OPEC says to trim excess output and talk to Russia -

[Dover]

Source: Reuters

VIENNA (Reuters) - OPEC on Wednesday deepened its links with major non-OPEC producer Russia and said it was cutting back output by around half a million barrels per day.

Analysts said the group was seeking to support prices at around $100 after prices have plunged from a record of more than $147 in July to a five-month low below $102 on Tuesday.

Ministers of the Organization of the Petroleum Exporting Countries (OPEC) had been widely expected to stick to existing production allocations, which have been in place all year and are still theoretically unchanged.
There had been expectations real supply above targets would be discreetly pared back, although few had expected any change to be made public.

The other surprise was that major energy producer Russia, which attends OPEC conferences as an observer, sent a very senior official, the influential deputy prime minister Igor Sechin. Analysts linked his attendance to tension between Russia and the West over Moscow's conflict with Georgia....>


Read more: http://news.yahoo.com/s/nm/20080910/wl_canada_nm/canada_opec_col

[Indenturedebtor]

1. If we had any political clout maybe we could ask them to be nice to us

Oh but we don't.

[avaistheone1]

2. Didn't we just send the Saudis billions of dollars of our jets and weapons?

What did we get in exchange for that?

Bush sucks, and so does our State Department.