Archive for the ‘oil’ Category

Russia’s Medvedev says he’s Upbeat About America With President Obama

December 4, 2008

President Dmitry Medvedev said he hopes Russia’s relations with the United States improve after President-elect Barack Obama takes office, according to an interview released Thursday.

Moscow’s relations with Washington have been strained by disputes over U.S. missile defense plans and Russia’s war with Georgia in August.

But Medvedev dismissed suggestions that the chill could lead to a new Cold War, and said he expects the new U.S. administration “to take constructive, reasonable stance, to show willingness to compromise on the most difficult issues.”

Russian President Dmitry Medvedev,left, and Prime Minister Vladimir ...
When journalists see photographs like this from Russia they often ask, “Who is the school master?”  Russian President Dmitry Medvedev,left, and Prime Minister Vladimir Putin seen at their meeting in the Gorki residence outside Moscow, Wednesday, Dec. 3, 2008.(AP Photo/RIA-Novosti, Vladimir Rodionov, Presidential Press Service)

“What we have recently heard from Washington makes me feel moderately optimistic,” he said, without elaborating, in an interview with Indian Broadcasting Corporation Doordarshan that was posted on the Kremlin Web site Thursday.

Medvedev and Obama spoke by telephone last month, but the details of the conversation were not released.

Read the rest:
http://news.yahoo.com/s/ap/20081204/ap_on_re_eu/eu_
russia_us;_ylt=Ag2VravpuxE68McMAS2GMOms0NUE

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Obama’s Many “Number One” Priorities

December 3, 2008

Remember this simple catchphrase for priorities: “It’s the economy, stupid”?

Many think that should be the watchword for the new President Barack Obama.  But a confusing and dangerous miasma of foreign policy challenges lurks and lurches ahead. Without carefully applied wisdom, the United States could make matters worse on a wide range of international fronts and issues…

President-elect Barack Obama waits to get on his plane with ... 
President-elect Obama with his two Blackberris and some light reading.
(Jeff Haynes/Reuters)

Yesterday, two think tanks said the U.S. should move away from Iraq and work like the devil on the nuclear covetous Mr. Ahmadinejad and Iran.

The Brookings Institution and the Council on Foreign Relations said it is time to make peace in the Middle east as a “top priority.”  For the past six years under President George W. Bush, U.S. foreign policy in the region has been dominated by Iraq, said Martin Indyk, director of the Saban Center at Brookings, and Richard Haass, president of the Council.

Now the two agree the real problem is Iran.

Iran's President Mahmoud Ahmadinejad arrives at the U.N. ... 
Nuclear aspirant: Mr. Ahmadinejad of Iran

One difficulty with this line of thinking is that, depending on the day, the think tank report one considers, and the newspaper headline, America faces stadium full of “top priorities.”

In Russia, Medvedev and Putin believe they should be tops on the Obama agenda.  Mr. Medvedev even threatened to deploy nuclear armed missiles in Eastern Europe unles and until the U.S. backed off of its missile defense ambitions with Poland and the Czech Republic.

And the Medvedev/Putin thrust cannot be overlooked: the two had no qualms about invading Georgia to get the attention of the U.S. and NATO: and it worked.

Russian President Dmitry Medvedev visits a ballistic missile ...
Russia’s Medvedev, in front of a startegic Russian missile, said his missile advances will overwhelm U.S. defensive measures in the next few years.
AFP/Pool/File/Dmitry Astakhov

Terrorism could be the number one priority.  Just yesterday the U.S. Director of National Security said in essence that the Pakistani Islamist radical militant group  Lashkar-e-Taiba  blew up Mubai, India, last week, killing nearly 200.

On the same day, yesterday, a group of wise men said the U.S. can expect to face a biological or chemical attack.

Is another 9-11 in America’s future?  And are we ready to defend or respond?

Pakistan itself might lay claim to Mr. Obama’s top priority.  Bankrupt, last weekend rioters ripped through the nations largest city, the Pakistani Army was pinned down by terrorists in the tribal areas, and the nuclear-armed government was under fire from all domestic and international sides over Mumbai.

A Pakistani newspaper wondered yesterday if the Army was about to break with the elected government of mr. Zardari and his Minister Mr. Gilani.

Then there are a few small matters with China, North Korea and you name it.

