OPEC president sees $200 oil possible: report

Not logged in [Log In] [Sign Up] [Points Leaders] [My Profile]

Wednesday, December 03, 2008 12:56:05 AM

Featured Sponsor

Save 5% on gas Get a 5% rebate on gas purchases with the Discover Card* Click here for more info


Add gas prices to your web site. Click here to find out how!

GasBuddy News Article

OPEC president sees $200 oil possible: report Monday, April 28, 2008
Yahoo! Finance -- ALGIERS (Reuters) - OPEC President Chakib Khelil does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar's slide, Algerian government newspaper El Moudjahid reported on Monday. "Questioned about a possible rise which would go to $200, the minister did not rule out this eventuality, explaining that this rise is from now on indexed to the fall in the dollar or to the rise in the dollar," El Moudhajid reported. "In terms of fundamentals, stocks are high, demand is easing, supply is satisfactory. Therefore normally, without geo-political problems and the fall of the dollar, the prices of oil would not be at this level," he was quoted as saying.
Visit Yahoo! Finance for full article

Message Forum - Read Message

Category: Daily News Article Discussions > Topics		Add to favorite topics Post New Topic
Rate this topic: Low 1 - 2 - 3 - 4 - 5 High Avg rating: 0.0 (0 votes)

Author	Topic: OPEC president sees $200 oil possible: report	Post a Reply Back to Topics

JT Moderator	Message Posted: 4/28/2008 10:12:24 AM	Ignore JT Report Abuse
	Monday, April 28, 2008 Yahoo! Finance -- ALGIERS (Reuters) - OPEC President Chakib Khelil does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar's slide, Algerian government newspaper El Moudjahid reported on Monday. "Questioned about a possible rise which would go to $200, the minister did not rule out this eventuality, explaining that this rise is from now on indexed to the fall in the dollar or to the rise in the dollar," El Moudhajid reported. "In terms of fundamentals, stocks are high, demand is easing, supply is satisfactory. Therefore normally, without geo-political problems and the fall of the dollar, the prices of oil would not be at this level," he was quoted as saying. Visit Yahoo! Finance for full article

REPLIES (newest first)

