Theodore's World: Oil Leaders' Private Debate Televised By Mistake

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November 18, 2007

Oil Leaders' Private Debate Televised By Mistake



Venezuelan President Hugo Chavez(L) and his Iranian counterpart Mahmoud Ahmadinejad attend the opening session of the OPEC summit in Riyadh. OPEC leaders began a summit on Saturday with Chavez issuing a chilling warning about oil prices in a speech that also urged the group to be actively involved in foreign policy.

RIYADH (AFP) - Venezuelan President Hugo Chavez opened an OPEC summit on Saturday with a chilling warning about 200-dollar oil if the United States attacks Iran in a speech that also urged the cartel to be more political.

But internal divisions about the role of the oil exporters' group were highlighted when King Abdullah of Saudi Arabia, OPEC kingpin and key US regional ally, sounded a moderate note, saying oil "must not become an instrument for conflict."

Chavez, a fiery leftist and fiercely anti-US leader, warned that crude prices could double from their current already-record level of near 100 dollars a barrel if Washington attacked Iran or aggressed Venezuela.

"If the United States was mad enough to attack Iran or aggress Venezuela again the price of a barrel of oil won't just reach 100 dollars, but even 200 dollars," he said.

.........BUT look at this............

Oil leaders' private debate televised by mistake

Tim Webb in Riyadh
Sunday November 18, 2007
Observer/guardian

'Kill the cable, kill the cable,' shouted the security guard as he burst through the double doors into the media room at the Intercontinental Hotel in Riyadh, followed by Saudi police. It was too late.

A private meeting of Opec leaders, gathered this weekend in Riyadh for the cartel's third meeting in its 47-year history, had just been broadcast to the world's media for more than half an hour after a technician had mistakenly plugged the TV feed into the wrong socket. The facade of unity that the cartel so carefully cultivates to a world spooked by soaring oil prices was shattered.

Sometimes, such innocent mistakes can have far-reaching economic and political consequences. Commodity and currency traders said this weekend that oil prices would surge again tomorrow - possibly breaking the $101 per barrel record set in the late 1970s - while the already battered dollar would fall further on the back of the unintentional broadcast.

On Friday night, during what the participants thought were private talks, Venezuela's oil minister Venezuela Rafael Ramirez and his Iranian counterpart Gholamhossein Nozari, argued that pricing - and selling - oil using the crippled dollar was damaging the cartel.

They said Opec should formally express its concern about the weakness of the dollar when the cartel makes its official declaration at the close of the summit today. But the Saudis, the world's largest oil producers and de facto head of Opec, vetoed the proposal. Saud al-Faisal, the Saudi foreign minister, warned that even the mere mention to journalists of the fact that leaders were discussing the weak dollar would cause the US currency to plummet.

Unfortunately his words and those of everyone at the meeting were being broadcast via a live television feed to a group of astonished reporters. 'I couldn't believe it,' said one who was there. 'When I realised they didn't know they were being broadcast live, I frantically started taking notes.'

Opec only realised that the leaders' row was being broadcast to the world when the Reuters news agency put out a report of the argument.

The weakness of the dollar is one reason why oil prices are so high, as cartel members seek to compensate for their lower earnings. This means a further drop in the dollar is likely to be accompanied by a rise in oil prices.


Posted by Wild Thing at November 18, 2007 12:55 AM


Comments

"My name is Mahmoud Madinthehead Ahmadinejad."
"My name is Caesar A Go Go Chavez Regal."
"My name is Bomb...Jihad Bomb, 2007 OILFINGER!"

Posted by: darthcrUSAderworldtour07 at November 18, 2007 03:38 AM


OPEC is exactly the reason we should be drilling for oil in our own backyard. Lessons should have been learned from the 1973 and 1979 OPEC embargos. Most of the oil we get today comes from unstable Third World nations. Somehow we need to get a truely conservative Congress that will push for drilling and nuclear power plants over the opposition from enviromentalists and Leftists.

Posted by: TomR at November 18, 2007 06:34 AM


OPEC--Obvious Patsies Engaging in Chaos.
They've made a mess of the oil industry and turned it into a huge poop sandwich and we're all having to take a bite.
If foreign countries can drill in our waters for oil, why can't we?
We are so adept at drilling and preserving wildlife, that the ecogeeks who really caused this problem to begin with shouldn't be upset.
We need the oil from our land. That's what it's here for.
We are not going to kill some spotted owl or masked monkey. We have ways to preserve and save them at the same time. We can chew gum and walk at the same time. Americans are pretty damn intelligent when they need to be.

Posted by: Lynn at November 18, 2007 09:02 AM


Darth, good names for them.

Posted by: Wild Thing at November 18, 2007 09:28 AM


Tom, your right, I agree so much, I would love a t-shirt that really upsets the enviromentalist's. It is the giving in to them and the rest of the lefties that has messed up our country about oil. They are to blame. We have tons of oil ourselves just waiting for us to come and get it.