Oh and there are just a few domestic realities and campaign promises that need our next president’s attention: OPEC and oil, drill or not to drill, schools and education, tax relief, jobs and unemployment,health care, AIDS and the list goes on.

You won’t convince me for a second that the modern miracle of multi-tasking and several Blackberries will resolve this poisonous soup.

America needs to take a deep breath and close its eyes: too much Obama-mania could cause one not to think.

Mr. Obama, the United States, all Americans and all Western allies are in for some very hard work, sacrifices of an unknown nature, and difficult decisions.

Here’s a simple truth: The age of simplicity is over.

*****

From Wikipedia:

It’s the economy, stupid” was a phrase in American politics widely used during Bill Clinton‘s successful 1992 presidential campaign against George H.W. Bush. For a time, Bush was considered unbeatable because of foreign policy developments such as the end of the Cold War and the Persian Gulf war. The phrase, coined by Clinton campaign strategist James Carville, refers to the notion that Clinton was a better choice because Bush had not adequately addressed the economy, which had recently undergone a recession.

India and Pakistan: Two Very Dangerous Neighbors

December 1, 2008

The tensions between India and Pakistan since the Mumbai terrorism should serve as a reminder that India and Pakistan are two of the more dangerous neighbors on earth.

Both nuclear-armed, India and Pakistan have fought several wars since Britain left South Asia and the nations were “partitioned” in 1947.

By John E. Carey
Peace and Freedom

Wikipedia says, “resulted in the creation of the Republic of India and the Islamic Republic of Pakistan, there have been three major wars, one minor war and numerous armed skirmishes between the two countries. In each case, except the Indo-Pakistani War of 1971, where the dispute concerned East Pakistan, the casus belli was the disputed Kashmir region.”

India sees itself as a rival to another “emerging superpower”: China.  The two have tense relationships.

China has built the largest seaport in the world in Pakistan and provides Pakistan with military hardware, technology and assistance.  But when Pakistan recently needed cash, Hu Jintao’s China turned them away and sent them to the IMF.

The U.S. tries to have friendly and helpful relations with both India and Pakistan.  The U.S. just completed a nuclear technology assistance deal with India and Pakistan’s air force has U.S.-made F-16 aircraft.

China, the U.S., Pakistan and India all want a Navy strong enough to assure security in the Indian Ocean and surrounding sea lanes.  Persian Gulf oil headed to Japan, the U.S., and China all passes through these waters.

File photo of the Indian naval warship INS Tabar. A maritime ... 
The Indian naval warship INS Tabar has been involved in recent anti-piracy missions near Somalia.
AFP/Indian Navy/Ho/File

India has a variety of missiles including the short-range Prithvi ballistic missile, the medium-range Akash, and the supersonic Brahmos. The Agni missiles are the most powerful.

India last year successfully test-fired the Agni-III, which is capable of carrying nuclear warheads across much of Asia and the Middle East.

New Delhi says it developed its missile program as a deterrent against neighbors China and Pakistan.

The Agni-II missile being displayed on a mobile launcher during the 2004 Republic Day parade.

The Agni-II missile being displayed on a mobile launcher during the 2004 Republic Day parade.

Pakistan has its own ballistic missiles plus assistance from China on many weapons and projects.

JF-17 testing.jpg

Related:

China and Pakistan’s Strategic Importance: Background

JF-17 “Thunder” Aircraft Join Pakistani Air Force

GhauriMissile.jpg
Pakistan’s Ghauri missile can strike into India and other neighboring nations….

Four months after the U.S. ordered its troops into Afghanistan to remove the Taliban regime, China and Pakistan joined hands to break ground in building a Deep Sea Port on the Arabian Sea. The project was sited in an obscure fishing village of Gwadar in Pakistan’s western province of Baluchistan, bordering Afghanistan to the northwest and Iran to the southwest. Gwadar is nautically bounded by the Persian Gulf in the west and the Gulf of Oman in the southwest.

Related:
Attacks push India and Pakistan into deep water: analysts

Vietnam’s First Refinery Readies to Process Domestic Crude

December 1, 2008

Vietnam’s first oil refinery will use 4 million metric tons of crude from Bach Ho field during a one- year test-run, Vietnam News Agency reported, citing state- controlled Vietnam Oil & Gas Group.

Dung Quat refinery, scheduled to start up by February, will produce 3.4 million tons of petroleum products initially and 5.7 million tons by 2010, the report said today. The plant will need about 6.5 million tons of crude annually.

