Iran says OPEC seeks stability as oil prices plunge

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Thursday, November 20, 2008 3:43:53 PM

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Iran says OPEC seeks stability as oil prices plunge Saturday, October 11, 2008
Guardian.co.uk -- TEHRAN, Oct 11 (Reuters) - Falling oil prices will hurt investment and ultimately the consumer if they do not return to a "logical level," Iran's oil minister said on Saturday after crude plunged by 17 percent in a week of turmoil. Oil Minister Gholamhossein Nozari called for "fundamental decisions" but did not spell out whether he believed OPEC should cut output at an emergency meeting scheduled for next month in Vienna, suggesting it would depend on the market situation. Crude prices were not predictable, he said on the sidelines of an energy conference in Tehran. Iran is the world's fourth-largest oil producer and traditionally a price hawk in the Organisation of the Petroleum Exporting Countries (OPEC). "We think that this meeting will take good decisions. The aim OPEC pursues is establishing stability in the market," Nozari told reporters. Oil prices touched 13-month lows on Friday in a global flight from risk amid concerns of a worldwide recession and further signs of slumpin
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JT Moderator	Message Posted: 10/11/2008 9:28:55 AM	Ignore JT Report Abuse
	Saturday, October 11, 2008 Guardian.co.uk -- TEHRAN, Oct 11 (Reuters) - Falling oil prices will hurt investment and ultimately the consumer if they do not return to a "logical level," Iran's oil minister said on Saturday after crude plunged by 17 percent in a week of turmoil. Oil Minister Gholamhossein Nozari called for "fundamental decisions" but did not spell out whether he believed OPEC should cut output at an emergency meeting scheduled for next month in Vienna, suggesting it would depend on the market situation. Crude prices were not predictable, he said on the sidelines of an energy conference in Tehran. Iran is the world's fourth-largest oil producer and traditionally a price hawk in the Organisation of the Petroleum Exporting Countries (OPEC). "We think that this meeting will take good decisions. The aim OPEC pursues is establishing stability in the market," Nozari told reporters. Oil prices touched 13-month lows on Friday in a global flight from risk amid concerns of a worldwide recession and further signs of slumping energy demand. The price fall has caused some OPEC members to call for a production reduction, and the cartel will discuss the impact of the global financial crisis on the oil market at a Nov. 18 meeting in the Austrian capital. British Prime Minister Gordon Brown has said it would be wrong for OPEC to cut output just as oil prices are falling. Visit Guardian.co.uk for full article

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pitchingcoach Sophomore Author Michigan Posts:211 Points:34,605 Joined:Aug 2008	Message Posted: 10/16/2008 11:54:20 AM	Ignore pitchingcoach Report Abuse
	mckellyb: You have hit it right in the bullseye.
mysub Champion Author Las Vegas Posts:1,037 Points:717,685 Joined:Apr 2006	Message Posted: 10/12/2008 9:37:32 AM	Ignore mysub Report Abuse
	tomok, That's it in a nut shell.
tomok Champion Author Portland Posts:9,625 Points:719,110 Joined:Aug 2006	Message Posted: 10/12/2008 9:36:06 AM	Ignore tomok Report Abuse
	OPEC does not seek stability, they seek the highest return for their crude oil. Its all about the 'MONEY!' And the GREED!
mckellyb Champion Author Las Vegas Posts:3,381 Points:641,705 Joined:Sep 2005	Message Posted: 10/12/2008 9:15:26 AM	Ignore mckellyb Report Abuse
	Stability is desired only if prices are falling. Ah, payback is a beeotch. Too bad, so sad.
woodeye55 Champion Author Gary Posts:1,172 Points:427,150 Joined:Mar 2006	Message Posted: 10/12/2008 9:08:10 AM	Ignore woodeye55 Report Abuse
	IRAN + OPEC = BS
civicsrock Sophomore Author Phoenix Posts:171 Points:69,040 Joined:Apr 2008	Message Posted: 10/12/2008 8:53:15 AM	Ignore civicsrock Report Abuse
	I'm crying a river...
