO DOWN...........GASOLINE PRICES WILL FOLLOW.
ITS THAT
SIMPLE. IF THEY GO UP, PRICES WILL GO UP.
Meanwhile, you should be picketing your gas stations and using a
bike. T.S.
Prices for gasoline here are between 1.39 and 1.69. Diesel has
dropped from
1.55 & 1.59 to 1.345.
Of course, Texas is a bit closer to the source than you are. So
the FIFTY
CENT difference must be due to what?
Have you invested in a company that could develop an internal
combustion
engine that runs on your hot air and CHEESE?
-- cpr (buytexas@swbell.net), June 19,
2000.
-- Read It Again. (What-don'tYou@understand.edu), June 19, 2000.
Cpr,
Where in texas can you gas up for 1.31..??? Not in Dallas or
surrounding areas. Did pay 1.51 today after passing about 25 gas
stations.
Blessings.
-- STFrancis (STFrancis@heaven.com), June 19, 2000.
Hey, Wisconsin! If your gas prices are high, that just HAS to mean
that it's a Y2K problem, right?
I bet your last name is Olsen.
Idiot.
-- Dense Olsen (drooling.nitwit@wisconsin.duh), June 19, 2000.
$2.53 a gallon in Chicago, and the idiot CPR is still pissing into the
wind! Lol, what a jerk.
-- (cpr.the@hotheaded.imbecile), June 19, 2000.
$2.53 a gallon in Chicago, and the idiot CPR is still pissing into
the wind! Lol, what a jerk.
Hmm....about a dollar a gallon more than in the Southeast. I think
the jerks are those who can't see the price gouging in certain parts
of the country. Check with the Chicago mob and your unions, it's not
y2k....
-- FactFinder (FactFinder@bzn.com), June 19, 2000.
Nobody on this thread has mentioned Y2k, FactFinder, except for the
polly troll who posted as "Dense Olsen" and you.
-- (Take@nother.look), June 20, 2000.
"Nobody on this thread has mentioned Y2k, FactFinder, except for the
polly troll who posted as "Dense Olsen" and you."
That, moron, is because you doomer shit-wits HAVEN'T brought it up.
Methinks thou doth protest too much. Whether CPR's right or wrong
about petroleum prices has absolutely NO bearing whatsoever on YOUR
explanation, which no doubt involves lots of conspiracy theories
and/or embedded chip failures. In fact, all you've done is
scream "CPR's WRONG" and not offered YOUR explanation. At the very
least, you could tell us why you THINK he's wrong.
Oh, wait, I forgot. Doomers aren't capable of thought or reason.
Forget I asked that.
And as far as being a polly troll goes, well, in hindsight, pollies =
realists, whereas doomers = Dark Age Morons. And "troll" is pretty
much subject to interpretation, depending mostly on which side of the
board you happen to be on. Since you and your doomer pals are the
ones sniping at CPR from the shadows with the fake names and nothing
to add to the discussion, seems to me like YOU and your pals are the
trolls. So fuck you, doomer loser imbecile.
C'mon, Wisconsin, aren't you really Dennis Olson ?
Aaaah, SURE, you can tell us. Are your problems with the state all
over now? What did the judge and FCS have to say to you?
-- Dense Olsen (drooling.nitwit @wisconsin.duh), June 20, 2000.
Dense Olsen = CPR (notice the use of caps)
CPR = babbling idiot (who is completely WRONG and now he's babbling
bullshit to try to conceal his stupidity)
The reason he is wrong "Dense" should be obvious. He said prices
would go down, they went up, way up. MORON! lol
-- (you.is.stupid.cpr@VERY.stupid), June 20, 2000.
Gas went down and up and now is going to "recede" again. Americans
can and will PAY. That is the bottom line all around. Gas will lag
crude (now in free fall again) because it takes time to crack and
refine.
If you wish to lie and misrepresent my position, at least sign your
own names or would that be asking too much of the 3 individuals who
post under 25 names here?
Dense was not me. But there are other Cheese Heads who were doomers.
The hyper troll poster of over 4,000 "thoughts" (mostly c&p from The
Gary and Ed Venues) to the Milwaukee J.Sentinal who was laughed at
online by locals comes to mind.
