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Wednesday, October 22, 2008

OPEC says action needed to avoid huge oil glut

Tuesday October 21 2008: OPEC says action needed to avoid huge oil glut
The world faces a huge oversupply of oil next year should production continue at current rates, OPEC's secretary general Abdullah al-Badri said on Tuesday, as his organization prepares for an emergency meeting to discuss output cuts.

"If things stay as they are, there will be a huge excess of supply in 2009," Badri told a news conference a few hours after arriving in the Russian capital.

Our good friend (HA HA) Badri also launched an attack on British Prime Minister Gordon Brown and unnamed officials in the United States for creating the global financial crisis, and said OPEC was powerless to stop its effects around the world.
"We don't have the ability to bail out the financial crisis created by Mr. Brown and others in the United States," he said. "Everybody will feel the heat one way or another of the financial crisis. The Chinese are the least likely to be affected."

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