Oil skies as OPEC talks break down with no agreement to increase production. Saudi Oil Minister...

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Freddy Hutter, TrendLines R... Comments (3195)
 
Production records have been set in five of the last five quarters, there's still 6% idle capacity & inventories are way above the five year avg. OPEC realizes the high prices are related to the falling USDollar ... not fundamentals. $23/barrel can be attributed today to US$ Debasement since Feb/2009.

Barrel Meter chart: seekingalpha.com/insta...
8 Jun 2011, 09:57 AM Reply Like

Duude Comments (3274)
 
Don't understand why oil would rally on this news. OPEC sets production limits so they don't produce too much, not too little. Greed keeps them from producing too little. The fact is Saudi Arabia will do whatever they want to do.
8 Jun 2011, 11:16 AM Reply Like

Gadz Comments (131)
 
I'm hoping this breakdown in agreement leads to the complete breakdown of OPEC sometime in the future. It would be very interesting to go back to when there was no OPEC and see what happens to oil prices then.
8 Jun 2011, 08:47 PM Reply Like