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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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ENORMS Champion Author Colorado Posts:3,014 Points:1,175,810 Joined:Sep 2006	Message Posted: Mar 15, 2010 7:37:36 AM Ignore ENORMS Report Abuse OPEC is satisfied but not the speculators!
ronsimonil All-Star Author Texas Posts:734 Points:157,975 Joined:Mar 2009	Message Posted: Mar 15, 2010 6:42:45 AM Ignore ronsimonil Report Abuse More reason to use our own and develop alternative fuels.
silverfox63 Champion Author Michigan Posts:5,824 Points:1,159,670 Joined:Oct 2008	Message Posted: Mar 15, 2010 6:20:15 AM Ignore silverfox63 Report Abuse OPEC would be arrogant enough to say something like this.
52MPG Champion Author Dayton Posts:4,929 Points:1,281,405 Joined:Apr 2006	Message Posted: Mar 15, 2010 12:41:25 AM Ignore 52MPG Report Abuse More reason to go electric.
djgunrunner Champion Author Salt Lake City Posts:7,611 Points:1,891,820 Joined:Apr 2005	Message Posted: Mar 14, 2010 11:47:23 PM Ignore djgunrunner Report Abuse 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.
granitestater Champion Author New Hampshire Posts:6,334 Points:1,022,370 Joined:Oct 2008	Message Posted: Mar 14, 2010 11:46:49 PM Ignore granitestater Report Abuse OPEC hasn't gone away as a troublemaker, yet...
Night Owl Champion Author Toronto Posts:5,286 Points:1,337,545 Joined:Jul 2004	Message Posted: Mar 14, 2010 11:43:22 PM Ignore Night Owl Report Abuse Of course OPEC is satisfied with current oil prices. Prices are ridiculously high right now. We need to get rid of oil speculators.
signwiz Champion Author Indiana Posts:1,395 Points:1,352,930 Joined:Feb 2006	Message Posted: Mar 14, 2010 11:13:45 PM Ignore signwiz Report Abuse Not surprising- the Saudi oil minister is on the record saying they are satisfied with crude prices above $70.
AC-302 Champion Author Los Angeles Posts:21,319 Points:2,455,690 Joined:Aug 2004	Message Posted: Mar 14, 2010 9:13:09 PM Ignore AC-302 Report Abuse I didn't realize Ecuador was an OPEC country. I thought the only one in S. America was Venezuela.
cutter1330 Champion Author Oklahoma Posts:5,738 Points:1,232,715 Joined:Jul 2005	Message Posted: Mar 14, 2010 9:08:36 PM Ignore cutter1330 Report Abuse They are not our friends.
rickfro Veteran Author San Diego Posts:484 Points:233,855 Joined:Nov 2008	Message Posted: Mar 14, 2010 9:04:57 PM Ignore rickfro Report Abuse Conserve. It seems to work to lower prices.
bby Champion Author Twin Cities Posts:3,609 Points:606,570 Joined:Nov 2009	Message Posted: Mar 14, 2010 9:00:29 PM Ignore bby Report Abuse The OPEC must be satisfied at $40/barrel. They should now be screaming in uncontrollable joy as their greed has been met!
murphy50 Champion Author Colorado Posts:5,145 Points:2,106,845 Joined:May 2004	Message Posted: Mar 14, 2010 8:58:00 PM Ignore murphy50 Report Abuse OPEC was satisfied when oil was $145. too.
saveongasNC Champion Author North Carolina Posts:4,407 Points:1,094,015 Joined:Aug 2008	Message Posted: Mar 14, 2010 8:55:17 PM Ignore saveongasNC Report Abuse Buy less pay less!!!
LilRedWagonIN Champion Author Indiana Posts:5,431 Points:1,107,775 Joined:Oct 2008	Message Posted: Mar 14, 2010 8:53:54 PM Ignore LilRedWagonIN Report Abuse 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.
takethe_point Champion Author Omaha Posts:1,719 Points:115,960 Joined:Apr 2008	Message Posted: Mar 14, 2010 8:43:37 PM Ignore takethe_point Report Abuse OPEC to sit tight on output so they can rip us off even more.
badtazz Sophomore Author Washington Posts:222 Points:81,445 Joined:Jan 2010	Message Posted: Mar 14, 2010 8:39:47 PM Ignore badtazz Report Abuse They are quite open about what prices they want oil to be. Opec needs to be brought down a notch.
