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Satisfied with oil prices, OPEC to sit tight on output

The Sydney Morning Herald -- OPEC is widely expected to maintain its official oil production quota when it meets this week, with the cartel satisfied with the current level of crude prices, analysts said.

The Organization of Petroleum Exporting Countries, whose member countries together pump about 40 percent of the world's crude oil, will likely keep its official quota at 24.84 million barrels a day when it meets on Wednesday.

"At the next OPEC meeting, changes in policy will not be necessary," with prices expected to remain at a "reasonable level" of between 70 and 80 US dollars, the cartel's president, Ecuadoran Oil Minister Germanico Pinto, said Thursday.


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Submitted Mar 14, 2010 By: sphere68
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REPLIES (newest first)
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ENORMS
Champion Author Colorado

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Message Posted: Mar 15, 2010 7:37:36 AM

OPEC is satisfied but not the speculators!
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ronsimonil
All-Star Author Illinois

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Message Posted: Mar 15, 2010 6:42:45 AM

More reason to use our own and develop alternative fuels.
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silverfox63
Champion Author Michigan

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Message Posted: Mar 15, 2010 6:20:15 AM

OPEC would be arrogant enough to say something like this.
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52MPG
Champion Author Dayton

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Message Posted: Mar 15, 2010 12:41:25 AM

More reason to go electric.
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djgunrunner
Champion Author Salt Lake City

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Message Posted: Mar 14, 2010 11:47:23 PM

If I were opec I too would be satisfied with the price of oil. They are gouging the socks off of us. It is priced three times what it is worth. We need a government who owns two car companies to tell them to start putting Natural Gas engines in at the factory. We need that same government to quit taking lobbyist money and push for Hydrogen. What we don't need is that trash Ethanol taking and wasting any more good money.
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granitestater
Champion Author New Hampshire

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Message Posted: Mar 14, 2010 11:46:49 PM

OPEC hasn't gone away as a troublemaker, yet...
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Night Owl
Champion Author Toronto

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Message Posted: Mar 14, 2010 11:43:22 PM

Of course OPEC is satisfied with current oil prices. Prices are ridiculously high right now. We need to get rid of oil speculators.
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signwiz
All-Star Author Indiana

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Message Posted: Mar 14, 2010 11:13:45 PM

Not surprising- the Saudi oil minister is on the record saying they are satisfied with crude prices above $70.
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AC-302
Champion Author Los Angeles

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Message Posted: Mar 14, 2010 9:13:09 PM

I didn't realize Ecuador was an OPEC country. I thought the only one in S. America was Venezuela.
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cutter1330
Champion Author Oklahoma

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Message Posted: Mar 14, 2010 9:08:36 PM

They are not our friends.
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rickfro
Veteran Author San Diego

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Message Posted: Mar 14, 2010 9:04:57 PM

Conserve. It seems to work to lower prices.
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bby
Champion Author Twin Cities

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Message Posted: Mar 14, 2010 9:00:29 PM

The OPEC must be satisfied at $40/barrel. They should now be screaming in uncontrollable joy as their greed has been met!
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murphy50
Champion Author Colorado

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Message Posted: Mar 14, 2010 8:58:00 PM

OPEC was satisfied when oil was $145. too.
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saveongasNC
Champion Author North Carolina

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Message Posted: Mar 14, 2010 8:55:17 PM

Buy less pay less!!!
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LilRedWagonIN
Champion Author Indiana

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Message Posted: Mar 14, 2010 8:53:54 PM

OPEC knows that these prices are way too high, so will gloat at the world's willingness to shell out their national currency to ship by the tankerful to the Middle East.
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takethe_point
Champion Author Omaha

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Message Posted: Mar 14, 2010 8:43:37 PM

OPEC to sit tight on output so they can rip us off even more.
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badtazz
Sophomore Author Washington

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Message Posted: Mar 14, 2010 8:39:47 PM

They are quite open about what prices they want oil to be. Opec needs to be brought down a notch.
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Minster
Champion Author Wichita

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Message Posted: Mar 14, 2010 8:35:05 PM

opec wants higher oil prices. so what is new! next year they will want it $90 to $100. they are greedy everyone knows that.
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TXHUNTER1
Sophomore Author Austin

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Message Posted: Mar 14, 2010 8:32:24 PM

Right!
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ccrb
Champion Author Indianapolis

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Message Posted: Mar 14, 2010 8:31:43 PM

Except they never collude. Because most of the member states are run by people would would willingly slach anyone's throat for greed, they will cheat, and over produce.

[Edited by: ccrb at 3/14/2010 8:33:11 PM EST]
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johnrb
Champion Author Michigan

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Message Posted: Mar 14, 2010 8:26:53 PM

Wasn't so long ago that $70 was more than enough for OPEC
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Rick52
Champion Author Milwaukee

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Message Posted: Mar 14, 2010 8:24:24 PM

Do you blame them at $80+ a barrel I would keep production up TOO...

