Most if not all of Middle East OPEC countries are pro American, that is how and
why when Brown states such an insult against OPEC, he knows that no one will
respond.
There is enough oil and even more than the world demand in the market which was
pumped based on west pressure on OPEC. Oil prices are set on daily bases in
London. London increased oil prices to US150/bbl only to donate the poor
moneys to the western Oil Companies. There is a lot of intentional baffling to
the public by these below irresponsible statements. And I say why not the
nation of England condemn Brown for his criminal solution of helping ailing
thief banks by the money of the people.
S1000+
Brown condemns OPEC move to cut supply
(RTTNews) - British Prime Minister Gordon Brown said it was "absolutely
scandalous" that the Organization of Petroleum Exporting Countries
(OPEC) is planning a meeting to consider cutting oil production in a
move to drive prices higher.
Accusing the oil cartel of manipulating prices, he said his government
would "certainly try and prevent this happening."
It
is feared that a ministerial-level meeting of OPEC members will vote to
reduce supplies to reverse the trend that has seen a sharp fall in oil
prices lately. Worries about weakness in the global economy, spurred by
the recent financial crisis, have pushed oil prices to around $70 per
barrel, well off the all-time high of more than $140 set earlier this
year.
Oil prices rebounded Friday above $71 a barrel on
speculation that next week's emergency meeting of the crude producers'
cartel may decide to reduce output.
The OPEC meeting,
originally scheduled for next month, was advanced to October 24 to
discuss the global financial crisis and its impact on the oil market.
Speaking
to business leaders in Nottingham Friday, Brown attributed the price
rise to forecasts that said demand would exceed the supply in long-term.
"People thought, looking ahead, that there was no way other than the
price going up," he said.
He called upon oil firms to pass on the benefit of price falls to the
consumers.
He
urged oil giants such as Esso and Total to reduce the price of unleaded
petrol to less than a pound for a liter, as done by supermarkets.
Wednesday,
Britain's supermarket networks Asda and Morrisons slashed the price of
unleaded petrol to 99.9 pence a liter, the first time since last
December that petrol has been under £1 - the equivalent of about
$1.73- in the country.
Brown said he wants to reduce
Britain's dependence on oil. "We don't want to be dependent on unstable
regimes or regimes that want to dictate the terms of the oil they are
providing for reasons other than commercial."
The
retail price rates of petroleum products remain the same in most of the
countries even after the global trade prices of crude more than halved
from a peak of around $147 per barrel, marked in July.
The almost daily-diminishing prices slashed the cartel's revenues
considerably.
OPEC
members such as Iran and Ecuador, which are heavily dependent on oil
revenues, want production to be cut to minimize the prospect of prices
falling any further.
If what Qatar's energy minister
Abdullah bin Hamad Al Attiyah said Friday is an indicator, OPEC will
cut oil output by at least one million barrels a day, which, in turn,
is expected to reflect in an upward trend in prices.
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S1000+
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