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Opec blames oil price surge on speculators { April 2008 } Original Source Link: (May no longer be active)    http://www.breitbart.com/article.php?id=080522181940.v0s5g6bv&show_article=1 http://www.breitbart.com/article.php?id=080522181940.v0s5g6bv&show_article=1 OPEC unhappy with oil price surge: El-Badri May 22 02:19 PM US/Eastern AFP OPEC chief Abdala El Badri on Thursday said members were unhappy with surging prices he blamed on speculators and a weak US dollar. "We are not very happy with this increase in oil prices," said El-Badri during a visit to Ecuador. "Volatility has nothing to do with the fundamentals. It has nothing to do with world demand," he said, stressing that a dropping dollar was driving prices higher. "The price was at 130 dollars and today is at 135, so it's really a crazy market," he said. El-Badri, OPEC's secretary general, is on a week-long working visit to the two OPEC member states in Latin America, Venezuela and Ecuador. Tuesday he met with Venezuelan President Hugo Chavez in Caracas and with Minister of Energy and Petroleum/President of PDVSA, Rafael Ramirez. In a statement released by the cartel on Wednesday, El-Badri said that OPEC remained committed "to working for the stability of the international oil market, noting that the current high oil prices are not influenced by market fundamentals, as the market is well-supplied. "OPEC will continue to monitor global oil markets regularly and is ready to act if and when necessary to ensure market stability and adequate supplies," the statement added. Crude oil prices rocketed to record highs above 135 dollars on Thursday, driven by growing concerns that energy supplies will fail to meet demand, analysts said. Prices later pulled back to just below 133 dollars owing to profit-taking. Copyright AFP 2008

100d oil with penty supply and low demand { February 19 2008 } Bush begs arabs for lower prices { January 16 2008 } Bush wants to buy and store oil { May 13 2008 } Candidate mccain says oil prices may rise { May 2008 } Citi analyst says oil supply is comfortable { May 6 2008 } Dc metrorail breaks ridership records { June 4 2008 } Energy dept says oil prices to stay high { May 2008 } Farmers use mules to save gas { April 2008 } Fossil petroleum fuels not from fossils { June 12 2008 } Gas prices causing migration to amtrak stations { June 18 2008 } Hypermilling drivers change habits to save gas { June 11 2008 } Iran president says oil prices artificial { May 2008 } Israel iran attack threat shoots up oil { May 2008 } La rail line ridership rises 19perc { May 2008 } London blamed for oil price manipulation { June 13 2008 } Morgan stanley says 150d oil in month { May 2008 } No justification in oil price jump { June 10 2008 } Oil climbs above 126 as dollar weakens { April 2008 } Oil companies post big profits { March 2008 } Oil hits 130d a barrel { May 20 2008 } Oil hits near 140d barrel on weak dollar { May 2008 } Oil hits record 106d barrel { February 2008 } Oil jumps above 140 on libya comments { May 2008 } Oil market is plentiful says iran president { May 2008 } Oil nears 123d on goldman sachs prediction { April 2008 } Oil prices quickly rebound on iran ship incident { March 2008 } Oil record price jump defies explanation { June 9 2008 } Oil sets new high above 113d a barrel { March 2008 } Oil shoots over 144d on supply report { June 2008 } Oil temporarily drops as dollar gains { April 24 2008 } Oil touches 100d for first time { December 2008 } Opec blames oil price surge on speculators { April 2008 } Opec says high oil prices not their fault { May 2008 } Opec says oil could hit 200d barrel { April 28 2008 } Opec says oil could hit 200d barrel { April 2008 } Opec says peak oil is coming { May 2008 } Opec says speculators are driving up prices { May 9 2008 } Supply for oil increased as demand drops { June 13 2008 } There is no increased demand for oil { May 17 2008 } Truckers farmers protest gas prices in brussels { June 18 2008 } Files Listed: 40

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