"History is a wonderful thing, if only it was true"

Tuesday, January 16, 2007

Oil Weapon Cont...

Bush signals move against Shia in Iraq, gains support of Sunni Saudi's... just a guess.

Oil falls under $52 as Saudi eases worries on OPEC cuts - Jan. 16, 2007:

"Saudi's comments rattle oil

Oil minister says curbed supply is working well and 'there is no need to panic' on speculation of an emergency meeting.
January 16 2007: 9:29 AM EST

LONDON (Reuters) -- Oil prices reached below $52 a barrel Tuesday after Saudi Arabia's oil minister said OPEC production cuts were working well and there was no need for an emergency meeting of the producer group.

U.S. crude was 84 cents lower at $52.15 a barrel in electronic trading after trading as low as $51.75. Brent futures shed 47 cents to $52.65.

U.S. crude was barely above a 19-month low of $51.56 hit lost week, which took losses since the end of last year to around 15 percent.

'We took measures in October in Doha and measures in Abuja [in December] and I believe these measures are working well. Inventories in the fourth quarter have come down ... which puts the market closer to balance,' Saudi Oil Minister Ali al-Naimi said in New Delhi. 'There is no need to panic.'"

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