Opec calls emergency meeting as oil plunges

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Thursday, November 20, 2008 3:37:48 PM

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Opec calls emergency meeting as oil plunges Saturday, October 11, 2008
Ft.com -- Oil prices plunged below $85 a barrel yesterday, the lowest level in a year, as Opec called an emergency meeting to discuss reducing its crude production to halt the collapse in prices. The announcement by the oil exporting countries' cartel came as crude oil futures in New York fell by almost $5 to an intraday low of $84.19 a barrel, the lowest level since October 2007. By the close in New York, oil was down $2.36 at $86.59 a barrel. The drop suggested that the market was firmly focused on the impact of the financial crisis on global economic growth and energy demand next year, rather than on the cartel's action. Opec, which controls 40 per cent of the world's oil output, said in an unusually frank statement that it was concerned about the "deteriorating economic conditions with contagion risks" and would meet in four weeks to tackle the problem. Gold, seen as a haven in turbulent times, recovered earlier losses to trade at $920 an ounce, up $15 on the day.
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JT Moderator	Message Posted: 10/11/2008 10:30:16 AM	Ignore JT Report Abuse
	Saturday, October 11, 2008 Ft.com -- Oil prices plunged below $85 a barrel yesterday, the lowest level in a year, as Opec called an emergency meeting to discuss reducing its crude production to halt the collapse in prices. The announcement by the oil exporting countries' cartel came as crude oil futures in New York fell by almost $5 to an intraday low of $84.19 a barrel, the lowest level since October 2007. By the close in New York, oil was down $2.36 at $86.59 a barrel. The drop suggested that the market was firmly focused on the impact of the financial crisis on global economic growth and energy demand next year, rather than on the cartel's action. Opec, which controls 40 per cent of the world's oil output, said in an unusually frank statement that it was concerned about the "deteriorating economic conditions with contagion risks" and would meet in four weeks to tackle the problem. Gold, seen as a haven in turbulent times, recovered earlier losses to trade at $920 an ounce, up $15 on the day. Visit Ft.com for full article

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toyotalover08 Rookie Author Kansas Posts:5 Points:325 Joined:Oct 2008	Message Posted: 10/12/2008 1:34:32 PM	Ignore toyotalover08 Report Abuse
	Now is the time to make your voices heard, America! Get out and vote those liberals out of office who are trying to block drilling in the Gulf and Alaska. Show them we won't be dependant on foreign oil anymore! Don't listen to those liberal rags that tell us we can't do this! We can!
tomok Champion Author Portland Posts:9,620 Points:719,110 Joined:Aug 2006	Message Posted: 10/12/2008 10:35:18 AM	Ignore tomok Report Abuse
	OPEC does not like the price of crude oil. They want to cut production and raise the price as the demand for oil falls. Fuel prices need to go down much more.
mckellyb Champion Author Las Vegas Posts:3,381 Points:641,705 Joined:Sep 2005	Message Posted: 10/12/2008 10:14:28 AM	Ignore mckellyb Report Abuse
	The klaxon is sounding because they're only making obscene amounts of money, not inexplicably vulgar amounts of money. Puhleeze.
woodeye55 Champion Author Gary Posts:1,172 Points:427,150 Joined:Mar 2006	Message Posted: 10/12/2008 10:10:53 AM	Ignore woodeye55 Report Abuse
	LOWER PRICES = BETTER LIFE IN USA
Tnerbeel Veteran Author Houston Posts:471 Points:131,185 Joined:Mar 2007	Message Posted: 10/12/2008 10:03:09 AM	Ignore Tnerbeel Report Abuse
	Drill here, Drill now and develop alternative/renewable energy sources so we can rid ourselves of these buttheads
ArboretumCop Champion Author Richmond Posts:1,267 Points:1,013,060 Joined:Sep 2005	Message Posted: 10/12/2008 9:55:36 AM	Ignore ArboretumCop Report Abuse
	These yo-yo's will be truely hurting once the world discovers another way to fuel our way of life.
civicsrock Sophomore Author Phoenix Posts:171 Points:69,040 Joined:Apr 2008	Message Posted: 10/12/2008 9:50:29 AM	Ignore civicsrock Report Abuse
	Of course they want to halt production, they are not making the billions they're used to. Now they are just making millions.
