WATCH: OPEC Chief: "There Is No Shortage Of Oil"

OPEC takes another swipe at speculators blaming them for driving oil prices to record highs.

Speaking at the Reuters Energy Summit, the oil cartel's Secretary General Abdullah al-Badri says there is no need to raise production stressing global supply levels are more than adequate.

He's been speaking with Reuters reporter Darcy Lambton.

Comments

[wolf58]

07:44 AM on 06/12/2008

The New Boston Tea Party

Become a Patriot

BOYCOTT ALL EXXON MOBIL PRODUCTS

Time for us to take back America, one oil company at a time

Our government will do very little
they are in bed with big oil

spread the word

[KillTheMessenger]

01:36 PM on 06/12/2008

Did Exxon's CEO call you, yet? Was he begging you to stop? ;-)

[MagisterLudi]

12:47 AM on 06/12/2008

I absolutrelty agree with OPEC on this issue. The dramatic price of petrol. products is mostly attributable to the speculators driving up the price of this commodity.

A simliar scenario occured in California with price of electricity.
Same model with same idiotic discussions in media about supply-and demand and repairs to facilities and who knows what.
Anything but the discussion of the real culprits like Enron and pals and similar criminal traders.

These are the people that should be shot at dawn. This is what would've happened in China. It's about time bring execusions for white collar crimes exceeding, say $10 million in U.S. and Europe as well.

[KillTheMessenger]

12:55 PM on 06/12/2008

Here is a nice graph for you:

http://www.mnforsustain.org/images/oil_lisbon_laherrere_world_prod_discv_fig46.jpg

Think about it for a bit and then tell me the world is not close to peak oil production.

[DontBeFoolish]

08:53 PM on 06/11/2008

Bush, Exxon, Mobil and other greedy pigs are robbing us blind. GET BUSH OUT! (IMPEACH HIM NOW) He is killing this country.

[heal57]

12:43 AM on 06/12/2008

Bush and Cheney are out in November. I fear the sobs will bomb Iran before they go. If we don't get Obama for our President I fear it will be too late for us. There will be a revolution here if things don't change soon. The greedy bastards in Congress have sold out to the white house who have sold out to the oil companies. Bush/Cheney/Rumsfeld/Rove one day will pay a terrible price. Democrats, wake up and grow yourselves a spine...do something or you're all as bad as they are.
We are in a depression with inflation!!!!

[KillTheMessenger]

12:56 PM on 06/12/2008

Uhh... scary. Almost like a horror movie a la "Saw".

[Troubledwawa]

07:57 PM on 06/11/2008

I have to say that Secretary General Abdullah al-Badri brings up a valid point about the prediction of oil going to $150.00 a barrel, made about three weeks ago, when it was around $117.00 a barrel - And now it's on it's way there.

It's reminescient of when an analyst on Wall Street back in the late 1990's predicted Amazon.com's stock to go to $600 a share, when it was around $200. About 30 to 60 days later, it made it to $600.00 a share - simply through speculators.

One way to find out who is behind this is to get the debate going, as Abdullah al-Badri suggested, and follow the money trail.

[rowzeer]

11:04 PM on 06/11/2008

It's a self fulling prophecy like the runs on the banks in 1929. The more the talk about gas going up, the more it does.

[KillTheMessenger]

06:46 PM on 06/12/2008

Not really. You are always welcome not to go to the gas station. That's what I do. Thanks to my Prius I go less than half as often. And put less in the tank, too.

[darthdarcy]

07:53 PM on 06/11/2008

The Head of OPEC is telling you that it's all due to Speculation not Supply Demand..listen to him and read between the lines...!

Michael Greenberger is right...Bush and Paulson are lying...

This is the biggest swindle in history brought to you by Phil Gramm, Enron and Goldman Sachs...Morgan Stanley all of America's biggest swindlers the Texas Mafia ruining our country..!

[SILVANUS]

07:33 PM on 06/11/2008

WHAT PART OF THIS DO AMERICANS NOT UNDERSTAND?

Bush and Cheney are in the oil business. The oil conglomerates and cheney met behind closed door to discuss the energy situation but the people and even congress are not privy to what transpired in those secret meetings. You don't have to be a genius to put two and two together to smell the stench of their coniving orchestrated criminal activities to stuff their pockets with the people's hard earned money...

As an articulate earlier writer expressed it!

[heal57]

12:28 AM on 06/12/2008

As usual, the American people are screwed again by their politicians selling out. The democrats should do something about this, but they won't; they never do. The last shot we have is the election of Barack Obama. I can tell you I'm not proud of this country for the last 8 years and I don't care who doesn't like that I said it. It's true.

[KillTheMessenger]

12:57 PM on 06/12/2008

What part of "You are using too much oil per capita." do Americans not understand?

All of it, I am afraid.

[Durango]

02:48 PM on 06/12/2008

If supply meets demand then you cannot "use too much oil per capita."

Simple economics.

But the head of OPEC is saying that supply is meeting demand there for there is another reason for the price increase.

[gldkarma]

06:50 PM on 06/11/2008

THOUGHT FOR THE DAY

OPEC sells oil for $136.00 a barrel.
OPEC nations buy U.S. grain at $7.00 a bushel.
Solution: Sell grain for $136.00 a bushel.
Can't buy it? Tough! Eat your oil!
Then oil will come down.

