VIENNA, Austria (AP) – OPEC oil ministers agreed Wednesday to trim overall output by more than 500,000 barrels a day in a compromise meant to avoid new turmoil in crude markets while seeking to bolster falling prices.
The news sparked a rebound in oil prices. Light, sweet crude for October delivery rose $1.00 to $104.26 a barrel in electronic trading on the New York Mercantile Exchange.
The OPEC announcement reflected OPEC efforts to cover all bases in an oil market that saw prices spike to a record high just short of $150 a barrel in July, only to shed nearly 30 percent off those peaks in subsequent months.
Oil prices had lost more ground Tuesday ahead of the OPEC decision, falling $3.08 to settle at $103.26 on the Nymex, the lowest settlement price since April 1.
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OPEC decides to curb overall output; prices rise
Anyone that thinks OPEC gives a damn about US, think again. All OPEC cares about is our money, and how much of it they can take away from us!
No nation on this earth gives a rotund rodents rear about America, other than what WE can do for THEM, it’s that simple. If we suffer a major catastrophe, there won’t be BILLIONS of dollars in foreign aid pouring in to help our sick, hurt, hungry or displaced citizens!
But analysts said several factors could stem any further slide in prices over the next few months.
“There are good reasons ahead for prices to turn toward the upside,” said Johannes Benigni, managing director of JBC Energy in Vienna. “Take the next hurricane,” he said, alluding to the chances that – after a few near misses in recent weeks – further storms could savage oil installations in the Gulf of Mexico.
And that next hurricane is heading for the richest section of the Gulf of Mexico. So, what happens? OPEC runs the prices up by cutting back on pipeline!
Folks, we can DRILL HERE, and we can DRILL NOW, that is the 1st thing we can and must do. We have more oil than all of OPEC combined, we just have to have the motivation to go after it.
We can develop all of our alternative energy sources as well, and yeah, we can keep our cars and trucks tuned up, with the tires properly inflated, of course that helps, every little bit helps, but it’s NOT the solution that Obama, the darling of the OPEC nations, says it is.