K
Kickin' Ass and Takin' Names
Guest
Remember a couple of weeks ago when the Liar-in-Chief made the rounds
of the Middle East where he shacked up in a tent in the desert with
his asshole buddies, the Saudis? In addition to doing a Michael
Jackson imitation while trying to do the Saudi sword dance, George
Bush summoned the courage to get on his knees, give the Saudis a blow
job, wipe the result off his chin, and beg: "Please, Mr. Raghead,
could we have some more oil?"
Today he got his answer. OPEC -- at the urging of the Saudis -- has
decided to NOT increase output.
Maybe if Bush had not invaded a fellow Arab country and maybe if he
was not threatening war with Iran and maybe if he'd back away from
Israel . . . . . .
-----------------------------
OPEC ministers turned down calls for extra output on Thursday, voicing
concern that the weak US economy may cause oil prices to drop further
from recent historic peaks above 100 dollars.
Most members of the Organisation of Petroleum Exporting Countries,
which pumps 40 percent of world oil, said the cartel should maintain
its production level at its official meeting in the Austrian capital
on Friday.
A freeze would be a snub to the United States, the world's biggest
energy consumer, whose President George W. Bush recently urged OPEC to
hike output to help further reduce high oil prices that stunt economic
growth and fuel inflation.
However, lower oil prices are not welcomed by crude producers as their
income from exporting the commodity drops.
"We have no option now" but to hold our output target of 29.67 million
oil barrels, Qatar's Minister of Energy and Industry, Abdullah bin
Hamad Al Attiyah, said on arrival in Vienna.
"We are very concerned about the world economy (...) The American
economy will (influence) oil prices," he told reporters.
By Thursday, the price of oil had slumped by about 10 percent since
New York crude struck a record high of 100.09 dollars a barrel at the
start of January.
Kuwait's acting oil minister, Mohammed Al-Aleem, told reporters that
the 13-member OPEC was "a little worried about the impact of a
slowdown or a recession in the United States" on oil prices.
"The price, for the time being, has been going a little bit down," he
said.
"Within three weeks, it's been about 10 dollars. We have to see why,
what the problem is, and whether it's going to continue at the same
pace."
OPEC President and Algeria's Energy Minister Chakib Khelil indicated
that the cartel could discuss at its meeting whether a hike would help
to support the world economy.
Venezuela's Minister of Energy and Petroleum, Rafael Ramirez, said he
would call for a cut in output at OPEC's scheduled meeting in March
should prices continue to fall.
Meanwhile some members of OPEC were "more sensitive to political
pressure," Khelil said Thursday, in an apparent reference to the Gulf
States and Saudi Arabia which were more likely to listen to US
complaints about high prices.
On Wednesday, OPEC kingpin Saudi Arabia, the world's biggest crude
producer, voiced satisfaction at the present levels of crude supply
and demand.
"The fundamentals are sound," Saudi Oil Minister Ali al-Nuaimi had
told reporters, as he expressed his views on the current demand and
supply situation for crude oil.
OPEC's meeting on Friday is an extraordinary get-together that was
scheduled at the group's last official gathering on December 5 in Abu
Dhabi.
There, OPEC decided against increasing production, insisting the
market was well supplied and that high prices were caused by
speculative activity, not a reaction to the demand and supply
situation.
Ministers repeated this view in Vienna on Thursday.
OPEC comprises Algeria, Angola, Ecuador, Indonesia, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates
and Venezuela.
Iraq is the only member without an output quota owing to unrest in the
country, while analysts say OPEC is in fact producing above its
official ceiling by about 180,000 barrels of oil each day.
of the Middle East where he shacked up in a tent in the desert with
his asshole buddies, the Saudis? In addition to doing a Michael
Jackson imitation while trying to do the Saudi sword dance, George
Bush summoned the courage to get on his knees, give the Saudis a blow
job, wipe the result off his chin, and beg: "Please, Mr. Raghead,
could we have some more oil?"
Today he got his answer. OPEC -- at the urging of the Saudis -- has
decided to NOT increase output.
Maybe if Bush had not invaded a fellow Arab country and maybe if he
was not threatening war with Iran and maybe if he'd back away from
Israel . . . . . .
-----------------------------
OPEC ministers turned down calls for extra output on Thursday, voicing
concern that the weak US economy may cause oil prices to drop further
from recent historic peaks above 100 dollars.
Most members of the Organisation of Petroleum Exporting Countries,
which pumps 40 percent of world oil, said the cartel should maintain
its production level at its official meeting in the Austrian capital
on Friday.
A freeze would be a snub to the United States, the world's biggest
energy consumer, whose President George W. Bush recently urged OPEC to
hike output to help further reduce high oil prices that stunt economic
growth and fuel inflation.
However, lower oil prices are not welcomed by crude producers as their
income from exporting the commodity drops.
"We have no option now" but to hold our output target of 29.67 million
oil barrels, Qatar's Minister of Energy and Industry, Abdullah bin
Hamad Al Attiyah, said on arrival in Vienna.
"We are very concerned about the world economy (...) The American
economy will (influence) oil prices," he told reporters.
By Thursday, the price of oil had slumped by about 10 percent since
New York crude struck a record high of 100.09 dollars a barrel at the
start of January.
Kuwait's acting oil minister, Mohammed Al-Aleem, told reporters that
the 13-member OPEC was "a little worried about the impact of a
slowdown or a recession in the United States" on oil prices.
"The price, for the time being, has been going a little bit down," he
said.
"Within three weeks, it's been about 10 dollars. We have to see why,
what the problem is, and whether it's going to continue at the same
pace."
OPEC President and Algeria's Energy Minister Chakib Khelil indicated
that the cartel could discuss at its meeting whether a hike would help
to support the world economy.
Venezuela's Minister of Energy and Petroleum, Rafael Ramirez, said he
would call for a cut in output at OPEC's scheduled meeting in March
should prices continue to fall.
Meanwhile some members of OPEC were "more sensitive to political
pressure," Khelil said Thursday, in an apparent reference to the Gulf
States and Saudi Arabia which were more likely to listen to US
complaints about high prices.
On Wednesday, OPEC kingpin Saudi Arabia, the world's biggest crude
producer, voiced satisfaction at the present levels of crude supply
and demand.
"The fundamentals are sound," Saudi Oil Minister Ali al-Nuaimi had
told reporters, as he expressed his views on the current demand and
supply situation for crude oil.
OPEC's meeting on Friday is an extraordinary get-together that was
scheduled at the group's last official gathering on December 5 in Abu
Dhabi.
There, OPEC decided against increasing production, insisting the
market was well supplied and that high prices were caused by
speculative activity, not a reaction to the demand and supply
situation.
Ministers repeated this view in Vienna on Thursday.
OPEC comprises Algeria, Angola, Ecuador, Indonesia, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates
and Venezuela.
Iraq is the only member without an output quota owing to unrest in the
country, while analysts say OPEC is in fact producing above its
official ceiling by about 180,000 barrels of oil each day.
