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OPEC oil talks collapse, no output deal

How much control do you think OPEC really has?

"We were unable to reach an agreement -- this is one of the worst meetings we have ever had," said Ali al-Naimi, oil minister for Saudi Arabia, OPEC's biggest producer.

The failure to do a deal is a blow for consumer nations hoping the Organization of the Petroleum Exporting Countries would take action to stem fuel inflation.

It also underlines concerns about OPEC's willingness to help control prices, perhaps leaving the oil market more open to speculative attack.

"It is absolutely amazing," said Alirio Parra, Venezuela's former OPEC president. "This is not market leadership.

Brent crude rose $1.30 a barrel to $118.08.

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itsmesteph11

Asked by itsmesteph11 at 2:19 PM on Jun. 8, 2011 in Politics & Current Events

Level 39 (113,405 Credits)
Answers (8)
  • One good reason my car is broken down. I have literally saved around $150 in the last 3 weeks.
    gemgem

    Answer by gemgem at 2:21 PM on Jun. 8, 2011

  • . . . and the first step to set the stage for a double dip is now occurring . . .

    Now hopefully China's housing market won't tank. Then, we'll really be in for it.
    ImaginationMama

    Answer by ImaginationMama at 2:21 PM on Jun. 8, 2011

  • If supply isn't a problem now, which it isn't, why would prices go up? Greedy bastards...that's why.
    UpSheRises

    Answer by UpSheRises at 2:51 PM on Jun. 8, 2011

  • You can bet that the rising oil prices have ALOT to do with helping the United States take a fall and stay down. We'd be foolish to believe that other countries are not benefitting from our current fall.

    I don't like it.
    ImaginationMama

    Answer by ImaginationMama at 3:02 PM on Jun. 8, 2011

  • Sounds like a good reason to "drill baby drill." I am sure the speculators will have a field day with the news. I think I'll fill up my tank today.
    yourspecialkid

    Answer by yourspecialkid at 3:14 PM on Jun. 8, 2011

  • the commodities market sets the price of how much a barrel of oil is not Opec,,Opec set how many barrels will be available.BLAME WALL STREET FOR PRICE RISING.
    jbaby7162000

    Answer by jbaby7162000 at 9:07 PM on Jun. 8, 2011

  • baby is quite right . there is no free, competitive market for oil . There is a cartel of producers ( though not all countries are members of OPEC } and the big oil companies are another allied cartel but eventual prices we all pay are determined by the speculative coomodities market which has attracted big money and price inflation . Drill as much as you like but don't think it will change anything .
    Prices may dip but the era of cheap oil is over .
    janet116

    Answer by janet116 at 11:00 PM on Jun. 8, 2011

  • And the PPB went up-

    Thank you speculators-
    Sisteract

    Answer by Sisteract at 10:07 AM on Jun. 9, 2011

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