"Private" OPEC Meeting not so Private

Sat Nov 17 15:39:48 -0800 2007
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OPEC is running an important meeting of the member's countries by having Heads of State attend. What was supposed to be a private discussion got off to a good start for those who ever wanted to be a fly on the wall during important political "closed door" meetings, the first 40 minutes was broadcast live to some journalists in the press room! Some official apparently found out about it then and they pulled the plug, but not before some of the juicier details were shown to a lot of journalists. One of the things they were arguing about was the drop of the US dollar in worth, with Saudi Arabia wanting there to be no mention of their concerns in public, with Iran pushing for the inclusion. Only a few news sources are reporting this gaffe right now, although coverage of the event is widespread and they make some allusions to the discussion without revealing it was part of the accidental leak.

.."Journalists witnessed Iran and Saudi Arabia spar over the issue of the falling dollar courtesy of a television in the media room that mistakenly had a live feed of the meeting. "..more there, ton of other articles up on the web now about the meeting. This is only the third "full" meeting OPEC has had since it was founded.

"Private" OPEC Meeting not so Private
dfm
Sat Nov 17 18:22:57 -0800 2007
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A graph on the OPEC website shows 922 billion barrels in reserve, 77% of total world reserves.

922/6.6 gives ~139-140 barrels for each person on earth. ~ 6,116 gallons left for each person on earth!

What am i going to do with 139.5 barrels?
At 68.81(barrel/person/year) 'U.S. consumption' i have about two years of oil left.

In my opinion OPEC has a problem.

http://en.wikipedia.org/wiki/Petroleum
http://www.opec.org/home/PowerPoint/Reserves/OPEC%20share.htm



afterthought

dfm
Sat Nov 17 18:56:55 -0800 2007
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in a perfect world of course!
"Private" OPEC Meeting not so Private
Sat Nov 17 22:45:19 -0800 2007
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It is an open secret that OPEC reserves are vastly overstated.

So... I wouldn't go out and get a Hummer to use those 139.5 barrels.
"Private" OPEC Meeting not so Private
Sun Nov 18 03:46:33 -0800 2007
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He shouldn't have a problem unless everyone in India and China buy [[fill in your favorite wasteful vehicle brand]]s also.

Not that I recommend such behavior, of course.
"Private" OPEC Meeting not so Private
Sun Nov 18 12:58:42 -0800 2007
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For a cartel that's as important to the world economy as OPEC, this can only be good - they really need more transparency in their operations - I truly hope that something good will come of this inadvertent slipup

rumblings of disdain for the dollar

Sun Nov 18 21:33:15 -0800 2007
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maybe this leak wasn't accidental, maybe the "word on the street" will be that big cartels are going away from the dollar so investors will hedge against it and won't stampede when the major moves happen