OPEC to increase production

[KalicoKitty]

AP) - OPEC will increase its oil production by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant -- given that the cartel is already exceeding the new quota. Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said Wednesday the cartel agreed to the decision to raise output by nearly 4 percent, adding it would take effect Nov. 1. "We will give a signal to the market that we are working hard for the stability of the market," he said.


http://story.news.yahoo.com/news?tmpl=story&ncid=&e=6&u=/ap/20040915/ap_on_bi_ge/opec_meeting_23



Of course…this was reported months ago:


There are reports that Bush made an agreement with the head of Saudi Arabia, that the Saudis would keep fuel prices high and then drop the prices right before the election in November.

NEW YORK (CNN) - A top Saudi official has assured President Bush that his country will increase oil production to lower gas prices before November to help the president's re-election prospects, according to a broadcast report Sunday. Washington Post journalist Bob Woodward, discussing his new book on the run-up to the Iraq war on CBS' '60 Minutes,' said Prince Bandar bin Sultan, the Saudi ambassador to the United States and a long-time friend of the Bush family, has given the pledge that "certainly over the summer, or as we get closer to the election, they could increase production several million barrels a day and the price would drop significantly."

http://money.cnn.com/2004/04/19/news/international/election_saudi/


But, of course the WH denied it: :shrug:


WASHINGTON (CNN) -- The White House and a top Saudi official denied Monday a report of adeal to lower gasoline prices before the November presidential election. The Bush administration did say it has received assurances from Saudi Arabia that oil prices will stay in the range of $22 to $28 per barrel, but said the recent discussions have nothing to do with presidential politics.

http://edition.cnn.com/2004/ALLPOLITICS/04/19/bush.oil/

[Supersedeas]

1. Yep...just in time for the election...AS PROMISED

[saigon68]

9. THE CHIMP gets on his knees to service KING BANDAR

As Cheney and the NEOCONS count their ill gotten gain

[htuttle]

2. Talk is cheap

Show us the crude, Bandar.

I don't think he can.

[jayfish]

6. He Can't,...

SA is already at capacity, yet they keep promising more. Sounds just like Shrubya.

Jay

[2Design]

3. yes I am expecting gas prices to go way down in October

[SoCalDem]

4. They will probably be $1.49 gal by Halloween

:puke:

[KerrysLuvChild]

5. Yeah.. Maybe even 1.29

Were screwed now... Kerry may as well just give up and let Gephart step up to da plate... Mr. G would probably do better than dear old... well u know Kerry.

[kwolf68]

7. Yep

Demand should peter off now that the Summer season is over, yet they ramp up production now?

Is there anyone who can’t smell bullshit all over this?

Bush=Saudi Arabia

[Massacure]

8. If they ramp up gas production, heating oil will go through the roof

They can't have it both ways.