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Iran warns against too much oil

The National -- Iran has warned of a worsening oil glut and predicts OPEC will urge its members to comply with their production quotas when its ministers meet on Wednesday.

The second-biggest OPEC producer also said there was no need for the group to revise output targets that had remained unchanged since December 2008.

“If the current oil production continues, the oil market will face an oversupply in the second half of 2010,” Mohammed Ali Khatibi, the country’s OPEC governor, said in remarks reported yesterday on the Iranian oil ministry website SHANA. “OPEC will ask its members to comply with their quotas until the economic crisis is over.”

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Submitted Mar 14, 2010 By: sphere68

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Sneakers55 Champion Author Houston Posts:32,138 Points:1,298,270 Joined:Nov 2005	Message Posted: Mar 15, 2010 6:37:07 PM Ignore Sneakers55 Report Abuse TBRR wrote: >come november it will be time to send the set on their duffs congress >and 1/3 of the senate home for a dose of reality that we are living >with. We'll see what happens in 232 days. >at the congress in the 70s faced the situation head on and reduced the >speed limit to 55mph. How about a dose of reality here? The 55 MPH speed limit was the most violated law in history. >i will do my part and send my incumbent home. Have you had your primaries yet? In our system, you're pretty much guaranteed either a Democrat or a Republican. >a new face can't do any worse. I'm going to vote for my Republican incumbent, even though he seems cheerfully incompetent. The Democratic challenger, Lakesha Rogers, is downright frightening.
pliskin Champion Author Syracuse Posts:3,204 Points:980,035 Joined:Apr 2005	Message Posted: Mar 15, 2010 6:12:12 PM Ignore pliskin Report Abuse November can't come soon enough. Pres. Obama and Congress need a wake up call that they will understand! Nothing else seems to be getting through to Washington, they simply just don't care. Let's see if we can't help these wealthy politicians join some of our unemployed real Americans out here. Maybe they'll get the point then, if it's not to late for America.
coughlin Champion Author San Jose Posts:1,147 Points:300,275 Joined:Sep 2009	Message Posted: Mar 15, 2010 7:07:55 AM Ignore coughlin Report Abuse Exxon is going to make their money, one way or another.
ronsimonil All-Star Author Illinois Posts:718 Points:152,595 Joined:Mar 2009	Message Posted: Mar 15, 2010 6:45:20 AM Ignore ronsimonil Report Abuse This just proves it is a speculator driven market and probably on borrowed money. Do we ever learn?
Amtrgas Champion Author Oakland Posts:2,149 Points:787,235 Joined:Dec 2007	Message Posted: Mar 15, 2010 1:04:06 AM Ignore Amtrgas Report Abuse We will see what happens.
Z51Corvette Champion Author Austin Posts:4,143 Points:804,860 Joined:Jan 2008	Message Posted: Mar 15, 2010 12:45:11 AM Ignore Z51Corvette Report Abuse Iran needs to grow up... they are scary and someone needs to throttle them.
granitestater Champion Author New Hampshire Posts:4,111 Points:638,525 Joined:Oct 2008	Message Posted: Mar 15, 2010 12:27:54 AM Ignore granitestater Report Abuse Oil companies are trying to bring on line oil sources before there's a carbon cutoff. Even if oil is in oversupply, it costs whatever it costs to bring it to market. And even if oil companies and such were able to reduce prices. Governments would raise taxes to the hilt to fill the gap between cost and what the market will bear...
CiVX Champion Author Oakland Posts:3,135 Points:533,560 Joined:Feb 2009	Message Posted: Mar 15, 2010 12:17:41 AM Ignore CiVX Report Abuse I think we will get reamed at the pump no matter what.
boutmuet All-Star Author Orange County Posts:863 Points:292,205 Joined:Apr 2009	Message Posted: Mar 14, 2010 10:26:28 PM Ignore boutmuet Report Abuse Nope, can't let an oversupply happen. We can't risk prices may actually becoming reasonable.