Anyone seen "I am not a Doomer Doomer" Steve recently?
-- cpr (buytexas@swbell.net), June 20, 2000.
CPR in March....
http://hv.greenspun.com/bboard/q-and-a-fetch-msg.tcl?msg_id=002maT
Unleaded Gas Options in Free Fall, rest of Energy Sector down
-- (three@months.ago), June 20, 2000.
http://hv.greenspun.com/bboard/q-and-a-fetch-msg.tcl?msg_id=003MEQ
OPEC hike may provide scant relief
Tuesday, June 20, 2000
Associated Press
LONDON - Under pressure from the United States and other oil
importers, OPEC ministers are expected to agree this week to boost
petroleum output by at least 500,000 barrels a day, or by 2 percent.
But analysts warned Monday that such an increase wouldn't lead to
cheaper prices at the pump for American motorists any time soon.
"No matter what OPEC decides, it's going to be a tough gasoline
season in the U.S.," said Peter Gignoux, head of the petroleum desk
at Salomon Smith Barney in London.
Oil ministers from the Organization of Petroleum Exporting Countries
meet Wednesday in Vienna, Austria, to decide whether to increase
supplies to consumer nations that are paying more than $30 for a
barrel of crude. OPEC pumps about 35 percent of the world's oil.
Prices of the main U.S. crude blend shot above $33 a barrel last week
but began easing off ahead of the meeting as traders anticipated an
increase in OPEC output.
July contracts for West Texas Intermediate, the U.S. benchmark crude,
fell 64 cents a barrel to close at $31.69 in trading Monday on the
New York Mercantile Exchange.
Contracts for August delivery of North Sea Brent crude slipped 37
cents to $27.98 per barrel on the International Petroleum Exchange in
London.
A Nigerian delegate speaking Monday in Vienna said that OPEC members
have accepted the need to boost output starting July 1. Indonesian
officials said last week that OPEC would raise production by 500,000
or more barrels a day.
"There is absolutely, definitely going to be an increase," said
Richard Savage, an analyst at SG Securities in London.
But before OPEC decides on any increase, it must reconcile
conflicting data about whether the world actually needs more oil.
On one hand, some OPEC members have argued that the supply and demand
for crude are in balance and that an increase in output isn't
justified.
The International Energy Agency seemed to reinforce their case,
claiming earlier this month that oil inventories for the world's
wealthiest countries grew by a robust 1.75 million barrels a day in
April and that global crude output rose sharply in May.
"Fundamentally, there's not a shortness in crude supply," Savage
said.
A complicating factor is a labor dispute that threatens to shut down
oil production as of midnight Friday in Norway, which is not a member
of OPEC but is the world's second-largest oil producer after Saudi
Arabia.
Yet soaring U.S. gasoline prices - together with temporary regional
shortages caused by pipeline problems in the central United States -
have fed the short-term demand for crude. The United States is the
world's biggest oil market.
Any increase in oil output is unlikely to have an immediate impact on
U.S. gas prices, as crude shipped from the Middle East takes 45 days
to arrive in America.
http://www.charleston.net/pub/news/bizpage/bzopec0620.htm
-- (Tod@y's.news), June 20, 2000.
I can't help but get the feeling that trying to get OPEC ministers to
agree -- and stick to it -- is like trying to round up chickens in the
barnyard. In the final analysis, each one will probably do what they
think is best for their individual country.
-- I'm Here, I'm There (I'm Everywhere@so.beware), June 20, 2000.
"Dense Olsen = CPR (notice the use of caps)"
No, I'm not, but thanks for the compliment! Cool!
"CPR = babbling idiot (who is completely WRONG and now he's babbling
bullshit to try to conceal his stupidity)"
I don't know about you, but I'm making money in petroleum futures.
The fact of the matter is, you doomer idiots want CPR to be wrong
because you think it will somehow justify your totally erroneous
bullshit that got posted in January and February; the claims that oil
prices were going up because of embedded chip failures in the
petroleum supply chain. Well, you were WRONG with your bullshit-
babbling then, and even if CPR is wrong now, that still doesn't make
you RIGHT. Idjit. Seems to me like you fools would be more
understanding of bullshit-babblers, seeing as you all are already.