Posted by: Wild Thing at November 18, 2007 09:30 AM


Lynn.........."OPEC--Obvious Patsies Engaging in Chaos"...........that is perfect. Good one.

I agree Lynn, it is right there for us and belongs to us and we should say go jump in a lake to those on the left that have been keeping us for getting it.

Posted by: Wild Thing at November 18, 2007 09:32 AM


I was just looking at this pic of Mahmoud Ahmadinejad. I thought he told the UN there was no Gay problem in his country.

Hes got that, "I just pumped the neighbors cat, look on his face" - GySgt Thomas Highway, Heartbreak Ridge

Posted by: SSgt Steve (Old Corps) at November 18, 2007 12:01 PM


Energy independence? Present day Dems,1969 John McConnel, March 21,1970 Mayor Joseph Alioto, February 26, 1971 U Thant = April 22 = no independence.
OPEC founded @ Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962); Socialist Peoples Libyan Arab Jamahiriya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973–1992); Gabon (1975–1994) and Angola (2007). OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965. Chavez is orchestrating a harsher economic war against the West, which is why OPEC was founded in the first place. The Saudi oil field is in decline and the great industrial House of Saud is in peril, revenue loss erodes the family fortune and makes the natives restless for their share. Ever wonder who discovered crude oil, who first developed the industry, who put the exploration and developement into the oil fields around the world only to have that infrastructure hijacked by despots?

Posted by: Jack at November 18, 2007 02:48 PM


I wonder how long before Chavez converts to Islam?

Posted by: BobF at November 18, 2007 06:36 PM


When I see people post things that are just plain inaccurate I try to post with links something that may be more correct.
Tom the country that we import the largest amount of oil from is Canada with Mexico and Saudi Arabia tied for second
Lynn we have extracted most of our own oil, perhaps we should leave some in the ground for our kids to use.
Wild Thing we live in a Democracy majority rule Americans are happy with the regulations now in effect.
Jack I did not know who first discovered crude oil but it was done in pre history. I did find that the earliest recorded wells were in China in 347 (CE) and that Baghdad had its streets paved with tar in the 8th century
http://en.wikipedia.org/wiki/Petroleum#History

Posted by: John Ryan at November 18, 2007 10:39 PM


Jihadi Ryan...WE are FAMILY here and I will gladly lay down my life for all Bear Nation (JOHN 15:13). You camel dung are the evildoer that Malachi 3:19 speaks all about. YOU are NOT welcome in our Death Star II family. You are the enemy...the burka in corporate look attire.
YOU are a looney tune legend in your own mind.
This is a blog of selfless patriots and YOU AIN'T IT!
The Pirates Cove awaits you to walk Blackbeard's plank...
www.thepiratescove.us!

Posted by: darthcrUSAderworldtour07 at November 19, 2007 12:05 AM


Dictator Chavez is a Catholic... like pro-abortion and gay marriage Joe Biden, Nutsy Pelosi and Ted Kennedy! The Pentagon did an exercise last month where Chavez and Ahmadinejad turned off their oil spickets... and GA$ cost $5.50 per gallon in the USA's pumps (average median range).... B-52 UP!

Posted by: drstrangeloveb52isok at November 19, 2007 12:25 AM


SSgt Steve, LOL it does look like that.

Posted by: Wild Thing at November 19, 2007 12:41 AM


Jack, thanks, excellent.

Posted by: Wild Thing at November 19, 2007 12:44 AM


Bob, yes Hugo might as well. His best friend would love it.

Posted by: Wild Thing at November 19, 2007 12:46 AM


Darth, thank you so much.

Posted by: Wild Thing at November 19, 2007 12:53 AM


John Ryan, we live in a Republic, not a Democracy. Folks like you may be trying to make it a Democracy but it's still a Republic. Their's a world of difference.

http://www.capmag.com/article.asp?ID=4080

"Does our pledge of allegiance to the flag say to "the democracy for which it stands," or does it say to "the republic for which it stands"? Or do we sing "The Battle Hymn of the Democracy" or "The Battle Hymn of the Republic"?

Posted by: BobF at November 19, 2007 08:52 AM


Thanks Darth and Bob. John Ryan is entitled to his opinion however misguided he is. Semantics and party rhetoric are their tools of defense against the truth. This thought process is mostly seen in the public sector employees who work directly or indirectly for one of the forms of government, as Bob has pointed out, they don't know the difference between a democracy or a republic because they are dependent upon the government for their livelyhood and couldn't survive in the private sector. We see how democracy works in N. Korea, Cuba, Syria, Venezuela and Iran. John, just ask your professor.

Posted by: Jack at November 19, 2007 01:23 PM