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idiom
Intermediate Crude
Joined: Aug 23, 2004
Posts: 530
Location: New Zealand
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 Posted: Sun Jul 06, 2008 10:30 pm Post subject: Re: OPEC chief says strong world demand will keep oil prices |
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| Well the EIA couldn't project their way out of a paper bag. And Opec, yeah their word is gold. |
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syrac818
Heavy Crude
Joined: Jun 01, 2005
Posts: 115
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| Posted: Sun Jul 06, 2008 10:48 pm Post subject: Re: OPEC chief says strong world demand will keep oil prices |
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| idiom wrote: | | Well the EIA couldn't project their way out of a paper bag. And Opec, yeah their word is gold. |
Seriously, LOL.
It's gotten to the point that both these organizations have practically become contrarian indicators. |
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OilFinder2
Light Sweet Crude
Joined: Mar 26, 2008
Posts: 1371
Location: Seattle
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| Posted: Sun Jul 06, 2008 10:50 pm Post subject: Re: OPEC chief says strong world demand will keep oil prices |
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| Quote: | But Khelil told a conference on energy in Algiers on Sunday that the steady increases of late “have nothing to do with supply and demand.”
Khelil, who serves as Algeria's energy minister, blamed the rise on the weak U.S. dollar, the currency that oil is sold in.
He said he believes the reason the dollar has fallen against other currencies is the U.S. decision to lower interest rates in an effort to boost the American economy. |
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Abundance - what a concept! |
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frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4863
Location: Southwest WI
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| Posted: Mon Jul 07, 2008 7:26 am Post subject: Re: OPEC chief says strong world demand will keep oil prices |
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This guy never shuts up...
| Quote: | WASHINGTON (MarketWatch) -- The price of petroleum will continue to rise because of ethanol, the weak dollar and political tensions, the oil cartel's president was quoted as saying Sunday.
"The price of oil will rise again in the coming weeks," Chakib Khelil -- the Algerian energy minister and currently president of the Organization of Petroleum Exporting Countries -- said in an interview with an Algerian newspaper. "We have to follow the evolution of the dollar, because a 1% fall in the dollar means $4 more on the price of oil."
Khelil said the weak dollar and geopolitical worries are responsible for 60% of the rise in crude prices, but also said that "the intrusion of bioethanol on the market" was alone responsible for the other 40%. |
marketwatch
Wonder who he can blame next. Does say the price is going to go up in the next few weeks.. Thank god. Hasn't risen enough for me yet 
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Clothing should be optional. |
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tmulk
Coal
Joined: Apr 24, 2008
Posts: 10
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| Posted: Mon Jul 07, 2008 8:58 am Post subject: Re: OPEC chief says strong world demand will keep oil prices |
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| I wish this guy would make up his mind. Is it demand, or is it the weak dollar, or is it speculation. This guy is all over the place. That's what happens when you have to tell one lie to cover another lie and then another lie to cover that one, eventually you can't remember WHAT you have said. These guys have lost ALL credibility, along with the Sauds. |
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idiom
Intermediate Crude
Joined: Aug 23, 2004
Posts: 530
Location: New Zealand
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| Posted: Mon Jul 07, 2008 3:53 pm Post subject: Re: OPEC chief says strong world demand will keep oil prices |
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| How in the heck does bioethanol push the price of crude up? and $50 ?? |
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