First

Next Last

defiancegasman Champion Author Ohio Posts:4,321 Points:789,350 Joined:May 2006	Message Posted: 11/8/2008 4:55:29 PM	Ignore defiancegasman Report Abuse
	Closer to $50 than $200 now.
beyondgreen Rookie Author Gasbuddy Posts:2 Points:140 Joined:Nov 2008	Message Posted: 11/8/2008 1:10:36 PM	Ignore beyondgreen Report Abuse
	I don't think we are taking the right approach to fixing our economy. Energy Independence needs to be included in the realm of our serious economic issues. Our dependence on foreign oil impacts every aspect of our society and economy. This past year our wallets were emptied by high prices at the pump. The cost of food and every consumer product has risen because of increased production and shipping costs. The average family had no money left over to spend, save or invest. So we tighten our belts, we spend less because we have less and sadly that results in more job losses. We have so much available in the way of FREE energy, solar and wind that can be utilized to replace oil. Hybrid and electric plug in cars would replace another huge percentage of our dependence on foreign oil. We spent 168 BILLION on a stimulus pkg that did nothing for our economy. Now there is talk of another stimulus pkg. Why not invest in initiating alternative energy sources and making hybrid and plug in car technology affordable for the average Joe. It cost the equivalent of 60 cents a gal of gas to drive an elec car. Investing in renewable sources of energy would create millions of badly needed jobs. It is a win-win situation. We have the knowledge and the technology, what we seem to lack as a nation is a PLAN. Jeff Wilson has a great new book out called The Manhattan Project of 2009 Energy Independence NOW. I highly recommend this book to anyone who is worried about our economy and interested in seeing our country become energy independent!
jmuse All-Star Author Long Island Posts:988 Points:200,830 Joined:May 2008	Message Posted: 7/27/2008 10:40:35 AM	Ignore jmuse Report Abuse
	There's a big difference between "OPEC president sees $200 oil possible" and he would not rule out $200 oil.
magnumCA Champion Author Los Angeles Posts:1,408 Points:271,775 Joined:Jan 2008	Message Posted: 7/26/2008 4:01:12 PM	Ignore magnumCA Report Abuse
	Time to dismantle opec
STEVE853 Champion Author Florida Posts:1,290 Points:325,990 Joined:Nov 2007	Message Posted: 7/26/2008 2:23:50 PM	Ignore STEVE853 Report Abuse
	Time to drill for oil In the gulf of mexico.
gohiking Champion Author Los Angeles Posts:3,599 Points:705,355 Joined:Oct 2004	Message Posted: 7/26/2008 12:32:08 PM	Ignore gohiking Report Abuse
	lovely
POLELANE Champion Author Ohio Posts:2,338 Points:249,960 Joined:Mar 2008	Message Posted: 4/30/2008 5:50:52 AM	Ignore POLELANE Report Abuse
	used to think anything is possible
defiancegasman Champion Author Ohio Posts:4,321 Points:789,350 Joined:May 2006	Message Posted: 4/30/2008 12:45:05 AM	Ignore defiancegasman Report Abuse
	Just remember, Bush vetoed the bill calling for the stopping of $18 Billion in free tax money for the oil companies. He didn't think investing it into other energy research was a good idea.
RC_RACER Champion Author Tacoma Posts:1,284 Points:278,375 Joined:Jun 2004	Message Posted: 4/29/2008 12:50:56 PM	Ignore RC_RACER Report Abuse
	yep, its only going up stop using or use something else
1fuelish1 Champion Author Charlotte Posts:7,145 Points:526,580 Joined:Dec 2005	Message Posted: 4/29/2008 11:04:46 AM	Ignore 1fuelish1 Report Abuse
	HAMPILOT1 hit in on the head. The speculation into energy and food futures needs to be stopped NOW. We're hurting at the pump, but people in Haiti and other countries feel it in their stomachs. The financial folks are fiddling while the rest of the world is catching fire.
KrazyDawg Champion Author California Posts:1,836 Points:309,740 Joined:Aug 2007	Message Posted: 4/29/2008 10:41:05 AM	Ignore KrazyDawg Report Abuse
	Just another reason to support alternative fuel. With all the dollars spent on higher gas prices, imagine how much can actually be invested into renewable energy. Than again it seems like we're followers, not innovators. [Edited by: KrazyDawg at 4/29/2008 11:41:50 AM EST]
POLELANE Champion Author Ohio Posts:2,338 Points:249,960 Joined:Mar 2008	Message Posted: 4/29/2008 10:28:20 AM	Ignore POLELANE Report Abuse
	seems he'd be quite in favor of it
1shot Champion Author Dallas Posts:4,030 Points:656,425 Joined:May 2006	Message Posted: 4/29/2008 10:24:12 AM	Ignore 1shot Report Abuse
	HAMPILOT1 hit it right on the spot, I hope their greed makes them stay in it when the bottom drops and they loose their shorts!!
ramshot412 Champion Author Riverside Posts:12,036 Points:1,206,605 Joined:Apr 2004	Message Posted: 4/29/2008 10:08:04 AM	Ignore ramshot412 Report Abuse
	"We need start drilling now so we can survive!" Why??? The cost per barrel won't go down until supply goes up. Even if US put a million more barrels of oil on the market OPEC could keep the price up by cutting back on what they pump....
kruk Veteran Author London Posts:409 Points:150,830 Joined:Jan 2007	Message Posted: 4/29/2008 10:00:47 AM	Ignore kruk Report Abuse
	Maybe just some influential bustard asked them to keep raising - who knows?
