OPEC Articles

[Rhansen]

Has anybody seen this yet?
_http://news.yahoo.com/s/nm/20080520/pl_nm/congress_opec_dc

WASHINGTON (Reuters) - The House of Representatives overwhelmingly approved legislation on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working together to set crude prices, but the White House threatened to veto the measure.
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The bill would subject OPEC oil producers, including Saudi Arabia, Iran and Venezuela, to the same antitrust laws that U.S. companies must follow.

The measure passed in a 324-84 vote, a big enough margin to override a presidential veto.

The legislation also creates a Justice Department task force to aggressively investigate gasoline price gouging and energy market manipulation.

"This bill guarantees that oil prices will reflect supply and demand economic rules, instead of wildly speculative and perhaps illegal activities," said Democratic Rep. Steve Kagen of Wisconsin, who sponsored the legislation. ...

 

[Ocean]

http://uk.news.yahoo.com/18/20081024/twl-opec-slashes-output-by-1-5m-barrels-3cd7efd.html


OPEC 'slashes output by 1.5m barrels per day'


OPEC decided to cut its oil output by 1.5 million barrels per day from November 1 at an emergency meeting here on Friday, Saudi Oil Minister Ali al-Nuaimi told reporters, as the cartel seeks to support plunging crude prices despite a looming worldwide recession.

Analysts had expected the Organization of Petroleum Exporting Countries to cut its daily output by at least one million barrels per day as a global economic slowdown amid a worsening financial crisis slashes demand for energy.

 

[Ocean]

Joe wanted OPEC+'s oil production cut delayed for a month to take it past the midterms. The Saudis say naah.