OPEC's Daukoru `Very Concerned' About Oil Price Drop

[cal04]

OPEC President Edmund Daukoru said he's ``very concerned'' about the drop in oil prices, putting him at odds with ministers from member countries including Saudi Arabia and Algeria.

``We need to review it in depth,'' Daukoru, who is also the Nigerian oil minister, told reporters today as he arrived in Vienna for a meeting next week of the Organization of Petroleum Exporting Countries. ``We don't know how much further it can go. I am very concerned.''

Ministers from OPEC's 11 member states, which supply 40 percent of the world's oil, meet Sept. 11 to determine policy for the next few months and to discuss prices that have dropped 16 percent from a July 14 record of $78.40 a barrel in New York. OPEC hasn't changed official production quotas since July 2005.

Daukoru's comments were in contrast to those by ministers from Saudi Arabia, Algeria and the United Arab Emirates, who said earlier today that OPEC may leave quotas unchanged.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a5U0kJdE2ziA&refer=home

[AX10]

1. This is quite the problem for the OIL MAFIA.

On one hand they want oil prices to drop alot to help their party (The Republicans) in the midterm elections, on the other hand, they want tons of money to line their pockets.

:nopity:

[niallmac]

2. This 'mafia' is our own creation.

OPEC shoots itself in the foot if prices rise so high the world economy collapses. They seem to have
a firmer grasp on the concept that oil is a limited resource and so they need to make as much profit
from it as they can.
It is the West and the United States in particular that refuses to rein in it's glutton for petroleum.
We would rather sacrifice our young in needless wars than concentrate on living within our means.

I just can't get behind the idea that the OPEC peeps wear black hats and we wear white hats.

[Eurobabe]

3. Tell OPEC, not to worry it's just temporary

After Nov. the prices will skyrocket again.

[Roland99]

4. Greedy fucks are worried about a 16% drop when it's risen 200% in 5yrs?!?

[Kagemusha]

5. Yes. This surprises you?

It was, after all, dirt cheap for such a long time, before the Iraqi competition got taken out.