eaglev Champion Author Oklahoma City Posts:1,038 Points:344,045 Joined:Jul 2005	Message Posted: 4/29/2008 9:59:20 AM	Ignore eaglev Report Abuse
	We need start drilling now so we can survive!
nyacoub1 All-Star Author Chicago Posts:855 Points:62,130 Joined:May 2007	Message Posted: 4/29/2008 9:58:24 AM	Ignore nyacoub1 Report Abuse
	duhh....
eaglev Champion Author Oklahoma City Posts:1,038 Points:344,045 Joined:Jul 2005	Message Posted: 4/29/2008 9:55:02 AM	Ignore eaglev Report Abuse
	And they said they would keep it below $80 just last year. They like the extra money.
EarlyMoose Champion Author Seattle Posts:1,874 Points:700,830 Joined:Dec 2005	Message Posted: 4/29/2008 9:52:00 AM	Ignore EarlyMoose Report Abuse
	sure.
Duke1959 Champion Author Dallas Posts:5,055 Points:251,565 Joined:Mar 2008	Message Posted: 4/29/2008 9:50:54 AM	Ignore Duke1959 Report Abuse
	oh well
HAMPILOT1 Rookie Author Houston Posts:3 Points:7,185 Joined:Jan 2008	Message Posted: 4/29/2008 9:49:18 AM	Ignore HAMPILOT1 Report Abuse
	From all of the information I can access I come to the conclusion that the rise in crude price per barrel is driven by hedge fund managers using the crude futures market to make money for themselves at the expense of us in the driving public. This has to end, using a futures market to speculate on the price and driving it up drastically, is detrimental to the security of the country,it has to be stopped immediately.
w4kh Champion Author Riverside Posts:3,720 Points:652,845 Joined:May 2004	Message Posted: 4/29/2008 9:49:04 AM	Ignore w4kh Report Abuse
	Even OPEC says: "does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar's slide" The dollar is weak and getting WORSE, because "W" and DickieBoy have spent more than THREE QUARTERS OF A TRILLION DOLLARS in Iraq, along with more than 4,000 American lives, and countless maimed and wounded, and refuse to admit that this has had a profound impact on the US economy...
FuelGrinch Sophomore Author Kansas Posts:156 Points:47,500 Joined:Aug 2005	Message Posted: 4/29/2008 9:46:26 AM	Ignore FuelGrinch Report Abuse
	Sure... what the heck, Why not go for $400 a barrel. Oh why not $1,000,000 bunch of greedy @#& &^$# ^&(#@!
ShootatWil22 Rookie Author Kentucky Posts:36 Points:34,920 Joined:Feb 2008	Message Posted: 4/29/2008 9:45:52 AM	Ignore ShootatWil22 Report Abuse
	If the price goes up to $200 a barrel, I'd probably make gas...somehow.
txholeyrocks All-Star Author Austin Posts:959 Points:171,160 Joined:Nov 2007	Message Posted: 4/29/2008 9:45:36 AM	Ignore txholeyrocks Report Abuse
	You will see a lot of people walking, riding busses, cycling and car pooling. Also our economy will go to pot as we can't afford to pay people to stay on top of our bills. Truckers won't truck any more......
amearly Champion Author Michigan Posts:4,050 Points:874,240 Joined:Jan 2006	Message Posted: 4/29/2008 9:45:02 AM	Ignore amearly Report Abuse
	Again time to get ready for the next great depression.
NissanGirl Veteran Author Oregon Posts:304 Points:171,605 Joined:Jan 2008	Message Posted: 4/29/2008 9:44:11 AM	Ignore NissanGirl Report Abuse
	Like OPEC needs $200/bbl. They are swimming in money as it is now!
JimL1 Champion Author Phoenix Posts:1,160 Points:239,815 Joined:Jul 2003	Message Posted: 4/29/2008 9:39:35 AM	Ignore JimL1 Report Abuse
	If the Securities and Exchange commission would raise the percentage required to purchase futures contracts to 25%, it would cut back on the speculation. All they have to do now to control the price is put up 5% of the cost of the contract.
mahenv7 Champion Author Toronto Posts:1,264 Points:255,040 Joined:Oct 2004	Message Posted: 4/29/2008 9:38:57 AM	Ignore mahenv7 Report Abuse
	why stop there
Hawkeyema Sophomore Author Massachusetts Posts:151 Points:39,400 Joined:Mar 2008	Message Posted: 4/29/2008 9:38:52 AM	Ignore Hawkeyema Report Abuse
	Based on the fact that everyone is in "doomsday mode." As the world economy goes into a recession, the demand for oil is going to drop dramatically which will increase supply around the world. The dollar is also going to firm once our economy rebounds which might take a year or so. Let's not freak out everyone. There's still tons of oil and the supply will soon catch up with demand. OPEC will eventually increase output as well
SJS Champion Author Los Angeles Posts:1,236 Points:1,255,115 Joined:Apr 2003	Message Posted: 4/29/2008 9:38:34 AM	Ignore SJS Report Abuse
	could happen
lowiowagas Veteran Author Iowa Posts:454 Points:73,450 Joined:Mar 2008	Message Posted: 4/29/2008 9:36:26 AM	Ignore lowiowagas Report Abuse
	buckeyeman, you are right.. There is no real shortage of oil, but OPEC & Big Oil is charging considerably more than they should be.. This is having a rippling negative effect on our economy & bringing with it 'out of control' inflation (oil, fuel, transportation, food, etc...)
Chazzer Champion Author Nevada Posts:8,137 Points:1,740,610 Joined:May 2002	Message Posted: 4/29/2008 9:35:32 AM	Ignore Chazzer Report Abuse
	There OPEC goes again ... testing the ceiling!
lowiowagas Veteran Author Iowa Posts:454 Points:73,450 Joined:Mar 2008	Message Posted: 4/29/2008 9:32:40 AM	Ignore lowiowagas Report Abuse
