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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (19995)	3/10/2003 10:39:54 AM
From: Tomas	Respond to of 206329

Iraq war could sideswipe OPEC Calgary Herald, Monday, March 10 As the world marches toward war in the Middle East and crude flirts with $38 US a barrel, all eyes are on the Organization of Petroleum Exporting Countries to open up its oil taps. But with OPEC ministers descending on Vienna for a critical meeting Tuesday to review its oil-producing quotas, many observers feel the situation is simply beyond the group's reach. While the cartel may talk about removing all export quotas and pumping crude flat out, it has little additional oil to bring to market analysts say. "There's nothing OPEC can do," said Vera de Ladoucette of Cambridge Energy Research Associates, who regularly monitors the organization's meetings. "They can't do much, except assure the market that the oil will be there." ... While there is extra oil-producing capacity in Saudi Arabia, most of it is virtually untested and there are questions about how quickly it can be brought online, said Julian Lee of the Centre for Global Energy Studies in London. "To a degree, the market is outside of OPEC's control, largely because they have so little spare capacity at the moment, they can't inject substantial amounts of new oil into the market," Lee said. "The world needs all of the oil it can get from OPEC because stocks of oil are so low. OPEC countries need the revenue and want to pump what they can." ...