WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2010-09-15 Time: 06:00:03 Posted By: News Poster
By Chika Amanze-Nwachuku
Lagos – The Organisation of Petroleum Exporting Countries (OPEC) has expressed concern about the world economy, saying the rest of this year and first half of next year would be very difficult.
Also Nigeria’s Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has noted that the challenges facing member countries of the organisation, over the years, have deepened beyond stability of crude prices alone.
Secretary-General of the organisation, Abdullah El Badri, who spoke on OPEC’s 50th anniversary yesterday, said the oil market seemed to be accepting oil prices of $75 to $85 per barrel and predicted that prices will stay in that range for the rest of the year.
“The remainder of this year, the first half of next year will be difficult. We have to be very careful for any action taken by anybody,” Reuters quoted the OPEC scribe as saying.
“It will be a very interesting, a testing period. Either we will leave recession behind or recession will come back. “I think the world economy is in need of another stimulus package.”
Oil prices have spent most of the last year between $70 and $80 per barrel and benchmark US crude oil futures were trading at around $77.90 by 1500 GMT yesterday.
Badri’s comments, the report noted, suggest that the group is unlikely to make any major formal changes to its output policy when it meets on October 14, until the outlook becomes clearer.
“We are in a very critical period. We are walking a very thin line,” Badri said of the economic outlook.
In her speech to commemorate the OPEC 50th anniversary, Alison-Madueke noted that Nigeria, as a committed member has continued to align with the objectives and aspirations of the organisation. She said, in recognising the wider aspiration of OPEC to support stability and fuel prosperity of its member countries, this year, Nigeria has made significant progress in better linking the oil industry with the wider economy through the passing to law of the Nigerian content law
“As we celebrate the 50th anniversary of the organisation, the OPEC anniversary slogan – ‘Supporting Stability, Fuelling Prosperity’ couldn’t be more appropriate. Over the years, the challenges facing member countries have deepened beyond stability of crude prices alone. The challenge of prosperity now manifests itself in better linkage of the oil sector to the wider economy of the member countries as well as optimal utilization of both crude oil and natural gas which in the past was a nuisance by-product of crude oil production, but now has come of age and is extremely valuable. Member countries now have to address these issues to make more leverage of their membership of OPEC.
“In Nigeria, we continue to align with the objectives and aspirations of the Organization. Recognising the wider aspiration of OPEC to support stability and fuel prosperity of its member countries, this year, we have made significant progress in better linking the oil industry with the wider economy through the passing to law of the Nigerian content law. For us, this is a major achievement as it begins to provide a platform that enables the revenues and spend in the industry to be utilised locally in creating capacity and jobs for Nigerians.
“We have also made major progress in the implementation of the Nigerian gas master-plan. This plan provides a holistic framework for utilizing natural gas which is produced alongside the oil. We have put in place a robust commercial framework for gas production and delivery to the market and made significant gains in making gas available to the power sector and manufacturing industries. We have now finally created a fully integrated oil and gas industry in Nigeria and entrenched the legal framework that allows a significant spend of the industry to be domiciled in Nigeria- these being the anchors for true prosperity in Nigeria”, she said.
The Minister added that in the traditional crude oil business, Nigeria has strengthened its refined products productions by re-streaming the refineries which have been down for several years. “We believe that the steps we are taking in Nigeria underpin the primary objective of the OPEC which is to safeguard the primary economic interest of its member countries and fuel prosperity of its people”, she added.
The 12-member organisation has left its output ceiling unchanged for almost two years since announcing a record supply curb of 4.2 million barrels per day in December 2008 to combat lower demand and prices.
Original Source: 
Original date published: 14 September 2010
Source: http://allafrica.com/stories/201009150100.html?viewall=1