BBC (Wednesday): Opec agrees higher output levels

[Jack Rabbit]

From the BBC Online
Dated Wednesday June 15 12:15 GMT (5:15 am PDT)

Opec agrees higher output levels

Opec members meeting in Vienna have agreed to lift the cartel's daily output limits by 500,000 barrels to 28 million barrels a day.

Oil prices carried on rising as traders believe the widely-anticipated move by Opec to raise production quotas will do little to cool the market.

Shortly afterwards, US light, sweet crude was at $55.64, up 64 cents during the day, and Brent crude was at $54.30.

Opec delegates said a further 500,000 barrel increase was possible in future.

Read more.

[SoCalDem]

1. So, they found some more oil??

I remember reading a while back that they were at "peak capacity" and couldn;t even pump anymore.. Could they be gaming the system?? :evilgrin::sarcasm:

[Jack Rabbit]

3. No, this is in response to increased demand

And, as the BBC piece indicates, it probably do a lot to alleviate the problem. Prices will continue to fluctuate in an upward spiral.

We need to develop alternate sources of energy. Not developing renewables is almost suicidal.

[SoCalDem]

4. I understand what you 're saying, BUT I distinctly remember

an article a while back that said.."That's all there is, folks..we're pumping as much as we can"..and yet.. NOW, they seem to be saying.. "Ok..Ok ..Ok.. we'll pump some more..".. It's like when someone eats the last piece of pie..just because someone wants more, does not make a new pie suddenly appear:)

[Jack Rabbit]

6. "Pumping as much as we can" was no doubt an exaggeration

Nevertheless, production is at an all time high. So is demand. China has become an industrial powerhouse and needs to consume petroleum in order to fuel her own economic engine. There is no gaming of the market right now. This is a natural phenomenon.

Frankly, I'm not expecting to see pump prices below $2/gallon again. We have to find new resources to supplement and eventually supplant fossil fuel.

[SoCalDem]

7. I do my part.. I only fill up once a month

:)

[Nordmadr]

2. Yeah, and I have a turtle that sings like Bing Crosby.

You wanna buy that too?

:wtf:

Olaf

[consuming]

9. Heck yea, they belive anything!

[RUMMYisFROSTED]

10. Does he sing " Good King Wenceslas ?"

"White Christmas" turtles are a dime a dozen.

[Nordmadr]

5. $60 oil here we come. $56.65 at 11:06 eastern and rising.

That is up 3% on the day.

Olaf

[hatrack]

8. They've been saying this for months

The one thing they don't provide is totals proving that they are, in fact, pumping more.