Oil prices fell below $135 today on talk that OPEC doesn't feel prices will bed sustained. Saudi Arabian Oil Minister Ali al-Naimi said his country, which currently produces 11 million barrels of oil per day, plans to increase production to 12.5 million in the next few years. Still, he said the prices are unjustified. This is after OPEC demanded to set up a meeting regarding the reasons behind high oil prices. British Prime Minister Gordon Browne will be attending, however no major American attendee has been confirmed. But I can imagine how the meeting would go. The American delegate would demand that OPEC produce more oil. OPEC would demand American use less oil and get their economy in order. Iran would blather some nonsense about the Holocaust being a hoax, and then blame the Great Satan for looking too closely at their completely innocent nuclear program. Putin will pound his shoe on the podium, saying he will crush the U.S. while gobbling up some more Eastern European pipelines, and the Venezuelan delegate will be questioning the patriotism of his comrades for not spying on one another and telling their most glorious leader. And somewhere, all the price speculators will dancing and doing their best Gordon Gecko imitations. –Stephen Payne, Editor, Oil and Gas Investor This Week; www.OilandGasInvestor.com; spayne@hartenergy.com
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