Will trade with Saudi Arabia assist in the oil production of OPEC? explain?
86957
The theory is that if we treat the Saudi's well they will protect our interests in OPEC
1034282
Could be he knows oil supplies are dwindling in Saudi Arabia where he has co-harts. Knew he had to do something to keep up his flow of money to himself and cronies based on oil production and trade. Somehow I think the Saudi's are in on this somewhere.
825645
He's there to make an oil deal so that when he gets out of office he can go back to work for Halliburton and start making tons of money again.  Just a case of reassuring the Saudis that they're still our buddies and pals.
330706
Optimum is relative.  Current production is probably sort of close to optimal for the OPEC countries in terms of profits.  It's not optimal in terms of social welfare or price.\n\nIt can probably go up to a few hundred dollars a barrel before people finally get the idea that it might be a good idea to start looking at alternative sources of energy.  The problem is that there are millions of cars out there that run on gas, and it's impossible to get them to switch to, say, hydrogen power overnight.  So, the demand is going to increase over time.
534849
Probably alternative fuels.  It would be nice to spend some research and get some other sources to diversify risk.  Right now, if the Middle East embargoes oil, we would be sunk.  If we had other sources, it wouldn't be as big of a deal.
308833
Well don't we just have number of highly qualified liberal economists giving you answers!  Is there not one liberal who can actually give an intelligent answer - not just repeating Micheal Moore?  \nHave you ever heard of Economics?  Do you not understand that SUPPLY & DEMAND drive economics?  The high oil prices are pretty easy to understand if are open minded.\nCrude oil prices are set by OPEC (that's ORGANIZATION for PETROLEUM EXPORTING COUNTRIES).  China & India are demanding double the oil they once needed because of their rapidly growing middle classes.  The worldwide demand has gone up and the worldwide supply has not increased.  When you have more demand than supply then the crude oil price will go up.  If we had more supply than demand the price would go down.  It's pretty simple an't it!  OPEC controls part of the prices, refining crude oil is the other cost.  Since we have not built any refineries or explored for oil in the past 30 years because of enviromental wackos - that is contributing to the high gas prices.
378052
Supply/demand mostly.  Futures speculation on the future of it at least.  Uncertainly over future supply.\n\nSupply meaning OPEC and those countries that supply a large portion of the world's oil.  Demand meaning the growth of the industrial base of India/China.  The large demand of American consumers with their vehicles.
113301
Absolutely, and it fits exactly with Bible prophecy.  Pay attention to what is happening with the Europian Union and the Euro as the currency of the world.  Watch for Arab nations to convert their value of a barrel of oil from the US dollar to the euro and what that will do to our economy.\nYes,  VERY scarey this is...LOL... at least to those who are not prepared!
598452
Been out of the industry for a little while now so cant give you precise figures, but what I can tell you is that North Sea crude is pretty much specialised and is virtually all exported.\n\nThe UK exchequer sells our crude for more than we pay to import generally.\n\nIt is not the type of crude which lends itself to petrol production either.\n\nIt was also pretty badly drilled at the time which means that whilst there is actually quite a lot left, most of it will be to difficult and expensive to be extracted, so the supply is diminishing quickly.
428005
Yes I agree in the sense that the US needs to get off its dependence of oil. Since most of the oil comes from the middle east it may not be wise to give money (or trade) with the region that probbaly has the most hostile attiude toward us.
130272
This is a complicated question in one sense.  The entity known as OPEC is known to most people.  A far lesser known yet equally important organization is OAPEC, the Organization of Arab Petroleum Exporting Countries.  Egypt, for instance, is not a member of OPEC, but is a member of OAPEC.  Saudi Arabia, however, is a member of OPEC, despite being an Arab country.  Within OPEC, the lowest producing member is Qatar, with a daily production figure of approximately 790,500 barrels of oil a day.  Their export figure, however, is unknown at this point.  Qatar is, however, also a member of OAPEC, and produces daily a greater amount of crude oil than Egypt.  I believe but did not verify that Egypt is the least productive member of OAPEC.
797971
Yes there has.  Due to the falling price of wholesale crude on the international commodities market, OPEC announced an intent to cut back production of crude.  Further, as we head into winter months, heating oils and diesel fuel (for shipping of goods) has a spike in consumption.\n\nWhat this means is the volatility of the crude, fuel, gasoline, and heating oil markets are directly effected by the speculators on the market itself.  What you are seeing is a market response to speculator manipulation of the price.  It has nothing to do with the elections, just brokers and individual investors trying to make a quick buck.\n\nThe best response to this would be a massive investment in the ability of the US market to refine a greater quantity of our imported crude, and to explore even greater quantities of crude from domestic sources.
924258
There is nothing to talk about since, there is no oil being produced for exporting...and there is hardly any oil being produced for domestic consumption. \n\nBut, this may have more to do with the big oil companies than anything else. If Iraq were to begin producing and exporting oil, the price of oil would drop dramatically, since Iraq would be flooding the market with oil,and thus creating a greater supply, and thus reducing the demand, and thus, reducing the price.\n\nIf you ask me, every day that Iraq remains unstable, the oil companies jump for joy.\n\nS.T.
438956
It used to be OPEC but as they now account for only 40% of supply (and 51% of the traded market) then it could be argued that they don't, though OPEC has a large influence on the price through witholding or increasing supplies. The days when OPEC would fix the price are gone\n\nOil futures and options contracts are increasingly used to price the physical stuff. And as traders are nervous to political risk and oil is located in "difficult" countries, then any adverse news will force up the price to discount the perceived additional cost of getting the stuff out of those 'difficult' countries. So everytime there is 'bad' news about Venezuala, Iraq, Iran, Russia or Saudi Arabia, the traders mark up the price on the exchanges and we pay more at the pump
318704
Only if you are the country that is sanctioned. over all the world economy is able to absorb enough of the lost produces.  well except when it comes to Oil.
14196
I'm sure they will have to sell it at the market price just like all the rest of the oil producers. Oil market trading takes place in London and New York using benchmark crudes from specific areas. Most other crudes are priced plus or minus one of those benchmarks, such as West Texas Intermediate, or Brent Crude (from the North Sea). The price differential is according to the quality of the crude oil and the distance required to ship the oil to market.\n\nAlgeria produces 1.23 million barrels per day as well as substantial quantities of condensate and natural gas. About 90% of Algerias exports of oil go to Western Europe, predominantly Italy.
290875
the US gets it's oil from  OPEC ( Organization of Petroleum Exporting Countires). This includes Saudi Arabia, Iran, Iraq and many other middle eastern countires. \nSOme of the oil does come from the south ( texas for example). As to prices google it.