TomT2Lee Champion Author Cincinnati Posts:3,470 Points:1,091,790 Joined:Sep 2005	Message Posted: Mar 14, 2010 8:37:07 PM Ignore TomT2Lee Report Abuse What a cosmic joke.
Number43 Champion Author Lexington Posts:3,527 Points:682,125 Joined:Oct 2008	Message Posted: Mar 14, 2010 8:20:04 PM Ignore Number43 Report Abuse So what the speculators will still raise prices. No matter how much oil is out there, they can and will raise prices.
TBRR Champion Author Jacksonville Posts:1,330 Points:234,660 Joined:Dec 2007	Message Posted: Mar 14, 2010 7:35:18 PM Ignore TBRR Report Abuse come november it will be time to send the set on their duffs congress and 1/3 of the senate home for a dose of reality that we are living with. at the congress in the 70s faced the situation head on and reduced the speed limit to 55mph. i will do my part and send my incumbent home. a new face can't do any worse.
aldog365 Champion Author Nashville Posts:1,046 Points:1,145,360 Joined:Aug 2005	Message Posted: Mar 14, 2010 7:24:49 PM Ignore aldog365 Report Abuse Lets drill and use the oil we are sitting on.The price should drop alot.
TFowler513 Champion Author Memphis Posts:2,377 Points:589,535 Joined:Mar 2008	Message Posted: Mar 14, 2010 7:22:58 PM Ignore TFowler513 Report Abuse Is an oversupply a bad thing? Does it go bad or have an expiration date once you pull it out of the ground???
pliskin Champion Author Syracuse Posts:3,204 Points:980,035 Joined:Apr 2005	Message Posted: Mar 14, 2010 7:19:20 PM Ignore pliskin Report Abuse We have to get Congress to allow drilling in our own territories, and of our own coasts so we are not so dependent on foreign oil until we can develop alternative methods of propulsion to replace oil.
PDQBlues Champion Author San Diego Posts:2,294 Points:505,350 Joined:Jan 2009	Message Posted: Mar 14, 2010 7:19:12 PM Ignore PDQBlues Report Abuse If Iran is worried about an over production of oil, that's a good thing. :-)
TheSnowstorm Champion Author Montreal Posts:4,463 Points:1,005,630 Joined:June 2005	Message Posted: Mar 14, 2010 7:12:55 PM Ignore TheSnowstorm Report Abuse Get off oil, develop true alternative fuels.
ModelWarships Champion Author Missouri Posts:1,901 Points:458,015 Joined:Jul 2008	Message Posted: Mar 14, 2010 7:12:13 PM Ignore ModelWarships Report Abuse bomb bomb bomb, bomb bomb Iran.
nigelb Champion Author Virginia Posts:3,502 Points:528,465 Joined:Feb 2008	Message Posted: Mar 14, 2010 7:00:20 PM Ignore nigelb Report Abuse The sooner we develop viable alternative energy, the sooner we can untangle ourselves from OPEC.
nojsts Champion Author St. Louis Posts:14,043 Points:2,828,980 Joined:May 2002	Message Posted: Mar 14, 2010 7:00:16 PM Ignore nojsts Report Abuse Forget Iran.
DancingDee Champion Author Gary Posts:2,641 Points:683,605 Joined:Jul 2005	Message Posted: Mar 14, 2010 6:53:41 PM Ignore DancingDee Report Abuse Helms, I agree with you!
Helms Champion Author Fort Worth Posts:4,254 Points:1,227,750 Joined:Jun 2005	Message Posted: Mar 14, 2010 6:50:48 PM Ignore Helms Report Abuse funny how he never warns about too much profit!!!
knot2swift Veteran Author Calgary Posts:468 Points:135,955 Joined:Nov 2009	Message Posted: Mar 14, 2010 6:50:40 PM Ignore knot2swift Report Abuse Glut...RockCity would be having more oil than you need. It is the case in the US lately but it is the other countries that are driving up the price.
yukonjack Champion Author Georgia Posts:4,404 Points:1,141,995 Joined:Oct 2004	Message Posted: Mar 14, 2010 6:47:20 PM Ignore yukonjack Report Abuse And what does Iran's idiot President think of this?
