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OPEC's Influence Declines in Complicated Oil Market

CNBC -- OPEC could surprise the oil market and decide to change to its output targets at Wednesday's meeting. But comments from oil ministers gathering in Vienna indicate the group will likely stick with existing quotas.

As Saudi Oil Minister Ali Al-Naimi, the minister of the world's top oil producing nation, put it, "The market is in balance, the price is great, inventories are coming down so why should we do anything?" But later, he added that OPEC "will never allow" global oil markets to get too tight to pressure oil prices.

Some observers may have expected the latter comments to contribute to an oil price rally, but even as prices approach $82 a barrel, many traders say they are focused more on charts than OPEC members' chatter.

"Everything is short term now

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Submitted Mar 16, 2010 By: PrepHermit

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honda0105 Champion Author Tallahassee Posts:15,266 Points:1,142,300 Joined:Nov 2008	Message Posted: Mar 18, 2010 12:09:44 AM Ignore honda0105 Report Abuse Art48: no truer words have been spoken on this thread than those.
honda0105 Champion Author Tallahassee Posts:15,266 Points:1,142,300 Joined:Nov 2008	Message Posted: Mar 18, 2010 12:08:56 AM Ignore honda0105 Report Abuse the more good reasons to find renewable, sustainable, domestically produced energy alternatives to oil and even NG.
NJColt Champion Author New Jersey Posts:10,355 Points:2,180,435 Joined:Aug 2005	Message Posted: Mar 17, 2010 8:07:56 AM Ignore NJColt Report Abuse yup, "charts"... that what does it :o/
afghaned Champion Author Hamilton Posts:8,502 Points:821,700 Joined:May 2004	Message Posted: Mar 17, 2010 6:39:39 AM Ignore afghaned Report Abuse The output doesn't seem to matter as greedy blood suckers seek excuses to keep prices high.
RobRD Champion Author Alberta Posts:3,828 Points:896,020 Joined:Jul 2007	Message Posted: Mar 17, 2010 2:07:25 AM Ignore RobRD Report Abuse The Saudis are the ones with the influence.
Art48 Champion Author Sacramento Posts:2,586 Points:96,255 Joined:Feb 2009	Message Posted: Mar 17, 2010 1:13:31 AM Ignore Art48 Report Abuse altima2008 - as if the last president did such a good job. People have such short memories.
PDQBlues Champion Author San Diego Posts:4,706 Points:980,350 Joined:Jan 2009	Message Posted: Mar 17, 2010 12:39:15 AM Ignore PDQBlues Report Abuse OPEC can't decline enough.
snofog All-Star Author Seattle Posts:623 Points:92,655 Joined:Jan 2010	Message Posted: Mar 17, 2010 12:31:51 AM Ignore snofog Report Abuse Gosh
RedRam2005 Champion Author San Antonio Posts:5,696 Points:1,057,810 Joined:Dec 2007	Message Posted: Mar 17, 2010 12:28:06 AM Ignore RedRam2005 Report Abuse OPEC and speculators are a terrible combination for consumers.
signwiz Champion Author Indiana Posts:1,395 Points:1,349,930 Joined:Feb 2006	Message Posted: Mar 17, 2010 12:27:21 AM Ignore signwiz Report Abuse If they only watch their charts, they'll lose.
Bert2010 Veteran Author Columbus Posts:431 Points:184,095 Joined:Feb 2010	Message Posted: Mar 17, 2010 12:23:21 AM Ignore Bert2010 Report Abuse As long as the speculators control the markey and make money off of us working stiffs gas prices will remain high.
Rooster922 Champion Author Wilmington Posts:1,545 Points:230,495 Joined:Jan 2009	Message Posted: Mar 17, 2010 12:22:17 AM Ignore Rooster922 Report Abuse what's going on?
Rednix Champion Author Miami Posts:3,889 Points:815,070 Joined:Jul 2009	Message Posted: Mar 17, 2010 12:21:27 AM Ignore Rednix Report Abuse I think the speculators have taken over the market and even mighty OPEC can't do much about it.
altima2008 Champion Author Philadelphia Posts:5,793 Points:1,272,305 Joined:Apr 2008	Message Posted: Mar 17, 2010 12:10:32 AM Ignore altima2008 Report Abuse Gas will still go up no matter what. As long as nobama is in office we have no shot at fair gas prices!
