PEAK OIL - The New Y2K or The Beginning of the Real End? Message Board

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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?

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From: Doug R	5/2/2005 4:52:07 PM
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Oil Surges as OPEC Minister Forecasts 4th Quarter Demand Growth May 2 (Bloomberg) -- Crude oil rose, rebounding from a two- month low, after Algeria's energy minister Chakib Khelil said that OPEC should boost production to meet ``very strong'' demand. Supply may not be sufficient to meet demand in the fourth quarter, which is when consumption peaks, Khelil, said in an interview in Washington. The producer group has between 1 and 2 million barrels a day of spare production capacity. OPEC's next meeting is June 15 in Vienna. ``With OPEC close to capacity it is hard to see how they can increase production when it's needed,'' said Phil Flynn, vice president of risk management with Alaron Trading Corp. in Chicago. ``If there is any disruption we will see prices soar.'' bloomberg.com

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