RockCity Champion Author Denver Posts:2,717 Points:484,845 Joined:Mar 2009	Message Posted: Mar 14, 2010 6:41:25 PM Ignore RockCity Report Abuse What is a glut?
DellMan Champion Author Omaha Posts:1,917 Points:442,925 Joined:Apr 2008	Message Posted: Mar 14, 2010 6:40:57 PM Ignore DellMan Report Abuse The sooner we start bringing up the oil we have in the US the sooner we can bankrupt Iran and the rest of OPEC.
Xpoint Champion Author Idaho Posts:5,337 Points:693,625 Joined:May 2004	Message Posted: Mar 14, 2010 6:36:52 PM Ignore Xpoint Report Abuse Hople they finally got something right.
DellDude2 Champion Author Nashville Posts:4,001 Points:1,153,435 Joined:Aug 2005	Message Posted: Mar 14, 2010 6:35:48 PM Ignore DellDude2 Report Abuse Boycott Iranian oil.
rsm315 All-Star Author Detroit Posts:838 Points:219,530 Joined:Dec 2009	Message Posted: Mar 14, 2010 6:31:05 PM Ignore rsm315 Report Abuse I dont believe anything they have got to say
sunchild Veteran Author Indiana Posts:483 Points:512,130 Joined:Mar 2008	Message Posted: Mar 14, 2010 6:26:08 PM Ignore sunchild Report Abuse I have deaf ears to this country.
SUPERQUACK Champion Author Sacramento Posts:1,472 Points:987,100 Joined:Jun 2007	Message Posted: Mar 14, 2010 6:25:58 PM Ignore SUPERQUACK Report Abuse WHY WOULD ANYONE BELIEVE ANYTHING IRAN SAYS ?
Jeff1944 All-Star Author South Dakota Posts:843 Points:213,340 Joined:Jan 2010	Message Posted: Mar 14, 2010 6:24:59 PM Ignore Jeff1944 Report Abuse Prices in far Western South Dakota (Spearfish) are now 29 cents higher than they were in mid February. The Saudis will drive the speculation even higher in the future!
xrayviper Rookie Author South Dakota Posts:42 Points:534,575 Joined:Mar 2007	Message Posted: Mar 14, 2010 6:20:39 PM Ignore xrayviper Report Abuse Bomb Iran back to the stone age!
nd73 All-Star Author Grand Rapids Posts:638 Points:332,135 Joined:May 2007	Message Posted: Mar 14, 2010 6:18:01 PM Ignore nd73 Report Abuse What??? I thought the world was running out of oil! The enviro-whackos tell us that the world is running on empty, we will be out of oil soon, and the sky is falling. So how can Iran possibly predict an oversupply of oil?? Oh my!
cuddlie Rookie Author Arizona Posts:47 Points:61,495 Joined:Feb 2010	Message Posted: Mar 14, 2010 6:15:43 PM Ignore cuddlie Report Abuse Pure bunk.
BKool Champion Author Michigan Posts:3,025 Points:1,439,920 Joined:Aug 2005	Message Posted: Mar 14, 2010 6:12:58 PM Ignore BKool Report Abuse The glut will be short lived.
pliskin Champion Author Syracuse Posts:3,204 Points:980,035 Joined:Apr 2005	Message Posted: Mar 14, 2010 6:12:15 PM Ignore pliskin Report Abuse Iran warns, Iran this and Iran that. Why does the world's every decision hinge on this little whack job Pres. Mahmoud Ahmadinejad? He can come into the UN in NY City and threaten the entire world with certain annihilation if any retaliation is brought against his country from anyone, especially the US or Israel. I think Iran's warnings are getting old. They have to import their own gasoline. It's time they were booted out of the UN and sent packing. Their people have little or no rights only the govt. Let's see how well they really could stand on their own as that little piece of garbage really thinks they are the greatest, strongest, nation in the world! [Edited by: pliskin at 3/14/2010 6:13:19 PM EST]
Chummy37 All-Star Author Calgary Posts:853 Points:457,535 Joined:Jan 2008	Message Posted: Mar 14, 2010 6:12:13 PM Ignore Chummy37 Report Abuse A warning from Iran??!! ...is this for real?