4X4Lady Champion Author Wyoming Posts:5,555 Points:313,480 Joined:Aug 2006	Message Posted: 10/12/2008 9:44:24 AM	Ignore 4X4Lady Report Abuse
	Let's get our checkbooks out and send these poor souls a donation.
TBRR Veteran Author Jacksonville Posts:307 Points:82,325 Joined:Dec 2007	Message Posted: 10/12/2008 9:44:12 AM	Ignore TBRR Report Abuse
	poor babies!! i go out of my way to buy gas that does not come from the middle east. find out the source of the gas you buy and avoid OPEC gas. they are not the only supply you know. drive smarter and keep the demand down. let OPEC starve.
domer2 All-Star Author Gary Posts:872 Points:379,000 Joined:May 2007	Message Posted: 10/12/2008 9:44:10 AM	Ignore domer2 Report Abuse
	the sheiks are loosing their shirt in the stock market.
BigDogOH Veteran Author Cincinnati Posts:474 Points:225,095 Joined:Mar 2008	Message Posted: 10/12/2008 9:41:39 AM	Ignore BigDogOH Report Abuse
	LOOK OUT!!! OPEC getting ready to raise price
eddyp94 All-Star Author Ontario Posts:901 Points:226,305 Joined:Mar 2008	Message Posted: 10/12/2008 9:41:33 AM	Ignore eddyp94 Report Abuse
	eat your own oil opec...
southpaw33 Champion Author Orlando Posts:1,517 Points:437,295 Joined:Nov 2005	Message Posted: 10/12/2008 9:40:59 AM	Ignore southpaw33 Report Abuse
	opec needs to shut up.
my3sons Champion Author New York Posts:1,585 Points:855,070 Joined:Aug 2005	Message Posted: 10/12/2008 9:40:21 AM	Ignore my3sons Report Abuse
	keep the price plunging
brutus Champion Author Alberta Posts:1,757 Points:937,580 Joined:Feb 2003	Message Posted: 10/12/2008 9:39:36 AM	Ignore brutus Report Abuse
	Blackmail again by OPEC. What else is new?
suzyq2007 Sophomore Author Dallas Posts:179 Points:200,500 Joined:Oct 2007	Message Posted: 10/12/2008 9:37:16 AM	Ignore suzyq2007 Report Abuse
	let the prices continue to drop and let OPEC eat their gas. I am sure they will find a way to jack the prices back up by cutting production or other devious methods.
adslguru All-Star Author Florida Posts:858 Points:63,200 Joined:Sep 2008	Message Posted: 10/12/2008 9:35:00 AM	Ignore adslguru Report Abuse
	screw the OPECkers, Drill here Drill now
TerryLee Champion Author Ohio Posts:8,824 Points:1,617,850 Joined:Mar 2004	Message Posted: 10/12/2008 9:34:37 AM	Ignore TerryLee Report Abuse
	Watch out,, Now is the timw we need to start drilling before they act
gasman50 Champion Author Portland Posts:1,314 Points:820,395 Joined:Nov 2005	Message Posted: 10/12/2008 9:34:26 AM	Ignore gasman50 Report Abuse
	Isn't it nice to hear from our "Friends"?
NJColt Champion Author New Jersey Posts:4,580 Points:1,025,980 Joined:Aug 2005	Message Posted: 10/12/2008 9:33:55 AM	Ignore NJColt Report Abuse
	CHOKE ON YOUR SURPLUS OPEC!
Gellin Champion Author Michigan Posts:1,472 Points:1,123,890 Joined:Apr 2005	Message Posted: 10/12/2008 9:33:16 AM	Ignore Gellin Report Abuse
	Hey bumpygas, you're being too hard on OPEC. I think they should just use it to fill their swimming pools in the desert. On second thought, when they get together at their emergency meeting maybe they'll all drown in their oil in the pool.
