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Dubai Shares Tumble Most in a Week on Oil; Emaar Leads Drop

Bloomberg.com -- Crude slumped to $65.63 a barrel in New York after U.S. unemployment rose to the highest in almost 26 years, signaling the world’s largest energy user remains mired in recession. Prices may drop next week on speculation that U.S. fuel inventories will climb as the weak economy curbs demand, according to a Bloomberg News survey of analysts.

The United Arab Emirates requires oil at $70 a barrel to balance its current accounts and fiscal spending, while Qatar and Kuwait needs to sell oil for $55 a barrel to break even, Citigroup Inc. said in a note last year. The Gulf produces about 20 percent of the world’s oil, the main source of revenue for the region’s budgets.

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Submitted Jul 05, 2009 By: Hamish

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mmene Champion Author Houston Posts:2,550 Points:581,470 Joined:May 2008	Message Posted: Jul 5, 2009 7:59:14 PM Ignore mmene Report Abuse Dubai has no oil revenue at all, only Abu Dhabi does among the emirates.
caddilac Champion Author Ontario Posts:10,642 Points:1,158,080 Joined:Apr 2007	Message Posted: Jul 5, 2009 3:56:18 PM Ignore caddilac Report Abuse Crude may have slumped to $65.63 a barrel, but the price of gasoline hasn't followed along in that slump. Someone is getting rich at our expense.
nozzle46 Champion Author Little Rock Posts:2,463 Points:623,230 Joined:Jul 2006	Message Posted: Jul 5, 2009 3:24:10 PM Ignore nozzle46 Report Abuse Dubai is a strange country. They are spending money like crazy, have to have oil revenue, but have had to put off finishing some of the outlandish projects they have started. The best medicine for Dubai, etc. is to wean ourselves off oil.
trcscout Veteran Author Georgia Posts:284 Points:36,185 Joined:Feb 2009	Message Posted: Jul 5, 2009 3:16:01 PM Ignore trcscout Report Abuse let them starv then they will know how the rest of us live. Poor baby, poor baby, don't worry they will still make a BIG PROFIT.
rgjoslin Champion Author Colorado Springs Posts:3,475 Points:657,380 Joined:Sep 2008	Message Posted: Jul 5, 2009 3:08:22 PM Ignore rgjoslin Report Abuse It is going to get a lot worse before it gets better...
GasholeMI Champion Author Lansing Posts:5,269 Points:756,590 Joined:Jul 2008	Message Posted: Jul 5, 2009 3:07:15 PM Ignore GasholeMI Report Abuse Since when did they need $70/barrel and $55/barrel? In this economy, they should be happy with what they get. We still need to drill in ANWR!
saveongasNC Champion Author North Carolina Posts:3,287 Points:720,250 Joined:Aug 2008	Message Posted: Jul 5, 2009 3:05:48 PM Ignore saveongasNC Report Abuse Buy less pay less.
WCCurtis Champion Author San Bernardino Posts:2,985 Points:915,165 Joined:Oct 2005	Message Posted: Jul 5, 2009 2:52:00 PM Ignore WCCurtis Report Abuse Prices should come down this week since the July 4th Holiday will be over.
aarrrt Champion Author San Diego Posts:2,980 Points:712,275 Joined:May 2008	Message Posted: Jul 5, 2009 2:21:56 PM Ignore aarrrt Report Abuse I'm sure OPEC nations and the middle east really care about US unemployment rates, I say the Hell with them all.
Sneakers55 Champion Author Houston Posts:31,936 Points:1,292,320 Joined:Nov 2005	Message Posted: Jul 5, 2009 2:10:01 PM Ignore Sneakers55 Report Abuse nojsts wrote: >high cost of oil and gas is what caused the economy to go into the toilet. I'll quibble that. Too many home loans that should have never been written had a lot to do with it.
lgwhitlock Champion Author Chico Posts:2,809 Points:719,275 Joined:Jun 2008	Message Posted: Jul 5, 2009 1:57:54 PM Ignore lgwhitlock Report Abuse They will have to feel the pain of the weak economy just like the rest of the world. I am sure they will more than make up for it when the economy recovers. Seems they should have saved money for a rainy day like the weak economy...
dhnbBUG Champion Author Pennsylvania Posts:2,621 Points:729,705 Joined:Apr 2008	Message Posted: Jul 5, 2009 1:57:34 PM Ignore dhnbBUG Report Abuse If the Gulf produces about 20 percent of the world's oil, where does the other 80 percent come from?
Bud122CA Champion Author California Posts:2,950 Points:674,505 Joined:Jul 2008	Message Posted: Jul 5, 2009 1:56:08 PM Ignore Bud122CA Report Abuse Oil companies or OPEC will find or should I say USE any excuse they can to keep prices up.
Hugo40 Champion Author Kentucky Posts:2,723 Points:647,010 Joined:Aug 2008	Message Posted: Jul 5, 2009 1:55:56 PM Ignore Hugo40 Report Abuse Welcome to the real world to the United Arabl Emirates along with Qatar and Kuwait. The rest of us had to live on a budget for a long time already.