woodeye55 Champion Author Gary Posts:4,654 Points:1,391,730 Joined:Mar 2006	Message Posted: Mar 17, 2010 12:08:22 AM Ignore woodeye55 Report Abuse OPEC still sux.
Lukus Champion Author Halifax Posts:6,026 Points:1,216,610 Joined:Nov 2007	Message Posted: Mar 17, 2010 12:05:17 AM Ignore Lukus Report Abuse If the demand is down then why is the price not declining?
CarrottopNe Champion Author Lincoln Posts:1,025 Points:368,415 Joined:Jan 2009	Message Posted: Mar 16, 2010 11:58:04 PM Ignore CarrottopNe Report Abuse Not much news here.
NewfieGasMan All-Star Author Newfoundland Posts:616 Points:648,005 Joined:Oct 2009	Message Posted: Mar 16, 2010 11:55:28 PM Ignore NewfieGasMan Report Abuse what are they up to now??
rollma2 Champion Author Montreal Posts:1,181 Points:261,125 Joined:Jul 2009	Message Posted: Mar 16, 2010 11:51:31 PM Ignore rollma2 Report Abuse mmmmm......
BBHybrid Champion Author Pittsburgh Posts:4,675 Points:932,235 Joined:Aug 2008	Message Posted: Mar 16, 2010 11:46:24 PM Ignore BBHybrid Report Abuse down with speculators
PhilMils Champion Author Virginia Posts:4,846 Points:948,785 Joined:Dec 2008	Message Posted: Mar 16, 2010 11:43:08 PM Ignore PhilMils Report Abuse The best way out of this mess is to use less oil - a whole lot less. Let's work together to find good alternatives to oil as an energy source.
OnTheWater Champion Author Orange County Posts:2,123 Points:622,380 Joined:Nov 2009	Message Posted: Mar 16, 2010 11:39:09 PM Ignore OnTheWater Report Abuse Here we go again another rise above $80 a barrel after it finally dropped below $80 a barrel. This sucks
goodbuy Champion Author Michigan Posts:5,509 Points:991,935 Joined:May 2005	Message Posted: Mar 16, 2010 11:28:51 PM Ignore goodbuy Report Abuse So if Obama controls our gas, what good would it do us to drill now?
Art48 Champion Author Sacramento Posts:2,586 Points:96,255 Joined:Feb 2009	Message Posted: Mar 16, 2010 11:28:23 PM Ignore Art48 Report Abuse djdon917 - Oh you are sooo wrong.
lightbulbman2008 Champion Author Worcester Posts:187,204 Points:1,120,175 Joined:Oct 2008	Message Posted: Mar 16, 2010 11:26:18 PM Ignore lightbulbman2008 Report Abuse OPEC countries can not agree on most prices and quotas.!!!!
Art48 Champion Author Sacramento Posts:2,586 Points:96,255 Joined:Feb 2009	Message Posted: Mar 16, 2010 11:25:58 PM Ignore Art48 Report Abuse Best part of the article was World's Biggest Oil Reserves a slide show. Top 15 countries, reserves, how much they produce, and how much they export to the US. [Edited by: Art48 at 3/16/2010 10:26:28 PM EST]
aldog365 Champion Author Nashville Posts:3,150 Points:1,559,710 Joined:Aug 2005	Message Posted: Mar 16, 2010 11:22:13 PM Ignore aldog365 Report Abuse Think about the taxes the government makes every time the price goes up 10 cents.
djdon917 All-Star Author New Jersey Posts:740 Points:50,500 Joined:Oct 2007	Message Posted: Mar 16, 2010 11:15:19 PM Ignore djdon917 Report Abuse OPEC controls 100% of Our Oil and gas same with OBAMA we need DRILL Here DRILL NOW
AtascaderoHound All-Star Author California Posts:558 Points:588,935 Joined:Oct 2006	Message Posted: Mar 16, 2010 11:14:44 PM Ignore AtascaderoHound Report Abuse We will always be led around by the nose until we end our dependence on oil!! It's not rocket science!!
Greg6901 All-Star Author Oakland Posts:616 Points:662,035 Joined:Jan 2010	Message Posted: Mar 16, 2010 11:12:01 PM Ignore Greg6901 Report Abuse Find other energy.
Pozole Champion Author Portland Posts:6,364 Points:1,127,775 Joined:Mar 2005	Message Posted: Mar 16, 2010 11:10:25 PM Ignore Pozole Report Abuse ...complicated?...dang speculators are the new terrorists...
booker38 Veteran Author New Jersey Posts:271 Points:327,525 Joined:Mar 2006	Message Posted: Mar 16, 2010 11:04:52 PM Ignore booker38 Report Abuse Damn Saudis sponsor terrorism.
joel27nc Champion Author Raleigh Posts:8,157 Points:1,392,445 Joined:Mar 2008	Message Posted: Mar 16, 2010 11:04:49 PM Ignore joel27nc Report Abuse I don't trust OPEC!
murphy50 Champion Author Colorado Posts:5,145 Points:2,105,195 Joined:May 2004	Message Posted: Mar 16, 2010 10:56:13 PM Ignore murphy50 Report Abuse OPEC is not our friend.
