[Marxism] how are (oil) prices set?

S. Artesian sartesian at earthlink.net
Mon Jul 7 06:47:36 MDT 2008


That's correct.  OPEC abandoned direct floor pricing for a process of review 
of market prices for 7 grades of oil and then using that to alter production 
levels.  The review in 1999 led to production cuts in March of that year, 
supported by production cuts of non-OPEC countries that started the price 
increases.
----- Original Message ----- 
From: "Steve Palmer" <spalmer999 at yahoo.com>
To: <sartesian at earthlink.net>
Sent: Monday, July 07, 2008 12:40 AM
Subject: Re: [Marxism] how are (oil) prices set?


> OPEC specifically rejects any role in setting the price of oil.
> http://www.opec.org/library/FAQs/aboutOPEC/q20.htm (some links broken)
> There's lots of interesting material on the economics of oil at:
> http://www.wtrg.com/index.html
>





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