[truthbrigade]

09:25 PM on 06/11/2008

Do us all a favor and stop these nuggets of wisdom "THOUGHT FOR THE DAY". Your infantile assumption here is that they need your grain more than we need their oil; knock knock, you can't grow your grain without their oil. This is a global economy; they will get their grain somewhere else. On the other hand, where the heck you think you will get your oil from? Venezuela!!!!!

[KillTheMessenger]

12:59 PM on 06/12/2008

What are you going to do if oil does not come down? You sound desperate already and oil prices are only one third to one half of what they will be a few years from now.

[sparkey]

05:46 PM on 06/11/2008

Prices will stay high as long as no refineries are built. I haven't heard Obama say to the oil companies, build more refineries. He doesn't dare. They'll take their money elsewhere. Congress will do nothing because they get get money from the same oil companies. The only thing that will change is prices will get higher. Someone once said something about worshiping false idols. Sounds like Cheney's puppet is doing just that and not worrying about it at all.

[nanotubz]

10:20 PM on 06/11/2008

sparkey doesn't bother to read or can't read? What do refineries have to do with the price of crude? Refined products yes, but more refineries will have no effect on the price of crude.

[KillTheMessenger]

01:24 PM on 06/12/2008

The refinery and ANWR issues are powerful signs how much the GOP still dominates the discussion with well place spin. Few Americans seem to be able to look through these classic con games.

[Chavez08]

05:32 PM on 06/11/2008

Hilarious! All of that Saudi salad-tossing Bush did and the cartel still ratted him out.

You can't script this stuff!

[DenveRockwell]

05:25 PM on 06/11/2008

Can someone please explain to me how it is that we're allowing NASCAR to continue running a full schedule, week after week, driving cars in an oval, using fuel? Anyone?

Is this our politicians being afraid to stand up to the "NASCAR dad" group? Because that is idiotic.

[Chavez08]

05:38 PM on 06/11/2008

Are you suggesting we deprive our nations sports fans of their right fluff their mullets, grab some Kodiac and a Big-gulp, paint the #3 on their sunburned backs and watch their favorite drivers bernn thare tars and git-up on the leeeder after a yelluh flag?

Yer unamarriken!

[SILVANUS]

07:31 PM on 06/11/2008

We would want them to be unoccupied, would we. Best the monkeys have something to focus on that keeps their oppressors rich.

[torrrep]

05:40 PM on 06/11/2008

Because they PAY for the fuel they use. And the sponsors and fans contribute BILLIONS in revenue to the economy. Any other questions?

[Rule Of Law]

04:51 PM on 06/11/2008

From HuffPo, 2005! Read internal oil company memos re closed refineries and increased profits! OPEC is telling the truth--there is no shortage, there is no peak oil. What is happening is massive coordinated manipulation of the market! Read it!

http://www.huffingtonpost.com/jamie-court/memos-show-oil-companies-_b_6980.html

[Durango]

04:58 PM on 06/11/2008

Yeah, I knew that years ago.

How?

Because I listened to Pat Robinson, of all people. Yes that Pat Robinson. The nutty preacher.

His family tried to open a new oil refinery in California. He said it was impossible. Not becaue of enviro regs or economics. But because the Big Oil companies wouldn't allow it.

Pat offered to testify to who ever wold listen. No one did.

The story never seemed to catch on in the Corporate Media however. Alhough it had plenty of sex appeal. Nutty preacher, big conspiracy. A story with legs.

I wonder why?

[Rule Of Law]

12:49 PM on 06/12/2008

I ran across a story regarding either a Chevron or other California based company closing down one of the largest refineries. They were offered huge sums of money by other smaller companies to purchase it. They refused! This is not about antiquated facilities needing vast new injections of capital, or going off line for a bit for maintenance, but just taking a productive plant off line to limit the amount of gasoline in the market. If you can find that article please pass it on to me here.

[demfriend]

04:50 PM on 06/11/2008

I love my redneck brother dearly and he as this theory that as with aall of the run ups to previous elections we had all of the fear factors and color codes a person could have to get the vote the "right way" for Bush But this oil thing with the price of gas going up without anyone being held accountable he thinks it's Bush and Cheney's version of a 401k. The oil companies and Bush/Cheney have been thisclose for many years with the bush family and the saud family also very close. With the record profits the oil companies are making maybe they are just waiting until after the election to give Bush/Cheney the money prize and the retirement money they are earning right now at our cost. Until we really have someone find out who is responsible for the hikes beyond reason....my brother's theory works for me.

[Durango]

06:11 PM on 06/11/2008

Imagine the fees Bush and Cheney will receive for their speeches. Although that is the subtle way of paying them off.

Nothing subtle about Georgie Boy.

[rsg5354]

04:47 PM on 06/11/2008

OPEC is being run by a bunch of THUGS and because we won't get out of IRAQ like the IRAQIS want us to...................so npw WE the people will suffer as usual..................So SCREW NCCAIN and BUSH

[SwingingFromCenter]

04:30 PM on 06/11/2008

OPEC guy: No shortage of oil
Investors: Ignore it

Random broker at Merrill Lynch: Oil will be $150 a barrel by July 4th
Investors: Buy! Buy! Buy! Doooooom!

Pathetic.

[thegreatgiginthesky]

03:12 PM on 06/11/2008

Oil prices are based on speculation. Apparently the speculators don't read these stories.

[KillTheMessenger]

01:24 PM on 06/12/2008

Got any proof?

[WIpatriot]

04:33 PM on 06/12/2008

That speculators don't read these stories? Kinda hard, I'd guess.