Terrapinone All-Star Author Baltimore Posts:676 Points:549,730 Joined:May 2004	Message Posted: 10/12/2008 9:32:27 AM	Ignore Terrapinone Report Abuse
	gotta love OPEC!
lindact All-Star Author New Haven Posts:784 Points:171,670 Joined:May 2008	Message Posted: 10/12/2008 9:32:04 AM	Ignore lindact Report Abuse
	Our conservation will help to stick it to OPEC.
bumpygas Veteran Author Nebraska Posts:467 Points:331,385 Joined:Oct 2007	Message Posted: 10/12/2008 9:29:41 AM	Ignore bumpygas Report Abuse
	Opec can drink their oil. It'll make them feel better.
jwells1954 All-Star Author Albuquerque Posts:553 Points:141,580 Joined:Nov 2007	Message Posted: 10/12/2008 9:29:05 AM	Ignore jwells1954 Report Abuse
	Oops, too bad, should have a gold mine, not oil well.
Batman302 Rookie Author Wilmington Posts:69 Points:82,700 Joined:May 2008	Message Posted: 10/12/2008 9:26:46 AM	Ignore Batman302 Report Abuse
	This reporter has bad data. Oil dropped below $80 and gold ended up under $850 according to: www.kitco.com/market
toyotalover08 Rookie Author Kansas Posts:5 Points:325 Joined:Oct 2008	Message Posted: 10/12/2008 9:26:31 AM	Ignore toyotalover08 Report Abuse
	Article on oil as a renewable resource;Sustainable oil?
zivkam Veteran Author Dallas Posts:462 Points:195,850 Joined:Dec 2007	Message Posted: 10/12/2008 9:25:05 AM	Ignore zivkam Report Abuse
	Market crash is hurting everyone....quit whining OPEC
njteech Champion Author New Jersey Posts:4,392 Points:1,154,635 Joined:Aug 2004	Message Posted: 10/12/2008 9:24:02 AM	Ignore njteech Report Abuse
	CONSERVE!!!!
toyotalover08 Rookie Author Kansas Posts:5 Points:325 Joined:Oct 2008	Message Posted: 10/12/2008 9:23:56 AM	Ignore toyotalover08 Report Abuse
	Bought a used toyota, get 40 mpg at 65mph, OPEC can burn is oil hell as far as I care. Alternative fuels are the answer to this problem. Until then, we need to get past the liberals in gov't who are opposing drilling here at home. Send them to live in IRAN! We need to use our own reserves. We have way more oil and natural gas than is being publicised and there is a scientific trend of thinking out there that oil might be a renewable resource produced by high temps and extreme pressures found at certain depths. I say let OPEC eat their oil and lets USE OUR OWN!
ladyjj Champion Author Tennessee Posts:1,455 Points:161,295 Joined:Apr 2008	Message Posted: 10/12/2008 9:23:50 AM	Ignore ladyjj Report Abuse
	Opec wants the big money and they will cut production to get oil prices back up.
robertsss All-Star Author Hamilton Posts:761 Points:92,705 Joined:Jun 2008	Message Posted: 10/12/2008 9:23:05 AM	Ignore robertsss Report Abuse
	Let's get on with our own exploration and to heck with them.
eagleeye2008 All-Star Author Wisconsin Posts:511 Points:110,065 Joined:Jul 2008	Message Posted: 10/12/2008 9:18:21 AM	Ignore eagleeye2008 Report Abuse
	NOE IT'S "AN EMERGENCY---FOR THEM,,, WHAT ABOUT OUR "HIGH PRICE" EMERGENCY FOR THE PAST YEAR ????
caravanguy Rookie Author Milwaukee Posts:37 Points:176,940 Joined:Aug 2006	Message Posted: 10/12/2008 9:17:06 AM	Ignore caravanguy Report Abuse
	OPEC doesn't get all the Oil money, there's still a good amount drilled in the US and other places. What people forget is that the drop in prices will destroy some US oil employment, and may end up makeing us more dependent on foreign oil.
