vwdeviant 0 Posted October 24, 2008 http://news.bbc.co.uk/1/hi/business/7687944.stm Dropping production by 1.8 million barrels? Sounds like a cynical way to push up the price of petrol... Doesn't the word "recession" appear in the Arab dictionary? :mad2: Quote Share this post Link to post Share on other sites
coullstar 0 Posted October 24, 2008 Nope. To be fair if i was in there position Id do exactly the same. Quote Share this post Link to post Share on other sites
zak 0 Posted October 24, 2008 they are not that powerful price of crude has still dropped despite their decision to reduce output Quote Share this post Link to post Share on other sites
corozin 0 Posted October 24, 2008 Considering that prior to the Americans going into Iraq in 2002 oil was a miserable $28/barrel I think OPEC has got a bloody cheek trying to rehike the price. They were doing pretty bloody nicely when the price was at that level. Quote Share this post Link to post Share on other sites
Jim 1 Posted October 25, 2008 They have a commodity that the world wants, and they know we're willing to pay for it. I think they're smart to continue to keep the price high to be honest! Ultimately we can only hope that Opec's greed will force us to push forward with alternative fuels so that we can reduce our dependence on oil. Quote Share this post Link to post Share on other sites
Yandards 0 Posted October 25, 2008 Seller's market with oil, look at Ferrari as another example, they limit the number of cars they produce every year to keep prices high. Be interesting to see how long it takes for gas and electricity prices to fall as they are also heavily dependant on the cost of a barrel. Quote Share this post Link to post Share on other sites
