OPEC oil talks collapse, no output deal

[Politically_Incorrect12]

VIENNA (Reuters) - OPEC talks broke down in acrimony on Wednesday without an agreement to raise output after Saudi Arabia failed to convince the oil cartel to lift production.

"We were unable to reach an agreement -- this is one of the worst meetings we have ever had," said Ali al-Naimi, oil minister for Saudi Arabia, OPEC's biggest producer.

The failure to do a deal is a blow for consumer nations hoping the Organization of the Petroleum Exporting Countries would take action to stem fuel inflation.

It also underlines concerns about OPEC's willingness to help control prices, perhaps leaving the oil market more open to speculative attack.

"It is absolutely amazing," said Alirio Parra, Venezuela's former OPEC president. "This is not market leadership.

Brent crude rose $1.30 a barrel to $118.08.

The United States had put pressure on Saudi to deliver a credible deal to cap crude prices and underpin faltering economic growth.

"We have noted with disappointment that OPEC members today were unable to agree on the need to make more oil available to the market," said the West's energy advisor the International Energy Agency.

Read more at: beta.news.yahoo.com/opec-divided-saudi-pushes-oil-increase-073542388.html

[deziloooooo]

The Saudis can't do it alone, they are part of the whole. There are reasons the Saudi's would like to increase production, get oil prices down as is stated in the following article However I beleive there are other countrys , oil Producers, Iran, Venezuela, who need as much in $ as they can get due to heavy expensives back home, Iran is broke, lots of subsidys for basic food products, their Nuclear weapons expenses, , Iraq can use all the $ they can get, same with Venezuela, thus to lower prices per barrell is not in their intersts.
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edition.cnn.com/2011/OPINION/06/06/isaacs.oil.addiction/index.html
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U.S. can break addiction to imported oil
By Eric Isaacs, Special to CNNJune 6, 2011 -- Updated 1830 GMT (0230 HKT)

Saudi prince urges lower oil prices so West won't develop alternatives to oil

America still imports half of the oil it uses, mostly for transportation
Eric Isaacs: U.S. is making progress on batteries, other technology, to cut oil use

He says research will go on whatever happens to the price of oil
Editor's note: Eric Isaacs, a physicist, is director of the U.S. Energy Department's Argonne National Laboratory and a professor of physics at the University of Chicago.

Argonne, Illinois (CNN) -- Nobody likes soaring gas prices -- not motorists, not consumers, not business owners, not elected officials. Now, even a Saudi prince, whose family's massive wealth is built on oil, is complaining about the high price of gasoline.

Recently. Saudi Prince Al-Waleed bin Talal told CNN's Fareed Zakaria that oil prices are now so high that they are creating powerful incentives for Americans to find new, green sources of homegrown energy. "We don't want the West to go and find alternatives, because, clearly, the higher the price of oil goes, the more they have incentives to go and find alternatives," he said. In response, he called on the petroleum-producing countries of the Middle East to cut the price of crude oil.

But oil producers should not assume that Americans will lose interest in alternative energy sources if gas prices come down. Even if oil prices tumble, American scientists and engineers will keep on seeking better, greener, cheaper ways to generate and store energy, working toward our goal of American energy independence."

[Politically_Incorrect12]

Higher oil prices are definitely making alternative energy sources more appealing to many people. Sometimes short term gain can hurt you in the long run if it steers more people toward your competition.

[NoMoreLunacy]

I made good money buying oil futures. Wouldn't mind prices to go up to $150, then I would sell and short.

[deziloooooo]

That's what the Prince was saying , killing the Golden Goose...with all the yelling and screaming that is going on with the troubles we have...I can see Western Nations and ourselves, putting the energy into and even cooperating to refine the alternative energy sources, for self survival reasons if no other, as we did in three yeas in productions of items during WW2, we are not he only ones in the World with smart people.

Possible even joined by scientists from Chin, Russia, all over the globe..oil still will be important but with new energy sources..these crazy fluctuations and basically draining of wealth just for energy can be brought down in time and I don't mean the time of " Stat Trec the Next Generation" or beyond, but with in a reasonable time span...the time of many of the posters here..This I do believe , and I believe it will be happening...sooner then later.

[NoMoreLunacy]

As long as the energy companies keep making campaign contributions there is 0 chance of viable alternative energy. I wouldn't worry about it. In the mean time, playing the oil futures market is extremely lucrative.

[fairlycrazy23]

We simply need to allow our own production of petroleum to increase dramatically , from drilling and other methods, while allowing but not subsidies alternative forms of energy.
Even though the majority of our new oil would take years to get on the market, there is evidence that OPEC and other oil producing countries would increase output now.
Future production does have an effect on current prices and production.

[NoMoreLunacy]

Jun 10, 2011 9:21:02 GMT -5 fairlycrazy23 said:

We simply need to allow our own production of petroleum to increase dramatically , from drilling and other methods, while allowing but not subsidies alternative forms of energy.
Even though the majority of our new oil would take years to get on the market, there is evidence that OPEC and other oil producing countries would increase output now.
Future production does have an effect on current prices and production.

I like high gas prices. I am long oil futures. I don't see why we should goof up a good thing.