Couldn't have happened to a nicer bunch of guys. OPEC's credibility being about as valuable as Managing Director in a dataroom, their "dramatic announcement" of production cuts after an "emergency meeting" earlier resulted in bored yawning from markets. This has prompted talks of an "emergency emergency meeting" which apparently can't wait until December.
But, for self-serving quotes that remind you how much financial idiocy helps OPEC, and to what extent they are willing to wield that power to befuddle, this missive from Kuwait's Oil Minister Mohammad al-Olaim has got to take the cake:
OPEC does not interfere in setting the price but what sets the price is the mechanism of the market.... OPEC always seeks to stabilize the market and availability of the product.
If they get panicky enough, (and remain cohesive enough) OPEC might... er... "over-stabilize" the market right back up to the stratosphere. How desperate are they? Quiz for the oil gurus in the audience: before this year, when was the last time an emergency meeting was called without a single dissenting vote?
OPEC officials say ready to act again to boost oil [Reuters]
Posted by guest , Oct 28, 2008 9:34AM
"valuable as a MD in a dataroom" finally some EP lulz
Posted by guest , Oct 28, 2008 9:39AM
"when was the last time an emergency meeting was called without a single dissenting vote?"
I assume that this is a reference to the oil embargo back in the 70's?
Posted by guest , Oct 28, 2008 9:45AM
fuck these camel jockey's.
Posted by VOL IS KING , Oct 28, 2008 9:47AM
OGRABME
now you're ripping on 1800's political cartoons...
http://en.wikipedia.org/wiki/Image:Ograbme.jpg
i'm still waiting for an original thought today EP. Maybe some starbucks would help.
Posted by guest , Oct 28, 2008 9:53AM
They can't remain that cohesive. An oil embargo is Right Out. Too many of them would have welfare-state crashes if the oil money stopped flowing for more than a week. Their addiction to our fake money makes a smackhead look like somebody who just gets a little cranky if they don't get their morning coffee.
Posted by guest , Oct 28, 2008 9:57AM
I love OPEC. They hold an emergency meeting and vote to cut production. Much rejoicing. Oil prices rally. Everyone cheats but the Saudis. Oil prices fall. Everyone cheats more, so the Saudis cut more. I am amazed that the Saudis haven't kicked OPEC to the curb years ago.
Posted by guest , Oct 28, 2008 9:59AM
trick question. Dissenting is in violation of sharia law and punishable by public stoning.
Posted by guest , Oct 28, 2008 10:03AM
At least we have Iraq oil.......after all those kids get shoved into that meat grinder by Alfred E Neuman, Iraq says $100 oil is fair.
How about a glass desert you pricks.
Posted by strangebrew , Oct 28, 2008 10:16AM
8- Hey punk, have a little respect for those that laid down their lives for this country. While I agree with your feelings about Iraq's gratitude, using the word 'kids' is hugely disrespectful. If you bothered to do a google search on the average age of soldiers killed in Iraq, you will find that it is in the range of 27-30.
Posted by guest , Oct 28, 2008 10:18AM
Double-fuck the greasy, sharia-loving, terror-bombing, jew-hating, french riviera-whore-mongering, swarthy, fat, work-eschewing, money-sucking, towel-wearing bunch of them.
Plus Hugo Chavez and the donkey he rode in on.
Drill, Drill, Drill, Drill some more and them Drill.
Gimme 100 new Nuclear plants, gimme windmills, gimme photo-voltaic solar, gimme pressure-injection geothermal, gimme, gimme, gimme, gimme.
I'll gladly pay a premium for domestic energy, if we can deny significant market share to our enemies.
And they are our enemies.
Posted by guest , Oct 28, 2008 10:21AM
girl, pls come in and tell us what a bunch of assholes we all are
Posted by guest , Oct 28, 2008 10:21AM
#10...suggest laying off the caffiene good buddy...your McCain is showing
Posted by guest , Oct 28, 2008 10:22AM
#10...suggest laying off the caffeine good buddy...your McCain is showing
Posted by guest , Oct 28, 2008 10:38AM
apologies, but you ignorant bunch of idiots have no idea what you are talking about.
Posted by guest , Oct 28, 2008 10:41AM
apologies, but you ignorant bunch of idiots have no idea what you are talking about.
Posted by Tapecracker , Oct 28, 2008 10:55AM
Hey #10
We French riviera-whore-mongers are a woefully misunderstood bunch. "Don't knock it 'til you try it" is all I'm saying.
Posted by guest , Oct 28, 2008 11:15AM
Hi. I'm Barrack Obama. What is an OPEC?
Posted by guest , Oct 28, 2008 12:08PM
Hey #9 chill the fuck out. Nobody meant any disrespect, and calling our soldiers "boys" has been going on for quite a while. Jeez.
Posted by guest , Oct 28, 2008 12:53PM
we should finally pressure the middle east to give us their reserve numbers.... though, that may result in panic
Posted by guest , Oct 28, 2008 1:09PM
#19 Well, they'll give you some numbers, but what do you think they'll be worth?
Posted by guest , Oct 29, 2008 1:38AM
"Jew-hating" seems to be the key here - what say EP?