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By the Numbers: Problems Ahead for OPEC
So far OPEC has been relatively successful at cutting oil production and keeping oil prices propped up. Saudi Arabia is leading the charge saying, more or less, it’s going to do what needs to be done.
They have been able to stick together, but how long can it really last?
It’s been somewhat of a surprise to see most of the OPEC members “stick to the plan” so far. Back in A Slippery Slope Ahead for Oil Prices, we looked at:
Falling oil prices puts these countries into a bind…
…a lot of countries will be facing big problems if oil falls further or if they…
Saudi Arabia’s Promise to Open the Oil Spigot is Nothing But Spin
First it called for a meeting of oil producers and oil consumers.
Now Saudi Arabia has proposed a boost in oil production.
At the end of the day, however, neither of these moves will have any real impact on the ongoing escalation in oil prices.
Let me explain …
The Saudi Spin
When Saudi Arabia called for a summit on high oil prices recently, it said there was “no justification for the current rise in prices†– and used the opportunity to express concern that high oil prices could harm the global economy.
That’s why Saudi Arabia also wants to work with its cartel compatriots in the Organization…
17Jun2008 | Money Morning | Comments Off | Continued
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