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| The Pub For General Automotive Related Talk |
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12-10-2006, 12:07 PM
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#1 | ||
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FF.Com.Au Hardcore
Join Date: Mar 2006
Posts: 665
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Hi guys, just got this off of a news letter today. Not good news at the moment.
OPEC to cut global production by 1mln barrels per day 12/10/2006 - OPEC will cut global production by one million barrels a day, Nigerian oil minister and OPEC president Edmund Daukoru said on Wednesday. "The cut itself is agreed," Daukoru told reporters after a Cabinet meeting in the Nigerian capital, adding the cuts would begin at the end of the month. Daukoru said members of the producing cartel were still working out how to share out the cuts, but were "nearing consensus". Daukoru's comments followed a slew of reports attributed to anonymous sources from member countries who said the cartel plans to trim its daily production by one million barrels to prop up prices. Daukoru had said last week that OPEC was considering holding an emergency meeting before its scheduled December 14 conference to discuss what to do about falling prices. Oil prices have fallen sharply on global markets in recent weeks. On the New York Mercantile Exchange, light, sweet crude oil futures for November delivery reached a fresh eight-month settlement low on Tuesday. It settled down $1.44, or 2.4 per cent, at $58.52 a barrel. |
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12-10-2006, 12:48 PM
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#2 | ||
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Living the dream
Join Date: Nov 2005
Location: NSW
Posts: 1,795
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Ratbastards
 out:
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12-10-2006, 02:27 PM
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#3 | ||
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Undergraduate EB Operator
Join Date: May 2005
Location: Albury/ Wodonga
Posts: 539
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i was enjoying the sub $1.10 prices now there will be a shortage and it will hit $1.50 again will we ever win?
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Simon ----------------------- 04 BA Xr6 ... now with carpark dints  ----------------------- |
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12-10-2006, 02:30 PM
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#4 | ||
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Official AFF conservative
Join Date: Dec 2004
Location: Adelaide, SA
Posts: 3,549
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Lol, outrageous is it not?
A decade ago, OPEC used to cut production to encourage the price back up to $20 USD per barrel. A funny world we live in 
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A cup half empty... but full of euphoria. |
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12-10-2006, 02:33 PM
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#5 | |||
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Moderator
  
Join Date: Feb 2005
Location: Kenthurst
Posts: 40,403
 
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Quote:
Bec is going to hate it ... poor thing has to fill up the Territory ... me ... well ... LPG will remain the same as always.
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The Current Stable 2016 SZII TS Territory RWD Petrol The Evolution of the EGA54D utes AU Workshop Build thread of EGA54D B-Series Workshop Build thread of EGA54D 2004 SX TX Territory AWD - Gone but not forgotten 2010 FG XT "The ex-rental" - Moved onto a new home Mechan1k's Flickr Page |
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12-10-2006, 02:34 PM
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#6 | ||
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Living the dream
Join Date: Nov 2005
Location: NSW
Posts: 1,795
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Why isnt there a governing body, who can moderate OPEC and the prices of fuel?
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12-10-2006, 02:36 PM
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#7 | ||
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V8 Powaah
Join Date: Jan 2005
Location: Sunshine Coast, QLD
Posts: 1,994
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Nuke 'em.
Bah some days i just get so ****ed off with OPEC and world governments, arrgh. Bugger Global Politics and Markets, I wish they would hurry up with the bloody Hydrogen car
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FG G6E Turbo- Seduce & Cashmere - Sold XF S pack Sedan- AU 302 Windsor, T5, 2.77 LSD, Many Mods
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12-10-2006, 02:39 PM
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#8 | |||
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Official AFF conservative
Join Date: Dec 2004
Location: Adelaide, SA
Posts: 3,549
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Quote:
__________________
A cup half empty... but full of euphoria. |
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12-10-2006, 02:40 PM
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#9 | |||
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Moderator
 
