{"id":14240,"date":"2012-06-12T07:02:47","date_gmt":"2012-06-12T11:02:47","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=14240"},"modified":"2012-06-12T07:02:47","modified_gmt":"2012-06-12T11:02:47","slug":"the-saudis-bring-reason-to-opec","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=14240","title":{"rendered":"The Saudis Bring Reason To OPEC"},"content":{"rendered":"

The Organization of Petroleum Exporting Countries<\/a> (OPEC) is meeting this week. The Financial Times<\/a>\u00a0reminds us that oil prices have dropped from $128 a barrel in March to a current price of\u00a0about $100. The drop is partially due to the financial difficulties in the European Union<\/a> and the general slowdown in the world’s economy. Normally when the price of oil<\/a> drops, OPEC calls for a decrease in production so that the price will rise again (supply and demand<\/a> works!).<\/p>\n

Recently OPEC has been producing more oil than its quota in an effort to lessen the impact of the oil\u00a0sanctions that Europe<\/a> and America have placed on Iran<\/a> in an attempt to end Iran’s nuclear program<\/a>. Saudi Arabia<\/a> seems to be responsible for the increase–Ali Naimi<\/a>, Saudi Arabia\u2019s oil minister, told the Financial Times in March that he would like to see lower oil prices\u00a0 \u201cthat will not hurt the global economic recovery\u201d.<\/p>\n

The Saudis have called for higher oil output levels despite the lower prices. I would love to be a fly on the wall (one who understood whatever language is spoken) at the coming OPEC meeting!<\/p>\n

\"Enhanced<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Organization of Petroleum Exporting Countries (OPEC) is meeting this week. The Financial Times\u00a0reminds us that oil prices have dropped from $128 a barrel in March to a current price of\u00a0about $100. The drop is partially due to the financial … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[250,2891,246,1136,689,3229,2167,342],"class_list":["post-14240","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-european-union","tag-financial-times","tag-iran","tag-nuclear-program-of-iran","tag-opec","tag-price-of-petroleum","tag-saudi","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/14240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14240"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/14240\/revisions"}],"predecessor-version":[{"id":14241,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/14240\/revisions\/14241"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}