	Price was high at $70 a barrel, and now this article PROVES that OPEC is out to destroy our economy.. Greed, by a 285% increase in crude We need to put a stop to this, one way or another.. TODAY
Dennis783 Champion Author Wisconsin Posts:5,663 Points:1,134,845 Joined:Sep 2005	Message Posted: 4/29/2008 9:32:22 AM	Ignore Dennis783 Report Abuse
	They wish!
buckeyeman Sophomore Author Columbus Posts:231 Points:8,665 Joined:Mar 2005	Message Posted: 4/29/2008 9:32:13 AM	Ignore buckeyeman Report Abuse
	__________________________________________________________________________ CoronaKid Based on the fact that everyone is in "doomsday mode." As the world economy goes into a recession, the demand for oil is going to drop dramatically which will increase supply around the world. The dollar is also going to firm once our economy rebounds which might take a year or so. Let's not freak out everyone. There's still tons of oil and the supply will soon catch up with demand. OPEC will eventually increase output as well. __________________________________________________________________________ Corona Kid is accurate on the pessimistic attitude the world seems to have regarding the position of wealth. I disagree however that the world economy is in a recession. European Nations, China, India, Russia, and somewhat Japan to name a few are seeing more than average economic growth. The United States however is in a terrible recession and Warren Buffett is right on the money versus "so called" government economic advisors who have truly pulled the wool over their eyes. Supply is no where near critical and that is where OPEC is not misleading the world. The "freak mode" is beyond necessary and a correction will be established regarding pricing thus I am in agreement again with with CoronaKid. Unfortunately I heavily disagree Supply versus Demand will be the correction and OPEC will increase production. I see another "Oil Embargo" approaching before such actions are considered. When other countries force heavy tariffs on good and services to the OPEC Nations where their demand above and beyond exceeds their ability to produce the goods and services and eats at the economics of those nations will a consideration of the price of oil be considered to assist those nations being economically distressed by their reliance of oil.
JPGKC Champion Author Tampa Posts:3,219 Points:582,975 Joined:Sep 2006	Message Posted: 4/29/2008 9:31:40 AM	Ignore JPGKC Report Abuse
	As long as the dollar continues to gain ground, then this will not happen.
southjerseyal Champion Author New Jersey Posts:4,922 Points:764,855 Joined:Mar 2005	Message Posted: 4/29/2008 9:29:29 AM	Ignore southjerseyal Report Abuse
	Why not just jump to $500.00 and really screw up things in this world!!!
The_WB Champion Author Detroit Posts:4,659 Points:490,875 Joined:Apr 2007	Message Posted: 4/29/2008 9:26:17 AM	Ignore The_WB Report Abuse
	One OPEC member will dump on the market if the prices continue upward - self-greed!
bowler48226 Champion Author Detroit Posts:1,220 Points:327,040 Joined:Sep 2007	Message Posted: 4/29/2008 9:25:17 AM	Ignore bowler48226 Report Abuse
	We thought oil was high at $70 a barrel. Now look.
bug27 Champion Author Kentucky Posts:2,024 Points:1,185,325 Joined:Apr 2005	Message Posted: 4/29/2008 9:22:00 AM	Ignore bug27 Report Abuse
	OPEC Greed!
vick441 Champion Author Indiana Posts:1,203 Points:105,460 Joined:Apr 2008	Message Posted: 4/29/2008 9:21:28 AM	Ignore vick441 Report Abuse
	I don't doubt it.
rich148 Veteran Author Grand Rapids Posts:342 Points:300,840 Joined:May 2007	Message Posted: 4/29/2008 9:20:17 AM	Ignore rich148 Report Abuse
	Good luck sucker!
Lonewolftx Champion Author Houston Posts:5,778 Points:1,136,910 Joined:Sep 2005	Message Posted: 4/29/2008 9:19:59 AM	Ignore Lonewolftx Report Abuse
	When the dollar strengthens then they will feel the supply is to not adequate . . .
cbpilot Sophomore Author Riverside Posts:186 Points:403,650 Joined:Dec 2006	Message Posted: 4/29/2008 9:16:27 AM	Ignore cbpilot Report Abuse
	Let's see...we put a man on the Moon 39 years ago, and we still can't figure out how to get everyone 80 mpg? Come on...who are we kidding?
bowler48226 Champion Author Detroit Posts:1,220 Points:327,040 Joined:Sep 2007	Message Posted: 4/29/2008 9:16:16 AM	Ignore bowler48226 Report Abuse
	$200 oil would mean $7 per gallon gas?
DST43 Champion Author Oklahoma Posts:2,330 Points:406,370 Joined:Jul 2007	Message Posted: 4/29/2008 9:16:06 AM	Ignore DST43 Report Abuse
	OPEC President sees himself getting richer
Jahrahnimo Veteran Author Georgia Posts:404 Points:100,000 Joined:May 2004	Message Posted: 4/29/2008 9:15:34 AM	Ignore Jahrahnimo Report Abuse
	I doubt it....
EnderNY Champion Author Dallas Posts:1,507 Points:292,055 Joined:Jun 2005	Message Posted: 4/29/2008 9:15:29 AM	Ignore EnderNY Report Abuse
	Radicale, Well, I would not mind a small harem!!! LOL, just kidding, haters, just kidding, I do not want, nor desire, nor afford, a harem
flatcoatfun All-Star Author Orlando Posts:668 Points:200,515 Joined:Nov 2007	Message Posted: 4/29/2008 9:12:33 AM	Ignore flatcoatfun Report Abuse
	And he is excitedly planning on what he is going to do with all the extra money he will make.......