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Cheating Uncle Sam!

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    Cheating Uncle Sam!

    The US government is putting "major pressure" on certain oil-producing countries to cheat on their Opec-imposed output quotas in an effort to bring crude prices down.

    Last week, boosted by renewed expectations of US conflict with Iraq, crude prices surged above $30 (19.7) for the first time in 18 months. That has in turn prompted fears that strong oil prices will cripple economic recovery.

    The prospect of US-induced cheating raises the spectre of a complete collapse in Opec unity. Nigeria's attitude to its quotas has already suggestedit could force itself out of the cartel, and many believe Opec's meeting on 19 September could be a significant turning point in its history. Even with just two of its 11 members turning maverick, the organisation would lose its control over world oil prices.

    comment: America telling nations to cheat its quotas on oil what a surprise not! Once a snake always a snake.

    As for people commenting that america does'nt need oil yeah what ever facts on the ground speak louder than words!

    Opec has stated that it wants to see oil in a range of $24-$28 dollars a barrel. It has been at about $26 a barrel for the entire summer. Many producer states have stated that they would keep production up, in the event of action against Iraq, if it materialized. Russia has a need to gain oil revenue and is contribuating much. Saudi Arabia cannot hold back as it's economy is in need of continued strength for it's people.