In case $75/barrel is not enough for you. Which, BTW, is exactly the price the Saudi oil minister last year said it would should be.
Growing world oil use will likely outpace the rate of new supplies in 2010, eroding the huge stockpiles of crude which have mounted around the world since the start of the global economic crisis.
| The price won't go up until the stockpile tankers can stop steaming in circles round the ocean long enough to be emptied. |
According to a Reuters poll of ten top oil-tracking analysts and organizations, oil demand is predicted to rise by 1.3 million barrels per day (bpd) next year to 85.9 million bpd.
| How many tanker ships are out there? How much did the OPEC countries reduce their output to maintain prices this year? |
At the same time, the rise in production from outside the Organization of the Petroleum Exporting Countries and output of natural gas liquids (NGLs) from OPEC members is seen growing by just 800,000 bpd in total.
13M bbl/day oil imports at $100/bbl is $475B/year leaving the economy. See what that does to economic growth contraction numbers. |