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NEWS: OPEC Claims: Oil Production Exceeding Global Demand

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posted on Sep, 7 2005 @ 08:34 PM
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A recent report from World Tribune.com quotes OPEC President Ahmed Fahd Al Sabah as saying that OPEC oil production has exceeded global demand recently. The imbalance has been estimated to be 1 million barrels of oil daily. A meeting of OPEC ministers is scheduled for September 19th in Vienna.
 



www.worldtribune.com
OPEC president Ahmed Fahd Al Sabah said members have been producing 30.4 million barrels of oil per day. Ahmed, the Kuwaiti oil minister, said this was one million barrels per day over market demands.

"This production is more than the market needs to allow the building of strategic and commercial stocks in order to stabilize prices," Ahmed told the official Kuwait News Agency.


Please visit the link provided for the complete story.


Considered against the total daily output of 30.4 million barrels of oil and the current market price of ~$70 per barrel, this would amount to a $2.33 reduction per barrel of oil or a price of $67.66 per barrel. Since, like many markets, the oil market is driven more directly by personal speculation than by the actual relationship of supply and demand, such news could affect global oil prices much more dramatically.

It is my opinion that efforts to improve the efficiency with which humans currently interact with hydrocarbons are greatly assisted by an inflated oil price. Unfortunately, so much of the global economy is tied to hydrocarbon utilization that many peripheral markets suffer the effects of an inflated oil price. I simply hope that as a result of pressure from many varied sources it becomes sufficiently clear to the world that our dependence on cheap, prolific sources of hydrocarbons is more likely to lead to our demise than everyone assumed splitting the atom would.

Related News Links:
money.inq7.net
www.dailytimes.com.pk
www.usatoday.com




posted on Sep, 7 2005 @ 08:59 PM
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But what do you really think?

IMO - the recent astounding news that the number of fatal cancers and deaths resulting from the Chernobyl nuclear disaster have been radically over-estimated suggests that public opinion is being directed to accept the safety of nuclear power.



 
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