Minster Champion Author Wichita Posts:2,236 Points:841,965 Joined:Oct 2007	Message Posted: Mar 14, 2010 8:35:05 PM Ignore Minster Report Abuse opec wants higher oil prices. so what is new! next year they will want it $90 to $100. they are greedy everyone knows that.
TXHUNTER1 Champion Author Austin Posts:1,487 Points:178,150 Joined:Dec 2006	Message Posted: Mar 14, 2010 8:32:24 PM Ignore TXHUNTER1 Report Abuse Right!
ccrb Champion Author Indianapolis Posts:8,937 Points:1,749,825 Joined:Aug 2003	Message Posted: Mar 14, 2010 8:31:43 PM Ignore ccrb Report Abuse 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]
johnrb Champion Author Michigan Posts:6,041 Points:1,555,655 Joined:Oct 2006	Message Posted: Mar 14, 2010 8:26:53 PM Ignore johnrb Report Abuse Wasn't so long ago that $70 was more than enough for OPEC
Rick52 Champion Author Milwaukee Posts:9,443 Points:742,235 Joined:Mar 2005	Message Posted: Mar 14, 2010 8:24:24 PM Ignore Rick52 Report Abuse 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]
mplato Champion Author Columbia Posts:6,002 Points:1,368,170 Joined:Jun 2004	Message Posted: Mar 14, 2010 8:19:51 PM Ignore mplato Report Abuse OPEC is a joke....like Iran
Pete12 Champion Author Albany Posts:3,608 Points:1,247,300 Joined:Nov 2005	Message Posted: Mar 14, 2010 8:18:54 PM Ignore Pete12 Report Abuse It really doesn't matter bcause all the OPEC countries cheat anyway on their quotas.
Focus2 Champion Author Illinois Posts:6,317 Points:1,633,370 Joined:Mar 2006	Message Posted: Mar 14, 2010 8:18:40 PM Ignore Focus2 Report Abuse They like the price too!
Rageagainsttm Champion Author Tampa Posts:6,029 Points:1,451,095 Joined:Jul 2007	Message Posted: Mar 14, 2010 8:17:33 PM Ignore Rageagainsttm Report Abuse I see higher prices on the way. Way to cripple a nation OPEC.
comet64 Champion Author Illinois Posts:1,250 Points:258,825 Joined:Feb 2006	Message Posted: Mar 14, 2010 8:15:43 PM Ignore comet64 Report Abuse they will figure out a way to stick it to us
Daveyfudd All-Star Author Jackson Posts:873 Points:259,125 Joined:May 2008	Message Posted: Mar 14, 2010 8:11:42 PM Ignore Daveyfudd Report Abuse OPEC has lots of oil and less of everything else. Time to play a new game with our something else!
30mpg80 Champion Author Lexington Posts:4,517 Points:1,024,895 Joined:Nov 2008	Message Posted: Mar 14, 2010 8:03:51 PM Ignore 30mpg80 Report Abuse As expected and predicted
revON Champion Author Toronto Posts:1,257 Points:682,935 Joined:Dec 2007	Message Posted: Mar 14, 2010 7:59:28 PM Ignore revON Report Abuse The opec is B.S.
briguy101386 Rookie Author Oregon Posts:79 Points:28,810 Joined:Aug 2008	Message Posted: Mar 14, 2010 7:55:33 PM Ignore briguy101386 Report Abuse They have us by our necks.
