Bill. Thanks for the article. We know in the meantime what OPEC has accomplished in their meeting in Vienna. They agreed to pump another 800,000 barrels of oil a day. One analyst there opined that this would not alleviate the problem with high oil prices. When questioned about cheating he went along with the assumption that there was already cheating going on to the tune of 600,000 barrels a day. That would mean that there would only be 200,000 more barrels pumped.
The official extra output is now pecked at about 3% more a day.
Sheesh. I can see how this would not make a dent into the high oil prices. BTW, when questioned, this analyst went along with the theory that there may be the same amount of cheating as now. So, 800,000 barrels officially and then 600,000 barrels with cheating, could mean about 1 1/2 billion barrels more a day. Well, actually only 800,000 more a day since the 600,000 cheating is already fig. in. Not a rosy outlook.
There is only one way. We have to pump more oil ourselves, otherwise we will be forever at the mercy of foreign oil. Again, we also know that there are other ways to increase energy.
I believe that I heard something about another meeting in Vienna about more oil? I guess they have fig. out in the meantime that this extra output of 3% would not bring oil prices down? Umm, umm.
Sonny
PS. The market is now heading lower again. But it's only 2 pm EST. |