GasaHawg Veteran Author Texas Posts:477 Points:95,555 Joined:Nov 2005	Message Posted: 10/12/2008 9:15:52 AM	Ignore GasaHawg Report Abuse
	Controlling the supply! I hope the drown in their oil they have been using oil as a weapon against us.
coolpado All-Star Author Virginia Posts:872 Points:178,545 Joined:May 2008	Message Posted: 10/12/2008 9:13:52 AM	Ignore coolpado Report Abuse
	Interesting
2Tall Champion Author Maryland Posts:4,617 Points:1,357,855 Joined:Jun 2004	Message Posted: 10/12/2008 9:10:43 AM	Ignore 2Tall Report Abuse
	Not getting enough money?
ronlal Sophomore Author Ontario Posts:120 Points:108,970 Joined:Oct 2007	Message Posted: 10/12/2008 9:09:10 AM	Ignore ronlal Report Abuse
	Drop opec drill
H82Bgouged Champion Author Indiana Posts:7,260 Points:1,514,335 Joined:Aug 2004	Message Posted: 10/12/2008 9:08:47 AM	Ignore H82Bgouged Report Abuse
	cry, cry, cry OPEC.
Marson Champion Author Scranton Posts:1,133 Points:503,015 Joined:Oct 2006	Message Posted: 10/12/2008 9:06:14 AM	Ignore Marson Report Abuse
	The new theme "Drill for the Drop"!
billabonk16 Veteran Author Pennsylvania Posts:495 Points:125,930 Joined:Jul 2005	Message Posted: 10/12/2008 9:04:55 AM	Ignore billabonk16 Report Abuse
	aww what a shame they are complaining about lower prices... bet they will still make almost a record high in returns
suj All-Star Author Wichita Posts:522 Points:104,875 Joined:Aug 2008	Message Posted: 10/12/2008 9:04:50 AM	Ignore suj Report Abuse
	drop drop drop drill drill drill
Vin63 Sophomore Author San Bernardino Posts:239 Points:95,335 Joined:Oct 2007	Message Posted: 10/12/2008 9:04:08 AM	Ignore Vin63 Report Abuse
	Wasn't it only a few months ago that they were singing a different production tune because of the complaints about the high prices? At least try and put up a front that you're participating in a legitimate market.
hank1326 All-Star Author Los Angeles Posts:505 Points:126,730 Joined:Jun 2008	Message Posted: 10/12/2008 9:02:01 AM	Ignore hank1326 Report Abuse
	Ditto to tazdriver. Now is our change to put the hammer down on OPEC. Keep on conserving to lower the boom.
gassygrandpa Champion Author Detroit Posts:3,414 Points:893,345 Joined:Oct 2005	Message Posted: 10/12/2008 9:00:22 AM	Ignore gassygrandpa Report Abuse
	Why would opec cut back on the production of oil now, it would only mean they would get less money. I think that with oil less is not more!
cheapertvs Champion Author Richmond Posts:1,828 Points:1,121,395 Joined:Jan 2004	Message Posted: 10/12/2008 8:59:50 AM	Ignore cheapertvs Report Abuse
	It is difficult to support high prices when demand is continuing to fall.
tazdriver Champion Author Alabama Posts:2,313 Points:571,510 Joined:Jan 2007	Message Posted: 10/12/2008 8:59:18 AM	Ignore tazdriver Report Abuse
	OPEC is out to destroy our economy!
ardmoretoday All-Star Author Oklahoma Posts:869 Points:457,640 Joined:May 2007	Message Posted: 10/12/2008 8:59:05 AM	Ignore ardmoretoday Report Abuse
	Poor OPEC
DAM5 All-Star Author Long Island Posts:545 Points:132,465 Joined:May 2008	Message Posted: 10/12/2008 8:58:10 AM	Ignore DAM5 Report Abuse
	of course now the will cut supply so much that it will drive up the prices
SpruceGuse2 Champion Author Michigan Posts:1,718 Points:862,205 Joined:Mar 2006	Message Posted: 10/12/2008 8:52:44 AM	Ignore SpruceGuse2 Report Abuse
	Let them waller in their own excrement.