PDQBlues Champion Author San Diego Posts:2,269 Points:500,375 Joined:Jan 2009	Message Posted: Jul 5, 2009 1:55:29 PM Ignore PDQBlues Report Abuse Keep those prices falling! Let the price fall to $20/barrel.
psuray All-Star Author Hartford Posts:919 Points:223,650 Joined:Feb 2009	Message Posted: Jul 5, 2009 1:53:23 PM Ignore psuray Report Abuse boo hoo -poor planning
day49 All-Star Author Washington Posts:932 Points:709,965 Joined:Apr 2007	Message Posted: Jul 5, 2009 1:50:12 PM Ignore day49 Report Abuse They will have to cut back on their budget, just like I had to do. Too bad our government doesn't do the same.
pigmanTX Champion Author Houston Posts:1,281 Points:369,735 Joined:Nov 2008	Message Posted: Jul 5, 2009 1:44:34 PM Ignore pigmanTX Report Abuse Wrong post. My bad. [Edited by: pigmanTX at 7/5/2009 3:45:19 PM EST]
pigmanTX Champion Author Houston Posts:1,281 Points:369,735 Joined:Nov 2008	Message Posted: Jul 5, 2009 1:42:44 PM Ignore pigmanTX Report Abuse I really do not care what the UAE and Kuwait need for their budgets. They do not care what I need for mine.
Beboper Champion Author Virginia Posts:3,747 Points:1,181,435 Joined:Oct 2005	Message Posted: Jul 5, 2009 1:42:28 PM Ignore Beboper Report Abuse poor poor things
hauler43 Champion Author Oakland Posts:4,796 Points:1,851,520 Joined:Sep 2003	Message Posted: Jul 5, 2009 1:42:28 PM Ignore hauler43 Report Abuse That's a big difference $70.00 and $55.00. Maybe them folks should cut back on some of their lavish lifestyle.
ironbox_sara Champion Author Albany Posts:4,691 Points:1,291,675 Joined:Mar 2006	Message Posted: Jul 5, 2009 1:38:09 PM Ignore ironbox_sara Report Abuse The days of $70 a barrel are over.
dks458 Sophomore Author Boston Posts:128 Points:333,480 Joined:Apr 2008	Message Posted: Jul 5, 2009 1:33:01 PM Ignore dks458 Report Abuse When there is no money to spend, buckle up and brace for a bumpy ride
Panama Red Champion Author San Diego Posts:6,171 Points:1,550,115 Joined:Jun 2004	Message Posted: Jul 5, 2009 1:29:01 PM Ignore Panama Red Report Abuse I can't generate any sympathy for the oil producing nations; let them tighten their belts like the rest of us.
MustangKen Champion Author Denver Posts:3,765 Points:631,950 Joined:Apr 2007	Message Posted: Jul 5, 2009 1:28:52 PM Ignore MustangKen Report Abuse poor babies...
HEBster Champion Author Kentucky Posts:3,918 Points:1,405,435 Joined:May 2006	Message Posted: Jul 5, 2009 1:28:38 PM Ignore HEBster Report Abuse Hmm...tightening belts in the Middle East-not gonna happen.
fuelconscious All-Star Author Los Angeles Posts:653 Points:233,005 Joined:Jan 2008	Message Posted: Jul 5, 2009 1:26:10 PM Ignore fuelconscious Report Abuse They should learn from California who spends lavishly and needless social programs.
montytexas Champion Author Houston Posts:1,204 Points:716,045 Joined:Jun 2006	Message Posted: Jul 5, 2009 1:23:11 PM Ignore montytexas Report Abuse Looks like they will have to "tighten up" their budgets...what a concept !!
Kato51 Champion Author Atlanta Posts:2,819 Points:1,271,995 Joined:Jul 2005	Message Posted: Jul 5, 2009 1:20:53 PM Ignore Kato51 Report Abuse I feel real bad for these sorry individuals that have been taking advantage of us for a long time. It's time some others felt the pinch of the bad economy.
suzyq2007 Champion Author Dallas Posts:2,784 Points:774,250 Joined:Oct 2007	Message Posted: Jul 5, 2009 1:20:11 PM Ignore suzyq2007 Report Abuse let them drink their oil.
nojsts Champion Author St. Louis Posts:14,043 Points:2,828,980 Joined:May 2002	Message Posted: Jul 5, 2009 1:19:38 PM Ignore nojsts Report Abuse high cost of oil and gas is what caused the economy to go into the toilet.
Toppers Champion Author Atlanta Posts:4,097 Points:1,497,390 Joined:Mar 2005	Message Posted: Jul 5, 2009 1:19:14 PM Ignore Toppers Report Abuse So sad for them as we've been in their neck of the woods twice fighting for freedom for their people...don't we deserve something in return...just a little bit??
stevencr All-Star Author Ohio Posts:732 Points:458,305 Joined:Mar 2009	Message Posted: Jul 5, 2009 1:07:15 PM Ignore stevencr Report Abuse It makes me feel really, really bad for them. They have all that oil and nobody wants to pay their asking price. I hope they drown in their darn oil.