raja3905 Rookie Author Bakersfield Posts:34 Points:299,965 Joined:May 2009	Message Posted: Mar 14, 2010 7:53:08 PM Ignore raja3905 Report Abuse they do as they like
mswillia All-Star Author Milwaukee Posts:812 Points:306,720 Joined:Feb 2010	Message Posted: Mar 14, 2010 7:47:01 PM Ignore mswillia Report Abuse we should charge them the same for food, the #1 US export I believe
WCCurtis Champion Author San Bernardino Posts:3,304 Points:1,364,995 Joined:Oct 2005	Message Posted: Mar 14, 2010 7:43:13 PM Ignore WCCurtis Report Abuse OPEC can not afford to cut back production with their Economies in bad shape like the rest of the World.
donny47 Champion Author New Hampshire Posts:1,475 Points:657,235 Joined:Feb 2009	Message Posted: Mar 14, 2010 7:37:50 PM Ignore donny47 Report Abuse they do what they want.
Rajah Champion Author Illinois Posts:6,606 Points:1,962,980 Joined:Jul 2005	Message Posted: Mar 14, 2010 7:32:25 PM Ignore Rajah Report Abuse If they're satisfied, I'm not.
brus282 Champion Author North Carolina Posts:4,659 Points:953,210 Joined:Aug 2007	Message Posted: Mar 14, 2010 7:31:36 PM Ignore brus282 Report Abuse if they are satisfied, then that means they are rolling in the money
TBRR Champion Author Jacksonville Posts:2,182 Points:366,860 Joined:Dec 2007	Message Posted: Mar 14, 2010 7:30:49 PM Ignore TBRR Report Abuse but of course, why should the change production, they are getting more than wanted for their oil tanks to the speculators.
lkozark Champion Author Missouri Posts:3,780 Points:980,595 Joined:Jul 2007	Message Posted: Mar 14, 2010 7:29:11 PM Ignore lkozark Report Abuse I'd be happy to be making 2-3 times what supply and demand warrants in any market.
afghaned Champion Author Hamilton Posts:8,531 Points:825,150 Joined:May 2004	Message Posted: Mar 14, 2010 7:27:27 PM Ignore afghaned Report Abuse This kind of news would normally drop prices but not anymore thanks to our friends the greedy blood suckers.
uglytom Champion Author Florida Posts:5,698 Points:1,192,860 Joined:Jul 2007	Message Posted: Mar 14, 2010 7:25:15 PM Ignore uglytom Report Abuse "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?
MidNJ Champion Author New Jersey Posts:4,662 Points:743,495 Joined:Sep 2009	Message Posted: Mar 14, 2010 7:24:23 PM Ignore MidNJ Report Abuse ModelWarships, Who is they?
jay4 Champion Author Colorado Springs Posts:5,792 Points:1,326,080 Joined:Apr 2006	Message Posted: Mar 14, 2010 7:18:53 PM Ignore jay4 Report Abuse That leaves prices to speculation, 68% of pump price.
PDQBlues Champion Author San Diego Posts:4,726 Points:984,350 Joined:Jan 2009	Message Posted: Mar 14, 2010 7:17:37 PM Ignore PDQBlues Report Abuse 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.
TFowler513 Champion Author Memphis Posts:2,582 Points:980,860 Joined:Mar 2008	Message Posted: Mar 14, 2010 7:17:26 PM Ignore TFowler513 Report Abuse More market manipulation!!!
TerryLee Champion Author Ohio Posts:13,880 Points:2,637,870 Joined:Mar 2004	Message Posted: Mar 14, 2010 7:14:29 PM Ignore TerryLee Report Abuse you think
snofog All-Star Author Seattle Posts:623 Points:92,655 Joined:Jan 2010	Message Posted: Mar 14, 2010 7:13:53 PM Ignore snofog Report Abuse Wow.
ModelWarships Champion Author Missouri Posts:4,240 Points:922,180 Joined:Jul 2008	Message Posted: Mar 14, 2010 7:11:24 PM Ignore ModelWarships Report Abuse they are happy milking us for this price for now.
TheSnowstorm Champion Author Montreal Posts:6,832 Points:1,478,025 Joined:June 2005	Message Posted: Mar 14, 2010 7:11:15 PM Ignore TheSnowstorm Report Abuse Sure, until they decide to cut production to drive the price up. Heard this story before.