BIER QASSEM COURIER BEACON
QAS Oil Rig Off AL'BuqiyaaKERBOGHA ADDRESSES OIL PRODUCTIONPresident Moqtada Kerbogha addressed public and private utility managers at an annual event sponsored by Utility Structures Unlimited (USU) at the Dromedary Hotel and Casino in Ras el-Haram. The President praised the modernization of water systems by USU in several cities and while fielding questions remarked on the crude oil market price decrease. Kerbogha said the government believed the observations of the Energy and Energy Affairs Minister of Kazulia were on point and it would really be beneficial to all oil producing nations to have a concerted plan to stabilize prices or at least production rather than have haphazard reactions to difficulties by individual nations before an oil glut actually occurred rather than after. He noted that Kafuristan and Vascania are already reducing production and Jumhuriat al-Badara is prepared to cooperate in concert with other nations.
The President felt the Majatran Economic Association(MEA) was the proper vehicle to in which to work to arrive at such a joint effort. Kerbogha indicated despite the hard feelings that are constantly on display, it was the judgment of the government that all members were very desirous of having a Majatran wide effort to aid in the economic prosperity of all. Kerbogha knew workers on the sewer lines had little sympathy for diplomats but noted they also serve who only sip Canrillaise wine and wait for opportunities to make a deal.
The President anticipated that should an appropriate amount for reduction be agreed upon, the nationally owned corporation Petroleum Development of al-Badara could absorb the reduction at least for a while without an effect on privately owned production. New leasing suspension would be the next step.
President Kerbogha does believe the safety net is still in place and displaced workers are not going to be destitute. Should there be a Terra wide oil glut, the most noticeable initial effect would be slowing economic expansion since that is fueled not only by government loans and capital injection and expenditures but by new capital arriving from petroleum sale profits.
Kerbogha felt there was opportunity for success but assured the audience the government was prepared for failure. President Kerbogha emphasized the government was doing all it could to work with other nations to prevent this from occurring.