sagab Sophomore Author Alberta Posts:149 Points:37,485 Joined:Jul 2008	Message Posted: 10/12/2008 8:50:34 AM	Ignore sagab Report Abuse
	They pump oil out of the ground for what? less than $4 a barrel? What is a logical profit margin?
domer2 All-Star Author Gary Posts:872 Points:379,000 Joined:May 2007	Message Posted: 10/12/2008 8:43:37 AM	Ignore domer2 Report Abuse
	insignificant country in the oil scheme.
eddyp94 All-Star Author Ontario Posts:901 Points:226,305 Joined:Mar 2008	Message Posted: 10/12/2008 8:42:54 AM	Ignore eddyp94 Report Abuse
	eat your oil iran...
BigDogOH Veteran Author Cincinnati Posts:474 Points:225,095 Joined:Mar 2008	Message Posted: 10/12/2008 8:42:33 AM	Ignore BigDogOH Report Abuse
	Nuke IRAN
Chazzer Champion Author Nevada Posts:8,086 Points:1,730,660 Joined:May 2002	Message Posted: 10/12/2008 8:41:12 AM	Ignore Chazzer Report Abuse
	Iran be damned!
TBRR Veteran Author Jacksonville Posts:307 Points:82,325 Joined:Dec 2007	Message Posted: 10/12/2008 8:41:07 AM	Ignore TBRR Report Abuse
	poor babies! i go out of my way to avoid buying gas that comes from the middle east. find out the source of the gas you buy and avoid iran gas. let them mix it with the sand and eat that.
my3sons Champion Author New York Posts:1,585 Points:855,820 Joined:Aug 2005	Message Posted: 10/12/2008 8:40:49 AM	Ignore my3sons Report Abuse
	and how have they been helping the world economy?
brutus Champion Author Alberta Posts:1,757 Points:937,580 Joined:Feb 2003	Message Posted: 10/12/2008 8:40:22 AM	Ignore brutus Report Abuse
	OPEC is at it again.
southpaw33 Champion Author Orlando Posts:1,517 Points:437,295 Joined:Nov 2005	Message Posted: 10/12/2008 8:40:08 AM	Ignore southpaw33 Report Abuse
	iran needs to be more stable........ [Edited by: southpaw33 at 10/12/2008 9:40:21 AM EST]
gasman50 Champion Author Portland Posts:1,314 Points:820,395 Joined:Nov 2005	Message Posted: 10/12/2008 8:37:45 AM	Ignore gasman50 Report Abuse
	Iran is a terrorist sponsor and should be isolated by the world community
gr8oakOH All-Star Author Akron Posts:988 Points:257,090 Joined:Nov 2007	Message Posted: 10/12/2008 8:36:42 AM	Ignore gr8oakOH Report Abuse
	tell iran & all of camel world that we do not need their oil, period
ladyjj Champion Author Tennessee Posts:1,455 Points:161,295 Joined:Apr 2008	Message Posted: 10/12/2008 8:36:41 AM	Ignore ladyjj Report Abuse
	Logical Levels! Yeah right.
Gellin Champion Author Michigan Posts:1,472 Points:1,123,890 Joined:Apr 2005	Message Posted: 10/12/2008 8:36:25 AM	Ignore Gellin Report Abuse
	I'm thinking maybe most of those people that hate us really would love to be living here if you gave them the chance.
NJColt Champion Author New Jersey Posts:4,580 Points:1,025,980 Joined:Aug 2005	Message Posted: 10/12/2008 8:35:51 AM	Ignore NJColt Report Abuse
	yeah, but where was OPEC when we were paying out the nose for oil? They weren't having a problem when gas was around $150 a barell? SCREW them!
bumpygas Veteran Author Nebraska Posts:467 Points:331,385 Joined:Oct 2007	Message Posted: 10/12/2008 8:34:05 AM	Ignore bumpygas Report Abuse
	Iran and all the other Asian countries could not continue to be at war without the money they are greedally hauling in with their oil. Stop buying their oil and see how fast the war will end.
