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

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: kryptonic6	6/18/2005 3:47:13 AM
	of 1183

Flat Iraq Oil Exports in '05 A Shock, Critical - Libyan Oil Minister Rigzone/FWN Financial News Libyan Oil Minister Fathi bin Shatwan said Wednesday that news that Iraq's oil exports would flat-line at a low 1.5 million barrels a day for the rest of the year were a shock and made the supply-demand balance far more critical. Iraqi Oil Minister Ibrahim Bahr al-Uloum said early Wednesday that the country's oil exports in the fourth quarter of this year would be virtually unchanged over its current 1.5 million barrels a day. Shatwan told Dow Jones Newswires: "That's an extra 300,000 barrels a day less than we were expecting. It makes the situation even more critical." OPEC ministers are meeting Wednesday to consider a two-stage increase in the group's production ceiling that looks unlikely to add any volumes of crude to the market. Production in many OPEC countries has hit maximum and only Saudi Arabia has significant spare volumes of hard-to-process sour crude. Wrap in capacity constraints in refining and there appears to be no end in sight for high crude prices. Shatwan said of the OPEC powwow Wednesday: "There's talk of an extra 500,000 barrels a day, but by my reckoning, they can't do it. Yes, in six months it may be possible, but for now its just the odd 50,000 barrels a day here and there." He said the OPEC-10 who are part of the ceiling - Iraq isn't part of the quota system - is pumping some 28.1 million to 28.2 million currently: "That's the group at full capacity." He added some in the group could live with benchmark U.S. crude prices around $51-$52 a barrel, but $55 a barrel and beyond would see the likes of Saudi Arabia act. (15 June 2005) rigzone.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next