Bach Ho, the country’s biggest oil field, has been operated by Vietnam Oil & Gas and Russia’s OAO Zarubezhneft for more than two decades. The field produced 4.02 million tons of crude between January and July, according to the joint venture.

By Nguyen Dieu Tu Uyen
Bloomberg

OPEC Meeting Unable to Set Production Goals, Prices – For Now

November 29, 2008

OPEC ended a hastily convened meeting in Cairo Saturday without announcing new output cuts, despite the steep drop in crude prices and the threat it poses to member governments’ national budgets.

The oil producing group’s president, Chakib Khelil, said OPEC is concerned about the weakening world economy and its impact on oil prices. The group, however, will likely wait until a meeting in Algeria on Dec. 17 to decide whether to cut additional crude supplies from the market.

Khelil said oil ministers of the Organization of Petroleum Exporting Countries “agreed to take any additional action on 17th of December to balance oil supply and demand and achieve market stability.”

By TAREK EL-TABLAWY and ADAM SCHRECK, Associated Press Writers

Saudi oil minister Ali al-Naimi is surrounded by journalists ... 
Saudi oil minister Ali al-Naimi is surrounded by journalists during the Organization of Arab Petroleum Exporting Countries (OAPEC) meeting in Cairo, Egypt, Saturday, Nov.29, 2008. OPEC oil ministers downplayed expectations of, but didn’t dismiss outright, an immediate output cut as they faced a third test in as many months of their ability to engineer a rebound in oil prices.(AP Photo/Amr Nabil)

His comments came after the group convened what it called a consultative meeting in Cairo to take stock of market situations and to asses whether members were complying with a 1.5 million barrel per day output cut announced Oct. 24 in Vienna, Austria.

Khelil said preliminary market data indicated members were complying with the earlier cuts.

Saudi Arabia’s king said in an interview published Saturday in a Kuwaiti newspaper that the price of oil should be $75 a barrel, much higher than it is now, but the conclusion of the Cairo meeting with no announcement on output indicated no measures would likely be taken until OPEC meets again next month.

Read the rest:
http://news.yahoo.com/s/ap/20081129/ap_on_bi_ge/ml_opec_meeting;_ylt=Am
EwHA1NJCG3tEyQPVj2nDms0NUE

Somali Pirates, After Grabbing Biggest Prize, Negotiate for Loot

November 18, 2008

Vela International Marine Ltd, a Dubai-based marine company which operates the Saudi-owned Sirius Star, said it was working to secure the release of the supertanker and her crew.

A spokesman for the company said all 25 crew were believed to be safe.

The Saudi-owned vessel was hijacked on Saturday, 450 nautical miles south east of Mombasa.

The large oil tanker is owned by Saudi oil company Aramco but was sailing under a Liberian flag.

The Telegraph (UK)

Earlier, a spokesman for the Foreign Office had confirmed that two of those on board are British but could not give any details of their role on the ship.

US Navy spokesman Lieutenant Nate Christensen, of the 5th Fleet, said: “We don’t know the condition of the crew on board or the nature of the pirates’ demands. In cases like this what we typically see is a demand for money from the ship owners but we haven’t had that yet.

This undated picture made at an unknown location shows the Sirius ... 
This undated picture made at an unknown location shows the Sirius Star tanker conducting a trial run in South Korea. Somali pirates have hijacked the Saudi-owned oil tanker the Sirius Star off the Kenyan coast, the U.S. Navy said Monday, Nov. 17, 2008. The tanker owned by Saudi oil company Aramco, is 330 meters (1,080 feet), about the length of an aircraft carrier, making it one of the largest ships to sail the seas. It can carry about 2 million barrels of oil. Lt. Nathan Christensen, a spokesman for the U.S. Navy’s 5th Fleet, said the Sirius Star was carrying crude at the time of Saturday’s hijacking, but he did know how much.(AP Photo/ Newsis via Daewoo shipping yards and commissioned )

“We don’t know exactly where they are taking it but we know the town of Eyl is a pirate stronghold.”

Eyl is in the northern Puntland region of Somalia and has become notorious for pirate activity over the past months. Dozens of ships are thought to be being held captive there.

The supertanker is the largest ship to fall victim to pirates, the US Navy said. It is 1,080ft (330m) long and can carry about 2 million barrels of oil.

