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itsoverjonny · Joined: 10 Jun 2006 Posts: 1698

..had scheduled an "emergency" meeting for November, and now they've moved it up to next week.

Anyone wanna bet on the income of this meeting? Either explicitly/publically, or behind closed doors, they will likely cut production to prop up prices. Now that they have tasted $140/barrel, $70 doesn't taste NEARLY as sweet as it used to.

I read earlier this week that the break-even on Saudi oil is $9/barrel. In other words, it costs them $9/barrel to get it out of the ground and transport it to their buyers.

Nekosohana · Joined: 19 Dec 2005 Posts: 9775 Location: Plano, Tx

As long as they don't move the exchange type to the Euro, we will be OK.

And the Saudis supported us pretty strongly for a while there, so hopefully they will man up.

** Edited to add. I know they won't do so, but at the same time, if OPEC keeps fucking with oil prices, they have to know that we will eventually depart the market.

It's the sunset for them, they probably know it and are doing all they can to make it last as long as possible.

TommyTwoToes · Joined: 25 Feb 2004 Posts: 13465

itsoverjonny wrote: ..had scheduled an "emergency" meeting for November, and now they've moved it up to next week.

Anyone wanna bet on the income of this meeting? Either explicitly/publically, or behind closed doors, they will likely cut production to prop up prices. Now that they have tasted $140/barrel, $70 doesn't taste NEARLY as sweet as it used to.

I read earlier this week that the break-even on Saudi oil is $9/barrel. In other words, it costs them $9/barrel to get it out of the ground and transport it to their buyers.

I also remember them stating months ago that there was no reason that the price should be above 90 something dollars a barrel... and that it was the speculators that were driving it higher...