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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (101234)	9/12/2011 11:29:24 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 149317

The new OPEC Oil Market Report is out this morning. OPEC production in August was 29,920,000 bp/d. That was up 76,000 bp/d from July but that was only after July production was revised downward by 225,000 bp/d. OPEC production is still down 1,752,000 bp/d since their high of 2008. But of course most of that is because of Libya. Remove Libya from the data and OPEC is down 69,000 bp/d since their high recent high of July 2008. Also in this report they give the rig counts. I just picked the worldwide rig count for comparison. Notice the rig count for oil has more than doubled since 2005 while gas rigs have declined. Revisions, revisions, revisions. Comparing last months OPEC OMR with the one just released today. The August report-- World Oil Supply: Preliminary figures indicate that global oil supply increased 0.80 mb/d in July to average 88.33 mb/d The September report-- World Oil Supply: Preliminary figures show that world oil supply averaged 88.09 mb/d in August, an increase of 0.69 mb/d from the previous month. What this implies is that July production was revised downward rather dramatically. Darwinian on September 12, 2011 - 10:18am Permalink