UncleCurt Champion Author Winnipeg Posts:3,571 Points:552,135 Joined:Feb 2009	Message Posted: Jul 5, 2009 12:11:40 PM Ignore UncleCurt Report Abuse They should just accept that no one will pay unreasonable prices, nor can afford to and would rather conserve then buying.
BazooQC Champion Author Montreal Posts:4,736 Points:673,455 Joined:Oct 2008	Message Posted: Jul 5, 2009 12:05:23 PM Ignore BazooQC Report Abuse My goodness, it seems they increased their spending when the barrel went from $20 to $70. Now they have debt that they can't pay unless the barrel is over $55. We are in trouble. They will cut back production if the price per barrel goes lower than their targeted prices.
CLM06 Champion Author Tampa Posts:4,674 Points:1,110,265 Joined:Sep 2006	Message Posted: Jul 5, 2009 12:03:15 PM Ignore CLM06 Report Abuse As long as gas prices are up unemployment will also stay up
jimgraham Champion Author Akron Posts:5,301 Points:1,002,225 Joined:Oct 2007	Message Posted: Jul 5, 2009 12:01:13 PM Ignore jimgraham Report Abuse With "only" 20% of the market how do "they" control prices? Are we being subjected to a well orchestrated "disinformation campaign" by the greedy people that DO control prices?????
Valricoslash Champion Author Tampa Posts:1,758 Points:390,345 Joined:Nov 2008	Message Posted: Jul 5, 2009 12:00:56 PM Ignore Valricoslash Report Abuse They NEED $70 a barrel to balance their spending. Who cares about them. WE NEED $30 a barrel to get the price of gas down belwo $2 a gallon but that won't happen. What you need and what you get are two different things.
beachbumCA Champion Author Riverside Posts:4,033 Points:762,300 Joined:May 2008	Message Posted: Jul 5, 2009 11:56:26 AM Ignore beachbumCA Report Abuse The good old dollar just will not buy what it did a year ago.
dabuzman Champion Author Seattle Posts:3,789 Points:997,700 Joined:Apr 2006	Message Posted: Jul 5, 2009 11:49:56 AM Ignore dabuzman Report Abuse Guess they best get set for crude will drop down to about the $40.00 a barrel. If they can't make any money at $55.00 or $70.00 a barrel it's about time the cut operating expense, just like ever one else has done.
Ltdc Champion Author Long Island Posts:2,357 Points:718,845 Joined:Jul 2007	Message Posted: Jul 5, 2009 11:49:01 AM Ignore Ltdc Report Abuse I would have thought the Gulf produced more than 20%. I know the US is continually dropping in production.
arvo87 Champion Author New Mexico Posts:2,940 Points:584,615 Joined:Jul 2008	Message Posted: Jul 5, 2009 11:44:17 AM Ignore arvo87 Report Abuse I say buy it from Kuwait
foxups Champion Author Toledo Posts:3,252 Points:645,060 Joined:Feb 2004	Message Posted: Jul 5, 2009 11:43:39 AM Ignore foxups Report Abuse sorry get used to it
FordGuy48 Champion Author Albuquerque Posts:1,216 Points:469,190 Joined:Jul 2005	Message Posted: Jul 5, 2009 11:43:37 AM Ignore FordGuy48 Report Abuse They have to pay for all that glitz over there!!
no_monkey2002 Champion Author Tallahassee Posts:3,764 Points:1,119,210 Joined:Mar 2006	Message Posted: Jul 5, 2009 11:41:17 AM Ignore no_monkey2002 Report Abuse we need their oil...they will get all of our MONEY OPEC & UNIONS rule the world of business...
roadkillGA Champion Author Georgia Posts:3,382 Points:485,950 Joined:Jun 2008	Message Posted: Jul 5, 2009 11:39:55 AM Ignore roadkillGA Report Abuse Competion with China.
skippypa Champion Author Hawaii Posts:3,494 Points:759,165 Joined:Jun 2008	Message Posted: Jul 5, 2009 11:39:00 AM Ignore skippypa Report Abuse The OPEC nations out spent their revenues because they based it on the price of oil at a $150.00 a barrel. Now they just have to adjust their spending like the people in the United States.
buggydeb Champion Author Florida Posts:3,817 Points:718,190 Joined:Jun 2008	Message Posted: Jul 5, 2009 11:38:13 AM Ignore buggydeb Report Abuse They are all about greed with their "gold lined" nation!
LocalSpyGuy Champion Author Tampa Posts:2,916 Points:609,390 Joined:Nov 2008	Message Posted: Jul 5, 2009 11:34:04 AM Ignore LocalSpyGuy Report Abuse $70 a barrell? What were they doing a couple of years ago when oil was $35 a barrell?
LuckyD43 Champion Author Phoenix Posts:14,364 Points:1,575,910 Joined:Apr 2005	Message Posted: Jul 5, 2009 11:31:57 AM Ignore LuckyD43 Report Abuse "The United Arab Emirates requires oil at $70 a barrel to balance its current accounts" Don't they mean to fatten their already overstuffed wallets?