The hijack, which was the first successful attack so far out at sea, raises fears that international patrols nearer the coast and in the Gulf of Aden will not be enough to protect vital trade routes as pirate gangs become ever more audacious.

The Sirius Star was carrying a cargo of crude oil and had 25 crew members on board when it was attacked.

Related:
Somali Pirates Capture Biggest Prize Ever: “Supertanker” Loaded With Oil

Read the rest:
http://www.telegraph.co.uk/news/worldnews/africaand
indianocean/somalia/3475792/Somali-pirates-open-t
alks-for-release-of-hostage-crew-on-oil-tanker-
Sirius-Star.html

Analysts, EU Leaders Urge New Approach To Russia

November 17, 2008

As President-elect Barack Obama transitions into the White House, many world leaders are offering their advice. Over the weekend, Russian President Dmitry Medvedev made clear he wants an early meeting with Obama to try to overcome this period of mistrust, and European leaders are hoping the new president will try a new approach when dealing with a resurgent Russia.

“When Russia flexes its muscles and speaks to us with Cold War accents, the smartest thing to do is to come up with a new form of dialogue,” says French Foreign Minister Bernard Kouchner, who helped negotiate an end to Russia’s brief war in Georgia over the summer. Right after Obama takes the oath of office, he will receive a letter from EU foreign ministers who are seeking — among other things — a change when it comes to Russia.

By Michele Kelemen, NPR

The Bush administration pushed hard to get former Soviet states Georgia and Ukraine on a path toward NATO membership earlier this year, but Europeans are divided on the issue and don’t want to see Obama push the same idea at his first NATO summit in April. The EU ambassador to the U.S., John Bruton, says the United States and Europe will want to avoid antagonizing Russia while giving some reassurances to former Soviet bloc countries now in the EU and NATO.

“We will insist on the protection of their integrity, their independence and their rights as European Union countries,” Bruton says. “We will resist any attempts to induce such things as cyber attacks, which we have seen — probably emanating from Russia. But, equally, we realize we need to talk to the Russians; we need to reason with the Russians and respect the Russians.”

Some analysts in Washington say it is also time to toss aside some of the core issues that have driven U.S.-Russian relations.

“The goal that has animated U.S. policy toward Russia, I would argue for the past 20 years — and that is integrating Russia into the Western community on Western terms — is dead,” says Thomas Graham, who was on President Bush’s national security team and is now with the international consulting firm Kissinger Associates. “Putin made that clear in February 2007. The Georgian conflict is an emphatic exclamation point on that matter.”

When Medvedev spoke to the Council on Foreign Relations during the weekend, he made clear that he won’t back down on the Georgia issue and that he is still angry over NATO expansion. But speaking through an interpreter, he tried to strike a somewhat conciliatory tone in a room full of U.S. foreign policy experts and old Russia hands.

“There is no trust in the Russia-U.S. relations, the trust we need,” Medvedev said. “Therefore, we have great aspirations to the new administration.”

The day after the U.S. election, Medvedev threatened to put missiles in Kaliningrad in response to U.S. missile defense plans in central Europe. He says he wasn’t trying to blackmail the new administration.

Russian President Dmitry Medvedev seen in his study in Gorki ... 
Russian President Dmitry Medvedev seen in his study in Gorki presidential residence just outside Moscow.(AP Photo/ RIA Novosti, Dmitry Astakhov, Presidential Press Service)

“We will not do anything until America makes the first step,” Medvedev said.

One thing the new administration will have to figure out is who they should deal with in Moscow: Medvedev or Prime Minister Vladimir Putin.

Fiona Hill, a government analyst who addressed this issue at a recent conference in Washington, says the Russian leadership doesn’t operate in the same way U.S. leadership does.

“Informal networks have a much more important role to play than formal networks,” Hill says. “We see this in the tandem between Medvedev and Putin — often the official positions of officials don’t really correspond to their weight in the system. So we have to, in some respects, find a software plug-in, basically, between our two operating systems to find a way to talk to each other more clearly.”

Read the rest:
http://www.npr.org/templates/story/story.
php?storyId=97100969&ft=1&f=1001

Somali Pirates Capture Biggest Prize Ever: “Supertanker” Loaded With Oil

November 17, 2008

The U.S. Navy says Somali pirates have hijacked a Saudi-owned oil tanker off the Kenyan coast.

