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Some OPEC Members Push for $100 a Barrel Oil

by Hugh Collins Oct 15th 2010 7:57AM
Updated Oct 15th 2010 8:16AM
Some OPEC members want oil prices to rise to $100 a barrel to offset the decline in the dollar.

The value of the dollar, which has slipped 13% since June against major world currencies, means that the "real price" of oil is about $20 less than current levels, Venezuela's Energy and Oil Minister Rafael Ramirez said after Thursday's OPEC meeting in Vienna.

OPEC, which accounts for 40% of global crude output, left targets unchanged and called for stronger adherence to production quotas, Bloomberg News said.

"They're concerned about the dollar because as the dollar weakens, prices go up," Nordine Ait-Laoussine, former oil minister for Algeria, told Bloomberg News.

OPEC countries are exceeding their quotas as prices creep above the $70-$80 a barrel band that Saudi Oil Minister Ali al-Naimi called "ideal."

"We would love to see $100 a barrel," Shokri Ghanem, chairman of Libya's National Oil Corp. said. "We're losing real income. Libya in particular would like to see a higher oil price."

Other countries are less certain: Kuwait's oil minister said he'd prefer a price no greater than $85 a barrel; while the Algerian minister said a price between $90 and $100 a barrel was "reasonable."

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15 Comments

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Jennie

oil is going down now how long will it take for gas to go down??? is gas going down too. or are they going to stay at this price an wait till it goes up an add more onto us???????????? last time it went down it took it four days before gas went down an the next day gas went up .13 cense then the next day it went up .04 cen. well lets see what happens.

October 15 2010 at 5:09 PM Report abuse rate up rate down Reply
Jennie

If oil goes to $100.00 a barrel then how will we be able to go any where??? I think gas should be $1.89 a gal an freeze there. The oil comps. can go to where ever they want because they don't have to think where their next meal or house payment or rent payment or how to pay their bills will come from. Their money is coming from US we pay their bills an their nights out on the town an it has to stop. They want more money an they can't take it with them on less some one writes a check an puts it in their A-- to take it with them. It sure won't pay for their way in to heaven because like the good book says we came into this world with nothing an we will go out with nothing. So there you go we have to stop this run on OIL.

October 15 2010 at 4:52 PM Report abuse rate up rate down Reply
quack88

India and China are consuming vast amounts of oil and we are paying higher prices even though we have cut consumption here in the United States! I believe that OPEC and the refineries should raise prices on the largest consumers and level the prices for consumers intent on conservation. If refineries are doing business here in the United States, the legislators should be placing a cap on the pricing structure for oil used here. Oil at $100 a barrel is ludicrous and it should be at $50.00 a barrel.

October 15 2010 at 4:11 PM Report abuse rate up rate down Reply
mlong119

brokeribm: Its lame brained people like you who's ruining America! What about the twin towers, too bad you weren't in one of them, and if you think Obama is doing a good job running this country, then maybe you should go back to Kenya with him.

October 15 2010 at 11:05 AM Report abuse +1 rate up rate down Reply
1 reply to mlong119's comment
chris1011

mlong: you are the opitome of a LOSER

October 15 2010 at 11:38 AM Report abuse -1 rate up rate down Reply
brokeribm

Accusing this president for the bad economy is so ridiculous that it makes me laugh. Accusers should look back at the previous president,Bush ;and at what he did during the 8 years he reigned in the USA. He spend all our sacrifices ,all our future, all our tax dollars in '' FUTILE WARS''; wars that were not needed at all ; wars that were intended to help our ally,Israel , who thought that Iraq would go to war to destroy Israel. They even invented a scapegoat who they named Osama Bin Laden; accusing him to have planned the 9-11 . This was to deviate the minds of the week American people and to convince them that what they said was the truth. Accusations to provoke wars against the enemies of our Ally. The same exactly happened with Afghanistan ,Pakistan, and so on. Wars provoked by our ally ,in order to secure it's future as a nation. These wars begun by Bush, keep costing us hundreds of billions of our hard earned tax dollars; and this is the truth ,the absolute truth. Don't accuse President Obama ! Accuse Bush and Cheney and the rest of the warmongers beside them. Of course this is the way I see things; I can be wrong on making some accusations but we are in a free country and are free to think and say what we think.If I am wrong, you have to come up with some proof to convince me otherwise.

October 15 2010 at 10:56 AM Report abuse -1 rate up rate down Reply
Bearmaul

Under Obama the dollar will continue to decline as he destroys whats left of America, expect oil to go to 150 to 200 dollars barrel until well after he leaves office........We may never recover from him.

October 15 2010 at 9:17 AM Report abuse rate up rate down Reply
1 reply to Bearmaul's comment
chris1011

If we are to recover from the recession and add jobs, the dollar MUST decline with respect to world currencies. We cannot continue to live on our credit cards buying foreign made goods. We have to start manufacturing things again, and this cannot happen if the dollar is strong. Your reference to Obama is infantile, and that infantile thinking is what's destroying America.

October 15 2010 at 11:37 AM Report abuse -1 rate up rate down Reply
jfkcards

Why not peg the price of food stuff that we produce linked to the price of oil that we import.

October 15 2010 at 8:53 AM Report abuse rate up rate down Reply
1 reply to jfkcards's comment
itacurubi

The stronger the dollar, the more oil will cost; but the stronger the dollar, the more manufactured goods we will import. American manufacturing will not recover unless and until the dollar is much weaker. (You appear not to have questioned why the Japanese, the Europeans, the Chinese and others expend great effort to avoid a strengthening of their respective currencies. Are they irrational?)

October 15 2010 at 9:54 AM Report abuse rate up rate down Reply
shm3418

Or maybe I should say, just in time for November!

October 15 2010 at 8:42 AM Report abuse rate up rate down Reply
shm3418

Let them have the 100, hell, wallstreet traitors have kept where it's been all this time! REMEMBER NOVEMBER!

October 15 2010 at 8:41 AM Report abuse +1 rate up rate down Reply
jtrokovich

if oil goes above $100/barrel america is done!!

October 15 2010 at 8:22 AM Report abuse +1 rate up rate down Reply