Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: t2 who wrote (71865)	9/25/2006 11:05:38 AM
From: CommanderCricket	Respond to of 206315

IMO OPEC has been discounted this go around and not sure they have muscle anymore to move the markets much. What are the going to do cut more than they already have been? Have the Saudi's concelled rig contracts? Seems like it CC

To: t2 who wrote (71865)	9/25/2006 11:08:50 AM
From: Paul Kern	Respond to of 206315

It's still the mild weather we've had this year. But, back to OPEC: +++++++++++++++++++++++++++++++++++++++++++++++++ DJ OPEC Pres: No Plans Yet For Emergency Group Meeting LONDON (Dow Jones)--The Organization of Petroleum Exporting Countries President Edmund Daukoru said Monday that he is speaking to oil ministers from the 11-nation producer group about the drop of oil prices to the $59-a-barrel level but said there are no plans yet for OPEC to hold a formal meeting. "I am conferring with some ministers. I am not at liberty to say with whom but we're conferring," Daukoru, who is also Nigeria's oil minister, told Dow Jones Newswires by telephone. "There are no plans just yet for holding a meeting though," Daukoru added. Oil prices fell more than $1 a barrel earlier Monday to a fresh six-month low of $59.52 a barrel after BP PLC (BP.LN) said it would restore most of its production at Alaska's Prudhoe Bay field within a week and after Iran said it favored negotiations on the country's nuclear program. (MORE TO FOLLOW) Dow Jones Newswires 09-25-06 1039ET Copyright (c) 2006 Dow Jones & Company, Inc. DJ OPEC Pres: No Plans Yet For Emergency Group Meeting LONDON (Dow Jones)--Edmund Daukoru, president of the Organization of Petroleum Exporting Countries, said Monday that he is speaking to oil ministers from the 11-nation producer group about the drop of oil prices to the $59-a-barrel level but said there are no plans yet for OPEC to hold a formal meeting. "I am conferring with some ministers. I am not at liberty to say with whom but we're conferring," Daukoru, who is also Nigeria's oil minister, told Dow Jones Newswires by telephone. "There are no plans just yet for holding a meeting though." Oil prices fell more than $1 a barrel earlier Monday to a fresh six-month low of $59.52/bbl after BP PLC (BP.LN) said it would restore most of its production at Alaska's Prudhoe Bay field within a week and after Iran said it favored negotiations on the country's nuclear program. (MORE TO FOLLOW) Dow Jones Newswires 09-25-06 1102ET Copyright (c) 2006 Dow Jones & Company, Inc. DJ OPEC Pres: No Plans Yet For Emergency Group Meeting -2 Daukoru said it would take more than one day of oil prices below $60/bbl to warrant a formal OPEC meeting, although he declined to specify what threshold would trigger an emergency OPEC meeting. He said OPEC was monitoring news that BP would boost output at Prudhoe Bay by about 150,000 barrels a day to a total of about 400,000 b/d by the end of this week. Output at the field has been around 250,000 b/d recently. "I wouldn't say we aren't concerned," Daukoru said about the Prudhoe Bay development. BP received approval from U.S. pipeline regulators Friday to restart more production from the field, America's biggest daily producer. BP sharply cut production from Prudhoe Bay in August after a spill was discovered from a rusted pipeline. Oil prices increased by more than a $1 a barrel when BP announced it would cut much of the daily output from the field, which was pumping around 450,000 b/d before the incident. -By Spencer Swartz, Dow Jones Newswires; +44 (0)207 842 9357; spencer.swartz@dowjones.com (END) Dow Jones Newswires 09-25-06 1105ET

To: t2 who wrote (71865)	9/25/2006 11:15:31 AM
From: manalagi	Read Replies (2) \| Respond to of 206315

The drop in oil stocks is unprecedented. The p/e ratios of these quality stocks are really at historical low, usually attached to stagnant companies. However, if you have recently been to China and/or India, you can see the rapid growth in the economy, traffic jams everywhere: more cars than bicycles, and skyscraper cranes in major cities. All of these point to the need for more energy in the coming years. Is there anybody on this thread who has "given up" on ONG and liquidated all position? Does the concept of LTBH outdated?