The crude market isn't tight at all. OPEC and non-OPEC production is rising and if anyone wants, they can buy additional oil from the SPR.
Sarah Emerson
40 quotes about opec follow in order of popularity. Be sure to bookmark and share your favorites!
With oil prices this high I can't see OPEC cutting production. It's clear they won't change the quotas. Prices aren't going to fall a lot anytime soon.
Sarah Emerson
OPEC is going to look for some behind the scenes compensation from us before they come to some public agreements. They will come to some token increase that effectively legitimizes the token cheating.
James Falvey
There isn't the spare capacity to make up for the missing production in the Gulf of Mexico. OPEC used to have 4 to 5 million barrels of spare capacity. That's down to about 1.5 million barrels a day this year.
Craig Pennington
OPEC is pumping incredible amounts of oil, and a lot of it is steaming this way.
Richard Mueller
OPEC became powerless the moment it sold its last barrel of excess capacity, and that was maybe a year ago.
A. F. Alhajji
The fear is as we get close to $50, OPEC may step in. $50 is a number that will be difficult to break on the downside.
Nauman Barakat
One-third of the production in OPEC is deteriorating and doesn't have very good prospects of improving in the short run.
Adam Sieminski
We really need some help from OPEC and the Saudis to help control inflation.
Peter Morici
There has to be a consensus on this. In OPEC, everything is decided on the basis of consensus.
Bijan Zanganeh
I can't control what OPEC charges, but we can control our costs. It's going to probably delay some things that we might have wanted to do that would benefit us in (fiscal year) 01 and 02, but we have to make some numbers.
Alan Graf Jr
They are the key lynch pin within OPEC. They can control the price at any time.
Gene Nowak
I think OPEC realizes that China is an extremely important customer moving forward. This is about relationship building.
Kurt Barrow
Despite marginal falls in individual production levels, OPEC is still pumping nearly flat out in the face of high prices.
John Kingston
The total in production cuts announced so far by non-OPEC countries nears only 300,000 bpd and we are still awaiting more efforts (from them).
Chakib Khelil
OPEC must add additional production capacity. This must be sufficient to meet demand and beat out the hedge funds that have pushed prices so high.
Antonio Szabo
I think it has to be evaluated. There is an important volume from the Gulf that has still not entered the market and that could impact the market and probably OPEC will have to discuss a cut in production.
Rafael Ramirez
I think an OPEC price ceiling of $40-$50 a barrel is favorable for the organization's members.
Shamkhi Faraj
OPEC needs to increase production to improve sentiment in the market.
Richard Savage
Any move could be counter productive for OPEC, ... They need strong economies to maintain demand.
Julian Callow
I think any time OPEC meets it has an impact, although OPEC doesn't have the same effect on the stock market it once did.
Timothy Ghriskey
OPEC today produces 30.4 million bpd and there is a surplus in the market estimated at over two million barrels.
Sheikh Ahmad
It's clear to us that the overproduction of OPEC members at the moment is more than sufficient to compensate for the loss of Iraqi volumes as they currently stand.
Matthew Warburton
With oil at this price level, we can definitely expect a cut in output. OPEC was only barred from doing so previously because of higher prices.
Makoto Takeda
The market is so volatile at the moment ... the one thing the oil market desperately needs at the moment is clarity from OPEC, and it's not getting it.
Julian Lee
In this state, we have never had a gas shortage, ever! Even during the Opec embargo we never had a gas shortage.
Bill Green
Chavez is a hawk on oil prices and always has been. His hold on power is getting increasingly tenuous. This is very negative for intermediate oil prices -- OPEC could lose its principal hawk.
Mark Gilman
Anyone who wants to cut taxes on energy as an answer to higher oil prices has already lost, ... You would be opening your national budget to OPEC and the oil industry.
Hans Eichel
OPEC has been quietly asked to ease pressure on the world economy.
Mark Tinker
The only way for OPEC to get out of this mess is to overproduce and broadcast they will pump whatever the market requires.
Antonio Szabo
The ceiling will be maintained the same and we will offer the market what Opec can produce.
Rafael Ramirez
It's a PR exercise to prove to the consumer that OPEC actually likes them. It's not going to help the market at all.
Leo Drollas
The basic element here is the continued good level of compliance by OPEC. Since March, the numbers have come out as impressive in terms of restrained output.
Gene Nowak
As long as oil prices continue to rise and China continues to industrialize, OPEC will be content to sit around and keep production status quo.
Emanuel Balarie
We've asked the OPEC nations to keep an open mind about increased oil production, and we continue to believe an increase is good for both producing and consuming nations.
Elliot Diringer
You have to leave OPEC to worry about its own problems. We have a shared commitment to stabilize markets.
Edmond Daukoru
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