Lt. Nathan Christensen, a spokesman for the U.S. Navy’s 5th Fleet, says the pirates hijacked the vessel Saturday. The tanker is owned by Saudi oil company Aramco and was sailing under a Liberian flag.

Christensen says the pirates took control of the ship 450 nautical miles southeast of Mombasa, Kenya. He spoke Monday by phone from the 5th Fleet’s Bahrain headquarters.

–Associated Press

Link to Fox News:
http://www.foxnews.com/story/0,2933,453030,00.html


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From the BBC

Pirates have taken control of a Saudi-owned oil tanker in the Indian Ocean off the Kenyan coast, the US Navy says.

The tanker was seized 450 nautical miles south-east of the port of Mombasa, a US Navy spokesman said.

Twenty five crew are said to be on board, including members from Croatia, the UK, the Philippines, Poland and Saudi Arabia.

The Sirius Star oil tanker (image from Aramco website)
The Sirius Star made its maiden voyage in March of this year

Read the rest:
http://news.bbc.co.uk/2/hi/africa/7733482.stm
Photo of ship captured by pirates

The U.S. Fifth Fleet said in a release that pirates attacked the Sirius Star, a Liberian-flagged crude tanker owned by Saudi Aramco, the kingdom’s state oil company. It said the ship was operated by Vela International and had a crew of 25, including citizens of Croatia, the U.K., the Philippines, and Saudi Arabia.
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By Barbara Surk
The Associated Press

DUBAI, United Arab Emirates (Nov. 17) – Somali pirates hijacked a supertanker hundreds of miles off the Horn of Africa, seizing the Saudi-owned ship loaded with crude and its 25-member crew, the U.S. Navy said Monday.
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It appeared to be the largest ship ever seized by pirates.
After the brazen hijacking, the pirates on Monday sailed the Sirius Star to a Somali port that has become a haven for bandits and the ships they have seized, a Navy spokesman said.
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The hijacking was among the most brazen in a surge in attacks this year by ransom-hungry Somali pirates. Attacks off the Somali coast have increased more than 75 percent this year, and even the world’s largest vessels are vulnerable.
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The Sirius Star, commissioned in March and owned by the Saudi oil company Aramco, is 1,080 feet long — about the length of an aircraft carrier — making it one of the largest ships to sail the seas. It can carry about 2 million barrels of oil.
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Lt. Nathan Christensen, a spokesman for the U.S. Navy’s 5th Fleet, said the pirates hijacked the ship on Saturday about 450 nautical miles off the coast of Kenya — the farthest out to sea Somali pirates have struck.
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By expanding their range, Somali pirates are “certainly a threat to many more vessels,” Christensen said. He said the pirates on the Sirius Star were “nearing an anchorage point” at the Somali port town of Eylon Monday.
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Somali pirates have seized at least six several ships off the Horn of Africa in the past week, but the hijacking of a supertanker marked a dramatic escalation.
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The pirates are trained fighters, often dressed in military fatigues, using speedboats equipped with satellite phones and GPS equipment. They are typically armed with automatic weapons, anti-tank rockets launchers and various types of grenades.

Read the rest:
http://news.aol.com/article/somali-pirates-hijack-supertanker/250596
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Who Are These Somali Pirates?By Robyn Hunter
The BBC

 

“No information today. No comment,” a Somali pirate shouts over the sound of breaking waves, before abruptly ending the satellite telephone call.
He sounds uptight – anxious to see if a multi-million dollar ransom demand will be met.

He is on board the hijacked Ukrainian vessel, MV Faina – the ship laden with 33 Russian battle tanks that has highlighted the problem of piracy off the Somali coast since it was captured almost a month ago.

But who are these modern-day pirates?

According to residents in the Somali region of Puntland where most of the pirates come from, they live a lavish life.

Fashionable

“They have money; they have power and they are getting stronger by the day,” says Abdi Farah Juha who lives in the regional capital, Garowe.

They wed the most beautiful girls; they are building big houses; they have new cars; new guns,” he says.

“Piracy in many ways is socially acceptable. They have become fashionable.”

Most of them are aged between 20 and 35 years – in it for the money.

And the rewards they receive are rich in a country where….

