Death Of Opec?

[dapokerbum 0]

http://blogs.moneycentral.msn.com/topstock...th-of-opec.aspxSince I am not very versed in this ... what does it all mean for the markets?

[hblask 1]

I think the power of OPEC has been fading since the 70s, so this will not have that much affect. OPEC likes to huff and puff and act important, but supply and demand has made them obsolete long ago. SA just appears to be accepting that reality.

[chrozzo 19]

is this bad?OPEC wasnt on my death list!dammit!

[mtdesmoines 3]

http://blogs.moneycentral.msn.com/topstock...th-of-opec.aspxSince I am not very versed in this ... what does it all mean for the markets?

Bump. This deserved more attention.

[aucu 3]

Wow somehow I missed this.

[whatgreatis 0]

I think the power of OPEC has been fading since the 70s, so this will not have that much affect. OPEC likes to huff and puff and act important, but supply and demand has made them obsolete long ago. SA just appears to be accepting that reality.

I agree with all of this. If SA chooses to walk it's own path from now on OPEC will be about as useful as The Leauge of Nations. This is a very interesting development and I can't believe I haven't heard more about it.

[nutzbuster 7]

Nuke Saudi Arabia.

[chrozzo 19]

Nuke Saudi Arabia.

hi!!!

[aucu 3]

I think the power of OPEC has been fading since the 70s, so this will not have that much affect. OPEC likes to huff and puff and act important, but supply and demand has made them obsolete long ago. SA just appears to be accepting that reality.

This is true but it was re-energized by Venezuela a few years back, but with falling priced it will and is like last time by breaking the quotas.Opec without the Saudis,roflol

[aucu 3]

They want Brazilhttp://edition.cnn.com/2008/WORLD/americas...c.ap/index.htmlSAO PAULO, Brazil (AP) -- Top Brazilian energy officials say they have declined an invite from Saudi Arabia to join OPEC, explaining that Brazil plans to refine, not export, crude oil from recently discovered deep water reserves.Brazilian state news agency Agencia Brasil on Monday cited Mines and Energy Minister Edison Lobao, who said the invitation was extended recently.Paulo Roberto Costa, a high-ranking executive with the state-run Petroleo Brasileiro SA oil company, confirmed that Brazil had turned the offer down because it plans to refine crude at home in order to export costlier petroleum products.Analysts say the newly found reserves may contain 55 billion barrels of oil, enough to catapult Brazil to superpower oil status.