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Source: http://sg.news.yahoo.com/afp/20081217/tts-...ce-c1b2fc3.html

The oil price just start to fall towards USD100. Now with the cut in daily production, oil price will increase again. The oil cartel are just too greedy. http://us.rd.yahoo.com/finance/finhome/top...qw98zANy7YWsA/* http://biz.yahoo.com/ap/080910/opec_meeting.html

Source: http://www.channelnewsasia.com/stories/afp.../364552/1/.html Iran expects OPEC to control quotas Posted: 03 August 2008 0116 hrs TEHRAN: Iran, the number two oil producer in OPEC, expects the cartel to discuss ways of controlling the quotas of member countries at its next meeting in September, the official news agency IRNA said. "In case of the continuation of a downward trend in oil price, one of the serious discussions in the next OPEC meeting will be definitely the quotas," IRNA quoted Oil Minister Gholam Hossein Nozari as saying. The Organisation of Petroleum Exporting Countries is scheduled to hold its next regular meeting on September 9 in Vienna. "OPEC, as the responsible body to control the market, should be more meticulous for the control of quotas," the oil minister said. "The (member) countries that have increased their capacity should control it... The issue is that some countries have been supplying more than their quota," he added. Nozari said in July that Iran was against any hike in the cartel's output quota despite continued high crude prices. Iran is the world's fourth-largest crude oil producer and tension over its nuclear programme helped push crude prices to record highs above 147 dollars a barrel on July 11. But prices dropped by around 20 dollars since then. In London, Brent North Sea crude for September delivery soared as high as 127.94 on Friday before settling at 124.18 dollars. - AFP/de

'The price of oil will rise again in the coming weeks. We have to follow the evolution of the dollar, because a one per cent fall in the dollar means four dollars more on the price of oil,' Mr Khelil, who is Algeria's minister of energy and mines, told the independent daily. Hmmmm this statement only makes sense for car owners living in the US, but for Singaporeans there should be no increase at all in oil prices as the SGD can buy more USD. Makes sense?

[/color]Oil falls towards $76 ahead of OPEC Mon Sep 10, 2007 4:56 AM ET mmmm...wonder petrol price will come down??? By Annika Breidthardt SINGAPORE (Reuters) - Oil slid towards $76 on Monday, as traders waited to see if top exporter Saudi Arabia will continue to back steady OPEC supply curbs, after weak U.S. jobs data raised concerns of a recession that could hit demand. U.S. light crude fell 55 cents to $76.15 a barrel by 0850 GMT, after climbing 40 cents on Friday. London Brent crude shed 66 cents to $74.41 a barrel. Ahead of its meeting in Vienna on Tuesday, most oil ministers in OPEC, which supplies more than a third of the world's oil, have stuck to the line that current output was sufficient to meet demand. But Saudi Oil Minister Ali al-Naimi has declined comment, after a report by Washington-based consultancy PFC Energy saying Saudi Arabian sources signaled OPEC may need to consider an output boost of up to 1 million barrels per day (bpd). "Near-record spot prices, steep inventory draws and economic uncertainty would all be good reasons for OPEC to reverse its October 2006 production cuts at its meeting on September 11," said Lehman Brothers in a research note. "But few observers, us included, believe that it will do so." Saudi Arabia told its customers in Asia it would keep its crude oil supplies steady for October from September levels, industry sources in Japan and South Korea said on Monday. More than half of Saudi Arabia's crude heads to Asia. Saudi Arabia's view is key to any OPEC decision. The kingdom pumped 8.65 million bpd of the cartel's total August production of 30.37 million bpd, Reuters data shows. It also has the bulk of OPEC's spare production capacity. Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries have lowered output since last year, following deals to remove 1.7 million bpd, or about 6 percent of supply, from the market. Economic troubles that some analysts fear could undermine future oil demand have kept a lid on an oil price rally to near the record high of $78.77 a barrel struck on August 1. Payrolls in the United States shrank unexpectedly for the first time in four years last month, data showed on Friday, prompting concerns that credit market turmoil may drag the economy into a recession.