Death of OPEC

[Archangel M]

Im a bit shocked this hasnt made a bigger splash in the media.

http://blogs.moneycentral.msn.com/topstocks/archive/2008/09/11/the-death-of-opec.aspx

Saudi Arabia walked out on OPEC yesterday, saying it would not honor the cartel's production cut. It was tired of rants from Hugo Chavez of Venezuela and the well-dressed oil minister from Iran.
As the world's largest crude exporter, the kingdom in the desert took its ball and went home.
As the Saudis left the building, the message was shockingly clear. “Saudi Arabia will meet the market’s demand,” a senior OPEC delegate told the New York Times. “We will see what the market requires and we will not leave a customer without oil."

 

[Tomu]

Yeah, money talks and bullsugar walks. Chavez reminds me of a little rat terrier foaming at the mouth. He is definitly off his rocker. The Saudi's are about money plain and simple.

 

[theletch1]

I'm surprised as well. Any fluctuation in what happens to OPEC really affects the price of oil and this is a major happening. Of course much of that affect could be ameliorated if the US were to exploit more of its' own resources while pushing full force for an alternative to oil.

 

[grydth]

Im a bit shocked this hasnt made a bigger splash in the media.

http://blogs.moneycentral.msn.com/topstocks/archive/2008/09/11/the-death-of-opec.aspx

Perhaps because this may be only a trial separation instead of a cartel busting divorce. Reports of this monstrosity's death, like that of Kim Jong Il, may well be premature. There could conceivably be a reconciliation, say if Chavez agrees to go back on his medications. The Saudis are experts at playing both sides of the fence and, if it suits them, may re-enter OPEC in the near future.

As for the Iranian leaders being "well dressed", I would cross blades with you, sir!:jediduel:
Most of them have long appeared as if they'd snuck into Hollister and took clothes without benefit of advice or try on. ( Hey - such diversions work on Sarah Palin threads!):angel: