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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	5/21/2005 12:48:02 PM
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Opec rules out production curbs SOUTHERN SHUNEH: Opec is content to allow oil prices to fall into the $40-$45 a barrel range, seeing no need to cut production when it meets next month, the cartel's president said yesterday. "Until now we see no reason to cut. There is no need to trim, we will continue at this level," said Kuwaiti Oil Minister Shaikh Ahmad Al Fahd Al Sabah in an interview at the World Economic Forum. The Organisation of the Petroleum Exporting Countries would continue pumping in excess of its own official output limits, at about 30.5 million barrels per day (bpd), allowing stocks to build further on a comfortably-supplied world market, Shaikh Ahmad said. Opec is producing about a million barrels daily above its official 27.5m bpd output target, with another 2m bpd from Iraq, not included in quota arrangements. Those volumes were likely to push oil prices down into the range $40-$45 a barrel, Shaikh Ahmad said, a range he called "acceptable." Benchmark US crude yesterday was trading at $47.35 a barrel. The Opec president said only a downward revision in the forecasts for world oil demand growth in the second half of the year might require a change in Opec thinking. Opec meets on June 15 in Vienna. His comments underline Opec's commitment for lower oil prices that will protect the global economic growth required to keep oil demand rising. gulf-daily-news.com

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