OPEC Set To Keep Output Ceiling As CARTEL Is HAPPY With Oil Market!

But of course they are HAPPY, the joke is on us the people of the world! Heck a better description of their feelings would be SHEER HEARTY LAUGHTER!

For those of you who are not familiar with the term CARTEL, here is the definition: "A group of companies or countries which collectively attempt to AFFECT market prices by controlling production and marketing. ILLEGAL in the United States and the European Union. Very few major cartels exist; the most prominent example is OPEC, a cartel which can not be considered illegal because it is made up of sovereign states, not companies."

Now tell me that is not JACKED UP! Re-read this definition again until you get what I'm trying to show you. A cartel is a cartel is a cartel NO MATTER how these a-holes try to spin it. A sovereign state IS a country!

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The Earth Times

OPEC set to keep output ceiling as cartel is happy with oil market

written by dpa

Thursday October 14, 2010 at 09:15:54 GMT

Vienna - The Organization of the Petroleum Exporting Countries (OPEC) was set to keep its production target unchanged at a Vienna meeting on Thursday, as the group's oil ministers expressed content with oil prices and with the market situation.

Benchmark oil brands have traded between 70 and 85 dollars for most of this year.

"I think this is an ideal situation we are in now," said Oil Minister Ali al-Naimi of Saudi Arabia, OPEC's biggest producer. "The market is well supplied. Demand is increasing," he added.

The cartel's 12 members last decided on slashing production in December 2008, but have been producing above target since.

"It's not affecting the market," al-Naimi said when asked about the level of compliance with that decision.

But not everyone in OPEC thinks that the current price level above 80 dollars is high enough in the long run.

Venezuelan Energy and Oil Minister Rafael Ramirez said he hoped for a price between 90 and 100 dollars per barrel (159 litres) next year. Ramirez said that level was needed "for investment and for all activities to increase capacity of production."

Venezuela and Iran are known as the price hawks among OPEC members.

OPEC's basket price of 12 crude brands rose to 80.90 dollars per barrel on Wednesday, 1.26 dollars up on the previous day.