Read the rest:
http://news.bbc.co.uk/2/hi/africa/7650415.stm

ANWR — Trillion-dollar Arctic cathedral

November 17, 2008

Barack Obama promised change. Here is a good prospect. Few areas of public debate have been as stale – as barren of substance, focused instead on powerful emotional symbols – as the oil development of the Arctic National Wildlife Refuge (ANWR) in northeast Alaska.

By Robert Nelson
The Washington Times

David Kreutzer discusses Arctic oil.  

For the environmental movement, ANWR development long ago became a sacred cause that served above all as a litmus test of whether “you are with us or against us.” It is time to move past all that.

The proponents of ANWR development have also distorted the picture by themselves making false arguments. First, it should be acknowledged that ANWR oil production will not in itself come close to achieving energy independence for the United States. Second, ANWR production alone will not affect oil prices significantly. Even the large reserves that ANWR possesses are not large enough, relative to the total world oil market, to have much effect on future world prices.

The real issue in ANWR is the proper use of the fiscal assets of the U.S. government. The oil there is worth, minimally, $500 billion in gross value and, potentially, $1 trillion dollars or more – depending obviously on the future world price of oil. With the current dire economic situation, and federal deficits projected to approach a trillion dollars in the next year or two, the United States can no longer afford to leave this immensely valuable economic asset to simply sit idle.

The best estimates available, released by the U.S. Geological Survey in 1998, concluded there was a 95 percent probability of finding at least 5.7 billion barrels of “technically recoverable” oil, a 5 percent probability of finding 16.0 billion barrels, and a 50 percent “mean” probability of finding 10.4 billion barrels. For the mean probability, this includes 7.7 billion barrels actually inside ANWR on federal lands, and 2.7 billion barrels owned nearby by Alaska Native Corps. and the state of Alaska (which could be economically produced only in conjunction with the development of the ANWR federal reserves).

An oil pump seen in constant motion, in this photo dated Wednesday, ...
AP

World oil prices have been changing so rapidly that any prediction is uncertain. But at assuming for purposes of discussion a future world oil price of $50 per barrel, the mean expectation for the federal and nonfederal ANWR oil reserves is a cumulative gross market value of more than $500 billion – and it would be worth more than $1 trillion at prices of $100 per barrel. It might cost $20 to $30 per barrel to produce most of the ANWR oil, but the net revenues (after costs) would still probably be greater than $300 billion (and could turn out to be much higher, depending on the future price of oil). To put this in perspective, the United States could have paid most of the interest payments on the national debt in 2008 with the likely future oil revenues obtainable from ANWR.

The objection will no doubt be raised that ANWR production would benefit oil companies, not the federal government or average American citizens. As noted above, however, three-quarters of ANWR oil is on federal land, and the rest is on Native American and Alaska state land. Like existing federal oil and gas leasing on the Outer Continental Shelf (OCS), the ANWR oil would probably be made available to oil companies by competitive auctions and the government would also charge a large royalty on any future production. Throughout the world, the true beneficiaries of petroleum resources are not the oil companies who may physically extract the oil but the actual owners of the resource.

Read the rest:
http://www.washingtontimes.com/news/2008
/nov/17/trillion-dollar-arctic-cathedral/

Iran Again Pushes OPEC to Cut Oil Production, Raise prices

November 15, 2008

Iran called on OPEC Saturday to cut production by a further 1 million to 1.5 million barrels per day when it meets in Cairo later this month, state television’s website reported Saturday.

Iran’s OPEC governor, Mohammad Ali Khatibi, said the cartel needs to act to slash output because demand for oil has declined due to the global financial meltdown.

OPEC, which produces about 40% of the world’s crude oil, decided to cut production by 1.5 million barrels a day last month in response to a dramatic fall in oil prices from a record $147 in July to below $70 last month.

Despite the cut, oil prices have continued to decline. Light, sweet crude for December delivery fell $1.20 to settle at $57.04 a barrel on the New York Mercantile Exchange Friday.

Diving prices have forced OPEC to plan an extraordinary meeting in Cairo, scheduled for Nov. 29, to discuss the plunge.

Iran, OPEC's number two oil producer, favours a cut in crude ... 
Iran, OPEC’s number two oil producer, favours a cut in crude production of 1.0 to 1.5 million barrels per day when the oil cartel meets in Cairo later this month, state television has reported.(AFP/Getty Images/File/David McNew)

Read the rest from the Associated Press and USA Today:
http://www.usatoday.com/money/industries/energy/
2008-11-15-opec_N.htm?csp=34