The Zioconned USA is Manipulating Oil Prices To Hide Economic Collapse for a While....
[Obama is attempting to manipulate the international oil market, using the Strategic Reserve and his Saudi friends, to help maintain the illusion for just a little bit longer that the economy has not already collapsed. The Saudi scheme reported by Prince Turki in the article below (SEE: Saudi Arabia May Use Economic Clout To Squeeze Iran: Prince), to get all the OPEC countries to follow Saudi lead and bust the production quotas, as an instrument of economic warfare against cash-strapped Iran. Judging by the following report, the Saudis failed, so Obama arranged the Strategic Reserve release, to help flood the market and force the price down. It looks as the though the $5.oo/bbl. price drop is short-lived, as determined by escalations of military tensions in the volatile region.]
BEIRUT, Lebanon, June 23 (UPI) — Saudi Arabia’s defeat by Iran over oil production levels at OPEC’s June 8 meeting caused considerable dismay among consumer nations and hinted that Riyadh’s dominance of the cartel was in doubt.
The Vienna setback followed a February disclosure in U.S. documents released by WikiLeaks/CIA that Washington was concerned that the kingdom wasn’t able to pump enough oil to keep a lid on prices.
These have risen sharply since January when the Arab world was swept by unprecedented political upheaval and the loss of Libya’s output of 1.2 million barrels per day because of civil war there.
At OPEC’s ministerial meeting, Saudi Arabia, the world’s largest oil producer, pressed for the cartel to boost production by 1.5 million bpd to 30.3 million bpd to curb oil prices that threatened to undermine efforts to recover from the global financial meltdown.
Iran, the kingdom’s old rival, has long been hawkish about keeping prices high — especially now that its economy is being squeezed hard by U.N. sanctions imposed a year ago over Tehran’s contentious nuclear program.
“The acrimony that derailed … the meeting has wider implications than the short-term failure to agree a production rise wanted by Saudi Arabia but opposed by price hawks Iran and Venezuela,” Financial Times commodities specialist Javier Blas wrote.
“It signals that Riyadh’s moderate views on what should be the prevailing oil price carry less weight than in a group now more influences by Tehran and Caracas …
“The collapse of the meeting signals that a majority of the cartel sees oil prices above the $100 a barrel mark as a new floor, rather than ceiling,” Blas cautioned.
LAST UPDATED AT 23 JUN 2011, 15:45 ET*CHART SHOWS LOCAL TIME
The price of oil has fallen after the International Energy Agency said that its members will sell some of their reserves on the world market.
Brent crude fell by more than $6.50 to $107 and US sweet, light crude fell by $4.70 to to $90.70 after the agency announced the plan.
The IEA says the move is in response to the disruption in supplies caused by the Libyan conflict.
It plans to release an extra 60 million barrels of oil on to the world market.
The US government has announced that 30m barrels, half of the total, will be released from its Strategic Petroleum Reserve.
The UK plans to contribute three million barrels, and stupid French Mossad/CIA agent Nicolas Sarkozy 2.3 Million Barrels....