And that was it. Not much more from any of the other outlets.
-Jon
Would there be any incentive to keep quiet about it?
It is relevant that you point out that Saudi Arabia is tired of rants from Chavez. Before Chavez, Saudi Arabia & Venezuela used to agree much more on their joint stance on OPEC issues, which gave more credibility to the cartel. Fortunately Chávez term of office, believe it or not, will expire in 2013, and on that date someone else will be President and save our oil industry from corruption and malinvestment.
I would not call the OPEC dead at all. But of course the other members are tired of the distracting clowns.
OPEC lost much of its teeth when Russia became a major player in the last ten or so years. As more countries joined the oil exporters list (proving peak oil a myth, but that’s another matter) and didn’t join OPEC the cartel felt its power slipping. Even when NYMEX oil was firmly entrenched over 100 US $ and did appear to be on a constant climb OPEC’s rants did not have the weight they used to carry. Their threats sounded empty and their promises sounded hollow.
Saudi Arabia surely got fed up with being by far the largest OPEC members but being pushed around by “small” producers like Iran and Nigeria. I am also inclined to believe that the Saudi monarchy’s declining relationships with Teheran (they’ve never been great to start with but lately they have much worsened) and Washington’s pressures are having no small part in the break up, though I find the idea of Chavez and Bush threatening each other while US citizens fill up their cars and truck at CITGO fuel stations, a Venezuelan-owned company refining Venezuelan oil in the US, ironic to say the least.