TerryLee Champion Author Ohio Posts:8,824 Points:1,617,850 Joined:Mar 2004	Message Posted: 10/12/2008 8:33:52 AM	Ignore TerryLee Report Abuse
	sounds ok
Terrapinone All-Star Author Baltimore Posts:676 Points:549,730 Joined:May 2004	Message Posted: 10/12/2008 8:31:37 AM	Ignore Terrapinone Report Abuse
	cableman31 -- maybe 95% hate us -- and Iran is definitely one of them
cableman31 All-Star Author New York Posts:768 Points:429,775 Joined:May 2004	Message Posted: 10/12/2008 8:30:00 AM	Ignore cableman31 Report Abuse
	I've got news for you Marson, The whole world hates us.
jwells1954 All-Star Author Albuquerque Posts:553 Points:141,580 Joined:Nov 2007	Message Posted: 10/12/2008 8:29:56 AM	Ignore jwells1954 Report Abuse
	If they pump less oil, they just get less money.
acrider54 Champion Author British Columbia Posts:10,757 Points:1,886,855 Joined:Mar 2003	Message Posted: 10/12/2008 8:26:05 AM	Ignore acrider54 Report Abuse
	Disband OPEC!
ilderton Sophomore Author London Posts:182 Points:112,555 Joined:Jul 2008	Message Posted: 10/12/2008 8:25:38 AM	Ignore ilderton Report Abuse
	By stability, they mean higher prices
robertsss All-Star Author Hamilton Posts:761 Points:92,705 Joined:Jun 2008	Message Posted: 10/12/2008 8:24:31 AM	Ignore robertsss Report Abuse
	Maybe these 'loons' are thinking they will be getting a bailout! That's how crazy they really are.
eagleeye2008 All-Star Author Wisconsin Posts:511 Points:110,065 Joined:Jul 2008	Message Posted: 10/12/2008 8:19:16 AM	Ignore eagleeye2008 Report Abuse
	SCREW IRAN AND O.P.E.C !!!!!
GasaHawg Veteran Author Texas Posts:477 Points:95,555 Joined:Nov 2005	Message Posted: 10/12/2008 8:19:12 AM	Ignore GasaHawg Report Abuse
	There weren't any calls for stability when prices were taking off like and shooting up like a rocket. Why call for stability now?
rbrowdersr All-Star Author Detroit Posts:950 Points:467,000 Joined:Aug 2006	Message Posted: 10/12/2008 8:15:36 AM	Ignore rbrowdersr Report Abuse
	I doubt they will have to ask for assistance.
coolpado All-Star Author Virginia Posts:872 Points:178,545 Joined:May 2008	Message Posted: 10/12/2008 8:13:00 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 8:11:14 AM	Ignore 2Tall Report Abuse
	Drill
H82Bgouged Champion Author Indiana Posts:7,260 Points:1,514,335 Joined:Aug 2004	Message Posted: 10/12/2008 8:09:14 AM	Ignore H82Bgouged Report Abuse
	Of course
Marson Champion Author Scranton Posts:1,133 Points:503,015 Joined:Oct 2006	Message Posted: 10/12/2008 8:07:35 AM	Ignore Marson Report Abuse
	I agree, Iran's only concern is Iran. We need to get off our dependence on people who hate us.
