Peak Oil - Not If but When 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 - Not If but When

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: veritas501	12/24/2010 5:51:53 PM
	Read Replies (1) of 129

This is what I wrote back in April 15, 2010: OPEC's next meeting is for October 2010. This late date is a sign OPEC has given up on controlling oil prices to the upside. Why increase output at $100/bbl when the price itself will eventually curtail demand? Increasing output will just add downside momentum, rather than help to sustain demand at $100/bbl. Any increase in output in the future will just be public relations, in my opinion. Not that OPEC has much spare capacity left anyway -- 2 million bbls/day? ---------------------- Here's a quote from a Reuters article dated today entitled No sign of OPEC concern with oil heading for $100: OPEC's most influential oil minister, Saudi Arabia's Ali al-Naimi, said he was still happy with an oil price of $70-80 per barrel and there was no need for an extra OPEC meeting before the next scheduled one June. ------------------------------ In other words, oil looks likely to soon reach $100/bbl -- 25% higher than $80/bbl -- but OPEC won't meet until June 2011 to consider production quotas.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next