mmene Champion Author Houston Posts:4,347 Points:938,970 Joined:May 2008	Message Posted: Mar 16, 2010 10:55:10 PM Ignore mmene Report Abuse OGW - you just don't understand how the market works. Half of world oil exports come from OPEC, no one can match them for influence on prices. And more importantly the gulf oil producers (especially Saudi) are in the rare position where they have enormous surplus but they also produce far more oil than they need to meet their budgetary needs. This means that at a moments notice they can easily take millions of barrels off the market or add millions. It is that swing capacity that gives them influence. Countries like Nigeria and Mexico may export a lot of oil but they cannot cut exports without bankrupting their economies. But Saudi can easily take millions of barrels off and this is what gives them enormous pricing power. [Edited by: mmene at 3/16/2010 9:56:04 PM EST]
OHMS Champion Author Orange County Posts:10,797 Points:1,250,520 Joined:May 2005	Message Posted: Mar 16, 2010 10:51:31 PM Ignore OHMS Report Abuse I'm encouraged that I'm not the only only to express frustration at the complications in that market.
OGW Champion Author London Posts:3,342 Points:1,112,955 Joined:Sep 2005	Message Posted: Mar 16, 2010 10:46:29 PM Ignore OGW Report Abuse There are worse in the oil market than OPEC but it is the speculators who set the prices now.
camel1 Champion Author Minnesota Posts:6,048 Points:1,816,375 Joined:Jul 2006	Message Posted: Mar 16, 2010 10:43:01 PM Ignore camel1 Report Abuse short term is always the concern for speculators. they do not care about long-term
jb107 Champion Author New Jersey Posts:7,214 Points:2,155,580 Joined:Sep 2005	Message Posted: Mar 16, 2010 10:42:48 PM Ignore jb107 Report Abuse Buy BP or Sunoco. They do not deal with OPEC.
POLELANE Champion Author Ohio Posts:7,148 Points:828,370 Joined:Mar 2008	Message Posted: Mar 16, 2010 10:35:48 PM Ignore POLELANE Report Abuse business is biznez all over the world; can't fault them for their planning.
janctx Champion Author Lubbock Posts:2,715 Points:882,880 Joined:Nov 2007	Message Posted: Mar 16, 2010 10:31:07 PM Ignore janctx Report Abuse we need out from under opec
LanguageMan1 Champion Author Tampa Posts:9,140 Points:1,197,260 Joined:Apr 2008	Message Posted: Mar 16, 2010 10:28:50 PM Ignore LanguageMan1 Report Abuse LOL! What a joke! Their influence declines my ass!
divebomber Champion Author Nebraska Posts:3,714 Points:1,345,415 Joined:Jun 2007	Message Posted: Mar 16, 2010 10:27:02 PM Ignore divebomber Report Abuse Well bully for OPEC. I'm getting out my bicycle!
esquared Champion Author Oklahoma City Posts:6,082 Points:1,573,875 Joined:Jan 2006	Message Posted: Mar 16, 2010 10:21:46 PM Ignore esquared Report Abuse Park the SUV, and conserve, baby, conserve!
Asbury09 Champion Author Iowa Posts:4,973 Points:1,070,730 Joined:Jan 2009	Message Posted: Mar 16, 2010 10:19:33 PM Ignore Asbury09 Report Abuse we will see what the next 24 hours brings
MTPokts Champion Author Indianapolis Posts:1,607 Points:473,360 Joined:Jul 2008	Message Posted: Mar 16, 2010 10:19:17 PM Ignore MTPokts Report Abuse I don't have anything good to say about OPEC.
DEG Champion Author Las Vegas Posts:15,397 Points:3,054,380 Joined:Jul 2003	Message Posted: Mar 16, 2010 10:12:14 PM Ignore DEG Report Abuse Of course the Saudis believe that oil prices are great (because they are double what is reasonable).
Cyberkedi Champion Author Atlanta Posts:11,963 Points:2,030,675 Joined:Aug 2005	Message Posted: Mar 16, 2010 10:11:02 PM Ignore Cyberkedi Report Abuse Neener neener neener!
1Casey Champion Author Albany Posts:4,521 Points:1,419,785 Joined:Jun 2004	Message Posted: Mar 16, 2010 9:58:47 PM Ignore 1Casey Report Abuse What ever will help the U.S.A.
MDTDriver Champion Author California Posts:7,445 Points:1,692,760 Joined:Jul 2006	Message Posted: Mar 16, 2010 9:56:43 PM Ignore MDTDriver Report Abuse I hope Opec is losing there market power.