Join Date: Dec 2004
Location: Adelaide SA
Posts: 5,584
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Quote:
"In 1972 a crack commando unit was sent to prison by a military court for a crime they didn't commit. These men promptly escaped from a maximum security stockade to the Los Angeles underground. Today, still wanted by the government, they survive as soldiers of fortune. If you have a problem, if no one else can help, and if you can find them, maybe you can hire: THE A-TEAM." 
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1965 XP Falcon Deluxe Sedan 1978 XC Falcon Wagon Rallypack 2003 BA Fairlane G220 Windsor Powah!!! http://www.youtube.com/watch?v=m7hT9dxD2hM |
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12-10-2006, 02:41 PM
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#10 | ||
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Living the dream
Join Date: Nov 2005
Location: NSW
Posts: 1,795
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Thank you.
Its so frustrating, being powerless against the evils of our time. |
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12-10-2006, 02:41 PM
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#11 | |||
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Banned
Join Date: Dec 2004
Location: South East Melbourne
Posts: 6,156
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Quote:
Last edited by SpoolMan; 13-10-2006 at 09:14 PM. Reason: has nothing to do with oil |
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12-10-2006, 02:42 PM
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#12 | |||
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Living the dream
Join Date: Nov 2005
Location: NSW
Posts: 1,795
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Quote:
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12-10-2006, 02:43 PM
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#13 | ||||
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Burnin Rubber
Join Date: Jan 2005
Location: Melbourne, Victoria
Posts: 1,824
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Quote:
__________________
2001 AUII Forte (LPG) K&N Air Filter Tickford Air Intake ***Coming Soon: Clear Side Repeaters*** Quote:
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12-10-2006, 02:43 PM
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#14 | |||
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Living the dream
Join Date: Nov 2005
Location: NSW
Posts: 1,795
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Quote:
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12-10-2006, 02:46 PM
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#15 | ||
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Banned
Join Date: Dec 2004
Location: South East Melbourne
Posts: 6,156
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How does oil demand rise over Christmas? Do people not drive in July?
They sell all their oil so what do they care. Now they get to sell less oil for pretty much the same price. |
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12-10-2006, 02:47 PM
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#16 | ||
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Living the dream
Join Date: Nov 2005
Location: NSW
Posts: 1,795
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People drive more. Holiday season. Anyway, even if its only a small rise in cosumption/demand, if they bump up the prices they stand to make even more of a killing than usual.
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12-10-2006, 02:50 PM
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#17 | |||
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Moderator
Join Date: Dec 2004
Location: Adelaide SA
Posts: 5,584
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Quote:
__________________
1965 XP Falcon Deluxe Sedan 1978 XC Falcon Wagon Rallypack 2003 BA Fairlane G220 Windsor Powah!!! http://www.youtube.com/watch?v=m7hT9dxD2hM |
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12-10-2006, 02:52 PM
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#18 | ||
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Living the dream
Join Date: Nov 2005
Location: NSW
Posts: 1,795
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Well put. I stand corrected. I best go pray some more eh?
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12-10-2006, 02:52 PM
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#19 | |||
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AFF Post NAZI
Join Date: Mar 2006
Location: Albury
Posts: 3,634
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Quote:
im not fussed about the prices costs me 45 to fill my car up on 98octane. with a full tank. will probably switch to 95 now. to keep it around the same price. and i thought i should buy a bigger car cause i could afford it. BAH.
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"Its not always about power, The car has to handle Beautifully" |
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12-10-2006, 02:53 PM
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#20 | |||
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Banned
Join Date: Dec 2004
Location: South East Melbourne
Posts: 6,156
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Quote:
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12-10-2006, 02:54 PM
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#21 | |||
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Living the dream
Join Date: Nov 2005
Location: NSW
Posts: 1,795
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Quote:
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12-10-2006, 02:58 PM
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#22 | ||
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FF.Com.Au Hardcore
Join Date: Jul 2006
Posts: 760
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Bring on the NWO and fix this issue and many more
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12-10-2006, 03:14 PM
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#23 | ||
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FF.Com.Au Hardcore
Join Date: Mar 2006
Posts: 665
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I think because the northern hemisphere holiday season has now come to an end, a small glut is beginning to show (the Americans use up 70% of the world's reserves alone) and that is why the price of oil is probably falling.
The cut in oil production is to make sure this glut does not get out of hand (their thinking not ours) and to create a little more demand for oil due to a short term short supply. They are worried that if the price of oil collapsed due to over supply, oil would go below $40 US a barrel which is their new bottom low. Remember it was only in 1999 that oil bottomed out to $11 US a barrel and they couldn't give the stuff away. |
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12-10-2006, 03:36 PM
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#24 | ||
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Official AFF conservative
Join Date: Dec 2004
Location: Adelaide, SA
Posts: 3,549
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I pity the fool.... who complains about oil prices!
Oh well - look at the positive... if they're able to put a dent in demand (unlikely), we may get a few more weeks out of the stuff when it all comes to an end
__________________
A cup half empty... but full of euphoria. |
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12-10-2006, 04:09 PM
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#25 | |||
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Starter Motor
Join Date: Dec 2005
Posts: 27
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Quote:
what about this guy?
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VX SS - 6 SPEED - MAF TUNE - TWIN 2.5 INCH EXHAUST |
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12-10-2006, 04:42 PM
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#26 | ||
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Only a matter of time.
Join Date: Apr 2006
Location: Melbourne
Posts: 1,127
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Goodbye PULP:( I will miss you:(
__________________
"SOUNDS THAT GO BUMP IN THE NIGHT" |
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12-10-2006, 04:46 PM
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#27 | |||
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Official AFF conservative
Join Date: Dec 2004
Location: Adelaide, SA
Posts: 3,549
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Quote:
__________________
A cup half empty... but full of euphoria. |
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12-10-2006, 04:50 PM
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#28 | |||
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FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,455
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Quote:
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12-10-2006, 05:35 PM
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#29 | ||
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Only a matter of time.
Join Date: Apr 2006
Location: Melbourne
Posts: 1,127
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You can only run PULP
__________________
"SOUNDS THAT GO BUMP IN THE NIGHT" |
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12-10-2006, 06:18 PM
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#30 | |||
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FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,455
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Quote:
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OPEC cuts oil production
Linear Mode
