Attacks complicate monitoring oil prices

[sabra]

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http://newsobserver.com/24hour/business/story/2543109p-10937577c.html

Attacks complicate monitoring oil prices

By THE ASSOCIATED PRESS

KUWAIT CITY (AP) - London's terror attacks have complicated the monitoring of oil prices ahead of making a decision on raising production, the president of the Organization of Petroleum Exporting Countries said Friday.
Sheik Ahmed Fahd Al Ahmed Al Sabah, who is also Kuwait's energy minister, told reporters he will start talks with OPEC ministers this weekend to decide whether to increase production to cool prices.

He said Thursday's bombings on London subway trains and a bus made oil prices fluctuate, and on top of watching supply and demand, the organization has to watch for the effects of terror. The explosions left dozens dead and hundreds injured.

"It's a geopolitical problem," Sheik Ahmed said at Kuwait's international airport as he and his prime minister, Sheik Sabah Al Ahmed Al Sabah, returned to Kuwait from the United States. "(Because of) that, we cannot understand the market again until the situation stabilizes."

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[Warren Stupidity]

1. There is no excess capacity of cheap oil.

This is just more bullshit to cover the obvious.

[Texifornia]

7. Correct

OPEC is rapidly becomming a shell of its former self. They are loathe to utilize the tiny spare production capacity they still have. Producing an oil field at or near capacity actually damages the underlying geology and reduces the total amount of oil that is recoverable.

OPEC is blowing smoke. Abu Dhabi will be bringing on some significant new production in the next two years, but it doesn't look like enough to offset production declines elsewhere.

What irony: soon we will look back at the time when OPEC controlled the price of oil as "the good ol' days".

[Javaman]

2. So let me get this striaght...

The market fluctuates and they can't set a price????

WTF?????

The market has been fluctuating since moron* has been in office.

Damn it, the bullshit is getting deep.

[Voltaire99]

3. "We cannot understand the market again until the situation stabilizes."

LOL!

Who said oil sheiks don't have a sense of humor? ;-)

Alas, the joke is on us.

[peppin]

4. Attacks complicate monitoring oil prices

It seems the price only keeps fluctuating up!!!

Is it me ---or is it Monkeyboy

[Canuckistanian]

5. Is there ANY news that would actually LOWER oil prices?

Seems to me that almost any major bad news story makes the price of oil increase.
Isn't this just a little bit odd?

[anotherdrew]

8. yes

If they discovered that they could run industrial society on pure human blood, then that would probably lower the price of oil. Otherwise... probably not much/long.

[Delphinus]

9. God, what a scary thought!

Solyent Green ... ?

[mbperrin]

6. Never realized London was such an important oil-producing

center!

Or maybe, like their buddy Brit Hume, they see anything at all as an opportunity to gouge more money...yea, sounds about right for soulless, mind-killing capitalists more concerned with bucks than their own kids and the world they're leaving them.

Yes, Alex, I choose shameless money-grubbing for the maximum allowed!