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Old 11-20-2008, 08:21 PM
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Default OPEC-Your thoughts?

Ok so it isn't banking, but i figured I'd put it in this section as it was more likely to get responses.

Just wondering, are people for or againist OPEC? I would assume most people would be for them at the present time, (even if they don't know it) because of the lowering of the petrol prices. However, what with the falling prices, it seems likely they will restrict output which may result in a situation like July where the price of oil was very high and as a consequence so was petrol. Personally I am againist OPEC in the long term because inevitably nations such as Saudi Arabia will restrict oil output resulting in an increase in petrol prices, which is bad news for drivers (practically everyone 17 and over). What are other peoples' opinions?
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Old 11-20-2008, 10:35 PM
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Default Re: OPEC-Your thoughts?

the theory was that OPEC would be able to control output, but it turned out the key was never crude output as much as refining capacity. A big reason for the more recent oil price rises was concerns that refining would not be able to keep up.

Personally, I'm neither for or against - they are just one part of a larger jigsaw of self-interested financial giants.
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