MidNJ Champion Author New Jersey Posts:1,654 Points:252,485 Joined:Sep 2009	Message Posted: Mar 14, 2010 6:04:37 PM Ignore MidNJ Report Abuse pdcarver, The only problem with your solution of bombing them is we will accomplish what Saddam H. wanted to accomplish after the first Iraq war in the early 90's. . . setting all the oil wells on fire. Will that lower the price of gas?
mackconsult Champion Author Portland Posts:1,275 Points:270,585 Joined:Jan 2009	Message Posted: Mar 14, 2010 6:04:13 PM Ignore mackconsult Report Abuse speculation
HA4CNN All-Star Author Toronto Posts:991 Points:596,340 Joined:Dec 2006	Message Posted: Mar 14, 2010 5:59:55 PM Ignore HA4CNN Report Abuse The government will never do anything about the price of oil or gasoline because as the price increases so do there revenues.Quotas are meant to be broken.Looks like we are in the hands of the traders.
virginia52 Champion Author Alaska Posts:4,013 Points:793,660 Joined:May 2007	Message Posted: Mar 14, 2010 5:56:32 PM Ignore virginia52 Report Abuse I would hope the US would buy as much oil as they can from Canada. Cheaper to ship and at least Canada doesn't want to terrorize us. We should also be getting free oil from Iraq, after all, I believe that was part of the reason we went to war in the first place.
REKEY Champion Author South Carolina Posts:3,652 Points:731,425 Joined:May 2008	Message Posted: Mar 14, 2010 5:56:00 PM Ignore REKEY Report Abuse Glut? We have that now but prices are still going up.
mobal Champion Author Mobile Posts:2,069 Points:422,160 Joined:Jul 2008	Message Posted: Mar 14, 2010 5:55:11 PM Ignore mobal Report Abuse Drill here and NOW!
amearly Champion Author Michigan Posts:7,211 Points:1,498,520 Joined:Jan 2006	Message Posted: Mar 14, 2010 5:52:31 PM Ignore amearly Report Abuse Meanwhilhe speculators make it out like there are shortages everywhere so they can continue to manipulate the market and Obama once again doesn't know what keeping a promise means.
Diesel_Ram Champion Author Dallas Posts:1,718 Points:556,925 Joined:Jan 2009	Message Posted: Mar 14, 2010 5:50:54 PM Ignore Diesel_Ram Report Abuse If there is such a glut then why are prices still so high!
dbatw Champion Author St. Louis Posts:1,686 Points:341,165 Joined:Apr 2009	Message Posted: Mar 14, 2010 5:50:51 PM Ignore dbatw Report Abuse drill, Iraq, drill, and when the glut arrives you can drink your crude while you crank out your nukes
la90042 Champion Author Los Angeles Posts:2,402 Points:505,405 Joined:Nov 2008	Message Posted: Mar 14, 2010 5:50:03 PM Ignore la90042 Report Abuse how can we stockpile this when there is a glut and lower prices
MINER Champion Author Pittsburgh Posts:8,442 Points:2,472,170 Joined:Jul 2002	Message Posted: Mar 14, 2010 5:48:08 PM Ignore MINER Report Abuse Yeah, we wouldn't want to see a lot of crude laying around there would we.
oldiesman Champion Author New York Posts:1,667 Points:1,264,185 Joined:May 2006	Message Posted: Mar 14, 2010 5:46:54 PM Ignore oldiesman Report Abuse we will see what happens