"The reason he is wrong "Dense" should be obvious. He said prices
would go down, they went up, way up. MORON! lol"
The reason you doomers are wrong should be obvious. You said power,
oil, water, banks, grocery stores, etc. would stop working, but they
DIDN'T and they still work fine. MORON. lol.
-- Dense Olson (drooling.nitwit@wisconsin.duh), June 20, 2000.
Dense, I must say this to you. While you appear in a higher financial
plateau, with your holdings. I say, you have not observed the trucker
in a holding pattern, because of the fuel price. Your "plateau" is
built on a higher frame. The Trucker is on a shorter string, some
bound into two year old contracts, which could not foresee the gas
gouge. If you let them perish, then you too will perish.
-- My Story (andI@sticking.com), June 20, 2000.
In Kalifornia it appears that the FURTHER away from the refineries one
gets, the LOWER the retail price of gasoline. I wonder how the oil
companies rationalize this?
-- Flash (flash@flash.hq), June 21, 2000.
My Story -
Stupid, stupid, stupid. Sure, fuel prices are higher, and that's not
a good thing for people who require lots of fuel to make a living
(truckers, farmers and others). I don't want to see anyone "perish,"
as you say, but I DO want to point out this:
Even if CPR is wrong about fuel prices (and he may very well be),
that doesn't automatically make doomers right. Especially about that
stupid embedded-chips-will-cause-refineries-to-fail line of bullshit.
And since doomers were such voluminous slingers of bullshit last
year, I can't understand why THEY wouldn't be more understanding of
someone (CPR) who might be slinging bullshit now. Or is it just that
you don't like what he's saying?
-- Dense Olsen (drooling.nitwit@wisconsin.duh), June 21, 2000.
And since doomers were such voluminous slingers of bullshit last
year, I can't understand why THEY wouldn't be more
understanding of someone (CPR) who might be slinging bullshit now.
Or is it just that you don't like what he's saying?
No, the reason we aren't being "understanding" of CPR's idiocy
with regard to oil prices is that he has been so rabid in trying to
force people to admit they were wrong about Y2K. If he would simply
admit he was wrong about oil prices, for whatever reason, I would stop
pointing out his idiocy in this regard. And I suspect others feel the
same way. Unfortunately for CPR, he seems congenitally unable to admit
error. This makes him look like a fool when it is obvious to everyone
that he is in fact in error.
-- Sergeant Friday (just.the@facts.maam), June 21, 2000.
"No, the reason we aren't being "understanding" of CPR's idiocy with
regard to oil prices is that he has been so rabid in trying to force
people to admit they were wrong about Y2K."
Maybe doomers should consider that the reason some pollies aren't
being understanding is because doomers were so irrationally self-
assured and vitriolic last year. Some doomers bailed out and ran for
cover. Some doomers stuck around and continued to argue. Some
doomers headed for SleazyBoard. A very few doomers, like Sysman,
actually apologized, owned up to their part, and are now getting on
well with many of the more moderate pollies.
Oh, well, one rabid dog will never get along with another rabid dog.
You and CPR are just going to argue. He won't apologize first,
because he feels that doomers fucked up first. Most doomers won't
apologize first, because they feel that CPR's antics give them an
excuse not to apologize (which they don't want to do anyway,
citing "stakes" and "choices").
"If he would simply admit he was wrong about oil prices, for whatever
reason, I would stop pointing out his idiocy in this regard."
Well, maybe you should own up to whatever Y2K idiocy you participated
in. Maybe others should, too.
"And I suspect others feel the same way."
Yeah, and?
"Unfortunately for CPR, he seems congenitally unable to admit error."
Unfortunately for most doomers, they seem congenitally unable to
admit error.
"This makes him look like a fool when it is obvious to everyone that
he is in fact in error."
This makes them look like fools when it is obvious to everyone that
they are, in fact, in error.
-- Dense Olsen (drooling.nitwit@wisconsin.duh), June 21, 2000.
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