Venezuelan leader calls for “fair oil prices

[lovuian]

http://english.pravda.ru/news/world/27-07-2006/83595-Chavez-0

Chavez, whose government has been a longtime price hawk among the Organization of Petroleum Exporting Countries, said that he would discuss oil prices when he meets with Russian President Vladimir Putin on Thursday.



Chavez suggested at an OPEC meeting in Venezuela last month that the oil cartel trim production and establish a minimum price of US$50 (euro40) a barrel.

He added that an appropriate upper-end for prices would be "infinity
more...

Yikes...

[RB TexLa]

1. the minimum price for a barrel of oil is set by the market

as is the maximum price.

[Cvortex_10]

2. Whatever manipulation they come up with...

the market will eventually break them apart and prices will drift to their "natural" state anyways.

OPEC tried to yank everyones chain before, but it only lasts till one of them figures out they can undercut the others and make tons of money...then it all falls apart.

[karlrschneider]

3. Maybe, but it's a brave new world nowadays

I'm not so sure OPEC will kowtow to our 'demands' as readily as they did 20 years ago. I suppose we will see...

[karlrschneider]

4. The minimum price is set by the sellers, the maximum is set by

the buyers.
Maybe I missed your point...??

[RB TexLa]

5. No, the minimum price is set by the market

if it is lower than what a producer is willing to sell for they simply hold their product back until the price goes back up.