OPEC Members 'Lost money on falling prices'

[Skipppy]

What do you think of this?

http://news.bbc.co.uk/2/hi/business/7737074.stm

''Opec members have lost about $700bn (£467bn) because of falling crude prices, the oil cartel's president Chakib Khelil said in an interview.''

Oil is a commodity which is traded on an open market, therefore the market users determine the price, NOT OPEC. So they haven't lost any money at all, they are being paid what the market thinks its worth.

[gamefreaks]

Does that mean they made money when the prices went up?

Can't have it both ways.

[FourWheelDrift]

They haven't lost money at all, they only made that amount in the first place because the price of oil went up rapidly because of their own meddling. Now they want to meddle again by cutting available oil supplies to drive the price back up, then they will make money again and so on.

The world would be a better place without OPEC.

[Spiritual_Beggar]

Exactly.

I have absolutely no sympathy for them at all!!

[Exige77]

You could say they didn't loose any money just made a fortune during the last 6 months when it was being sold at way above is normal price ?

Ex77

[magpie215]

OPEC Members 'Lost money on falling prices'

sorry cannot see an issue here

[rude-boy]

anonymous said:

[redacted]

The irony had not escaped all of us

[Mst007]

I scoffed when i saw this "news" story too

[Tunku]

Be scared, Gordo may decide to "prop" them up.

[db08]

Sounds to me like the interviewer asked a leading question, got his response and it's all being hyped up like normal.

I very much doubt he was wiping away tears during the interview.

[tamore]

some countries have set their national budget out assuming an oil price we have since gone underneath. $60ish i seem to remember in nigeria's case.

mind you, there's weren't many analysts predicting sub $60 again, more like $200.

[_James]

Skipppy said:

What do you think of this?

http://news.bbc.co.uk/2/hi/business/7737074.stm

''Opec members have lost about $700bn (£467bn) because of falling crude prices, the oil cartel's president Chakib Khelil said in an interview.''

Oil is a commodity which is traded on an open market, therefore the market users determine the price, NOT OPEC. So they haven't lost any money at all, they are being paid what the market thinks its worth.

Do you not consider OPEC to be a "user" of the oil market?

Edited by _James on Wednesday 19th November 14:41

[LukeBird]

Skipppy said:

''Opec members have lost about $700bn (£467bn) because of falling crude prices, the oil cartel's president Chakib Khelil said in an interview.''

bks have they.
That may have possibly been the case (although those figures still look too big... )if you used current supply figures when oil was at it's peak price.
But an economic slowdown rather precludes their forecast income as everything (nigh on at least) has fallen in price/value.

On a sidenote, fken cry me a river. They can't have it both ways; they rape us for all we're worth while we can afford it and then cry when we can't!
I have no problem with Arabs per se, but they'll have a jolly time when oil runs out.

[Wacky Racer]

That's Manchester City fooked then.......

[tinman0]

Wacky Racer said:

That's Manchester City fooked then.......

i thought they were owned by Thaksin?

[Wacky Racer]

tinman0 said:

Wacky Racer said:

That's Manchester City fooked then.......

i thought they were owned by Thaksin?

Have you not read the papers recently??.....