Oil producers urged to boost output as prices soar

Sunday 08th June, 06:10 AM JST

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7 Comments

some14some at 07:45 AM JST - 8th June

OPEC says NO

But China and India, while signing onto a statement recognizing the need to eventually phase out such subsidies, argued that removing such supports quickly could trigger political and economic instability.

Very true.

Analysts have also cited the decline of the U.S. dollar, fears about the long-term supply of oil and aggressive speculation as factors in rising prices.

This is where the problem lies. Now, it is upto G-8 to address this point or wait for the Hedge Funds to come to the rescue of FED, IMF, WB or ADB.
Crucifier99 at 09:55 AM JST - 8th June

I envy consumers in countries with subsidies on the contrary here in Japan the Gov't just recently reinstated the gasoline tax and with regular gasoline cost 178 yen/litre there is no outcry from the general public for the gov't to temporary abolish the gas tax, well,the usual shoganai attitude.
borscht at 02:12 PM JST - 8th June

Two words Washington: Hedge funds.

Since it seems the hedge funds are betting on oil and driving the price up, perhaps Bush & Co would like to look in their own pockets for a solution. (Not implying the Commander-in-Chief would try to make money for his friends while in the midst of a war, of course.)
Farmboy at 04:52 PM JST - 8th June

Well, hedge funds could have had a small effect, but there is just so much oil, and so much production capacity, while there is no end in sight for demand. My guess is that the price will go down short term, then go up some more long term.
buggerlugs at 05:12 PM JST - 8th June

of course there is something they can do quickly, Cut the prices!! The regular "joes" will then have a bit more to spend on other things, while the rich become a little less rich... But I think this way would be just too easy for them in power to understand also their greed will stop them even if they could understand it...
KenjiYamamoto at 05:45 AM JST - 9th June

may be the reason why hussein attacked kuwait was because his oil supplies were running low...

perhaps the us discovered to their dismay and shock and unbeknownst to the world at large was that there was little oil left in iraq rather than vice versa...
KenjiYamamoto at 05:46 AM JST - 9th June

speaking of shock and awe from above...