Re: Lets not forget South American oil


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Posted by Rick on Sunday, November 18, 2001 at 11:49AM :

In Reply to: Re: Lets not forget South American oil posted by MoparNorm on Sunday, November 18, 2001 at 11:33AM :

Opecs target price for the benchmark is $25 a barrel it is currently trading for $18. There are a number of factors driving the price down. The main one is the US economic slowdown has caused us to need less fuel, also this time last year the Northeast was in a cold snap compared to this year which has been relatively mild. This has led to a stockpile of reserves. I for one would love to stick it to Opec as I still remember the embargo in the 70's.

Rick




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