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Oil futures surpass $90 a barrel
Light, sweet crude for November delivery hit $90.02 in electronic trading Thursday evening before returning to around $89.60. Earlier, prices had risen $2.07 to settle at a record $89.47 on the New York Mercantile Exchange.
World total liquids production (Fig 1) remains on a peak plateau since 2006 and is forecast to fall off this peak plateau in the middle of 2009. According to the IEA, the current peak production of 86.13 mbd occurred on July 2006 and only one year later, June 2007 total liquids production fell to an unexpectedly low 84.50 mbd. A good increase up to 85.10 mbd occurred for September 2007. As long as demand continues increasing then prices will also continue increasing.
Oil Drum
Originally posted by dbates
why doesn't OPEC put out more oil? In short, they can't produce more. We've reached the limit.
[...]
. Yet despite this fantastic chance to sell more for the highest price, there will be no increase in production.
Originally posted by dbates
Is it production, refining, or supply? Choose your weapon. Either way the prices will keep climbing.