Making $80+ a barrel is better than making say $74-76 a barrel...

DAH !!!!!!!!

The traders will just store it for the next price Jump !!!!

[Edited by: Rick52 at 3/14/2010 8:25:51 PM EST]
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mplato
Champion Author Columbia

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Message Posted: Mar 14, 2010 8:19:51 PM

OPEC is a joke....like Iran
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Pete12
Champion Author Albany

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Message Posted: Mar 14, 2010 8:18:54 PM

It really doesn't matter bcause all the OPEC countries cheat anyway on their quotas.
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Focus2
Champion Author Illinois

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Message Posted: Mar 14, 2010 8:18:40 PM

They like the price too!
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Rageagainsttm
Champion Author Tampa

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Message Posted: Mar 14, 2010 8:17:33 PM

I see higher prices on the way. Way to cripple a nation OPEC.
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comet64
Champion Author Illinois

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Message Posted: Mar 14, 2010 8:15:43 PM

they will figure out a way to stick it to us
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Daveyfudd
All-Star Author Jackson

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Message Posted: Mar 14, 2010 8:11:42 PM

OPEC has lots of oil and less of everything else. Time to play a new game with our something else!
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30mpg80
Champion Author Lexington

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Message Posted: Mar 14, 2010 8:03:51 PM

As expected and predicted
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revON
Champion Author Toronto

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Message Posted: Mar 14, 2010 7:59:28 PM

The opec is B.S.
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briguy101386
Rookie Author Oregon

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Message Posted: Mar 14, 2010 7:55:33 PM

They have us by our necks.
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raja3905
Rookie Author Bakersfield

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Message Posted: Mar 14, 2010 7:53:08 PM

they do as they like
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mswillia
Rookie Author Milwaukee

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Message Posted: Mar 14, 2010 7:47:01 PM

we should charge them the same for food, the #1 US export I believe
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WCCurtis
Champion Author San Bernardino

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Message Posted: Mar 14, 2010 7:43:13 PM

OPEC can not afford to cut back production with their Economies in bad shape like the rest of the World.
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donny47
All-Star Author New Hampshire

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Message Posted: Mar 14, 2010 7:37:50 PM

they do what they want.
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Rajah
Champion Author Illinois

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Message Posted: Mar 14, 2010 7:32:25 PM

If they're satisfied, I'm not.
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brus282
Champion Author North Carolina

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Message Posted: Mar 14, 2010 7:31:36 PM

if they are satisfied, then that means they are rolling in the money
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TBRR
Champion Author Jacksonville

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Message Posted: Mar 14, 2010 7:30:49 PM

but of course, why should the change production, they are getting more than wanted for their oil tanks to the speculators.
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lkozark
Champion Author Missouri

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Message Posted: Mar 14, 2010 7:29:11 PM

I'd be happy to be making 2-3 times what supply and demand warrants in any market.
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afghaned
Champion Author Hamilton

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Message Posted: Mar 14, 2010 7:27:27 PM

This kind of news would normally drop prices but not anymore thanks to our friends the greedy blood suckers.
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uglytom
Champion Author Florida

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Message Posted: Mar 14, 2010 7:25:15 PM

"Reasonable" prices between $70.00 and $80.00...SAYS WHO?
Why the near monopoly of course....Why aren't we controlling the availability and price to OPEC countries who want all the USA stuff?
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MidNJ
Champion Author New Jersey

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Message Posted: Mar 14, 2010 7:24:23 PM

ModelWarships,

Who is they?
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jay4
Champion Author Colorado Springs

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Message Posted: Mar 14, 2010 7:18:53 PM

That leaves prices to speculation, 68% of pump price.
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PDQBlues
Champion Author San Diego

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Message Posted: Mar 14, 2010 7:17:37 PM

OPEC is so leaky that when they "sit tight" and order a halt to increases in production, you can bet that some OPEC countries will go ahead and produce more.
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TFowler513
Champion Author Memphis

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Message Posted: Mar 14, 2010 7:17:26 PM

More market manipulation!!!
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TerryLee
Champion Author Ohio

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Message Posted: Mar 14, 2010 7:14:29 PM

you think
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snofog
All-Star Author Seattle

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Message Posted: Mar 14, 2010 7:13:53 PM

Wow.
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ModelWarships
Champion Author Missouri

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Message Posted: Mar 14, 2010 7:11:24 PM

they are happy milking us for this price for now.
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TheSnowstorm
Champion Author Montreal

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Message Posted: Mar 14, 2010 7:11:15 PM

Sure, until they decide to cut production to drive the price up. Heard this story before.
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