Vin63 Sophomore Author San Bernardino Posts:239 Points:95,335 Joined:Oct 2007	Message Posted: 10/12/2008 8:07:30 AM	Ignore Vin63 Report Abuse
	"Logical level"?!
cheapertvs Champion Author Richmond Posts:1,828 Points:1,121,395 Joined:Jan 2004	Message Posted: 10/12/2008 8:06:04 AM	Ignore cheapertvs Report Abuse
	It is difficult to support high prices when demand is continuing to fall. We have rather difficult economic conditions brought upon us by the mortgage industry and transmitted to many other economies throughout the World. The full faith and credit of the USA is being brought into question like no other time in history. This will be a deep recession.....
suj All-Star Author Wichita Posts:522 Points:104,875 Joined:Aug 2008	Message Posted: 10/12/2008 8:04:17 AM	Ignore suj Report Abuse
	Iran's only concern is Iran. We need to get off our dependence on people who do not have our interests in mind.
tazdriver Champion Author Alabama Posts:2,313 Points:571,510 Joined:Jan 2007	Message Posted: 10/12/2008 8:00:49 AM	Ignore tazdriver Report Abuse
	OPEC is not our friend, they want to destroy our country, we should drill here and now, create our own supply and make OPEC irrelevant to us and the rest of the world.
hank1326 All-Star Author Los Angeles Posts:505 Points:126,730 Joined:Jun 2008	Message Posted: 10/12/2008 8:00:39 AM	Ignore hank1326 Report Abuse
	Ditto to gassygrandpa. Its time to dump OPEC. Let's do our part by conserving.
Prescottonian Sophomore Author Ontario Posts:187 Points:288,095 Joined:Aug 2007	Message Posted: 10/12/2008 8:00:31 AM	Ignore Prescottonian Report Abuse
	I'm feeling really sorry for Iran and OPEC at this moment! NOTTTTTTT!!!!
DAM5 All-Star Author Long Island Posts:545 Points:132,465 Joined:May 2008	Message Posted: 10/12/2008 8:00:12 AM	Ignore DAM5 Report Abuse
	i dont think so
ardmoretoday All-Star Author Oklahoma Posts:874 Points:458,615 Joined:May 2007	Message Posted: 10/12/2008 7:59:40 AM	Ignore ardmoretoday Report Abuse
	Old news
gassygrandpa Champion Author Detroit Posts:3,414 Points:893,345 Joined:Oct 2005	Message Posted: 10/12/2008 7:58:52 AM	Ignore gassygrandpa Report Abuse
	"Bolt" OPEC!
SpruceGuse2 Champion Author Michigan Posts:1,718 Points:862,205 Joined:Mar 2006	Message Posted: 10/12/2008 7:54:24 AM	Ignore SpruceGuse2 Report Abuse
	Let them start living in the real world.
UncleBub Champion Author Dayton Posts:1,877 Points:330,855 Joined:Dec 2007	Message Posted: 10/12/2008 7:52:04 AM	Ignore UncleBub Report Abuse
	pppfff
DriverDave Champion Author Twin Cities Posts:6,443 Points:737,225 Joined:Jul 2004	Message Posted: 10/12/2008 7:51:04 AM	Ignore DriverDave Report Abuse
	Iran seeks high oil prices for one reason and one reason only - Ahmedijehad (however you spell that nutjob's name) needs high oil prices to fund his programs. Same thing in Venezuela with Chavez. Without the money to do the things they have promised, they're as good as dead. Nozari does not speak for all OPEC participants, despite his rhetoric to the contrary. I don't doubt production will be cut, but it won't be significant. The market has plenty of crude in light of the current demand destruction and economic situation.
dabuzman Champion Author Seattle Posts:1,172 Points:468,480 Joined:Apr 2006	Message Posted: 10/12/2008 7:51:03 AM	Ignore dabuzman Report Abuse
	They got cot in the greedy world and they think they could make it bigger. They cause their own turmoil.
gfpinson Veteran Author Atlanta Posts:315 Points:430,375 Joined:Sep 2003	Message Posted: 10/12/2008 7:49:51 AM	Ignore gfpinson Report Abuse
	Amen to winggnutt. [Edited by: gfpinson at 10/12/2008 8:50:12 AM EST]
winggnutt Champion Author Detroit Posts:4,755 Points:1,108,005 Joined:Aug 2005	Message Posted: 10/12/2008 7:47:43 AM	Ignore winggnutt Report Abuse
	just bomb Iran into a sheet of glass!