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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: tom pope who wrote (94201)	12/4/2007 8:49:28 PM
From: Ed Ajootian	Read Replies (1) of 206154

I believe Saudi Arabia is putting a huge 300 mbopd new oilfield online this month, all light sweet crude. Its name is "Haradh" or something similar. I don't understand why OPEC doesn't re-introduce some sort of price band, where they increase production if the OPEC basket price exceeds the cap of the band and reduce production if the price goes below the floor of the band. They had a price band in place from around '02 through '05 I believe. The basket price is at ~ $84 today, how about $70 - $85? This would allow the markets to tell OPEC if & when they want more oil.

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