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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To: Mahatmabenfoo who wrote (752)	6/13/2005 7:15:41 PM
From: Triffin	Read Replies (1) of 1183

The Organization of Petroleum Exporting Countries signaled it was ready to hike its production ceiling by half a million barrels per day at its meeting Wednesday. But the cartel acknowledged the move would likely not raise actual output because of a lack of spare production capacity as well as a shortage of refineries to run the crude. "We are prepared to raise the ceiling," Saudi Oil Minister Ali al-Naimi said in Vienna ahead of the Wednesday meeting. "But where are the customers? "You know and I know that what is driving the price is not supply. It's the lack of refining capacity worldwide." Translation from Arabic to English .. We're prepared to raise our production by 500,000 bpd .. How this will happen we're not sure as we are presently pumping all the light sweet crude we can .. If we scrounge around some we could produce some heavy sour crude, but we know you don't really want it and besides no refineries can handle any more sour as it is .. Triff ..

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