Article

2008-05-10 International-UN-NGOs

Hints of a rift at OPEC about production

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Posted by Steve White 2008-05-10 00:00|| || Front Page|| [4 views ] Top

#1 I don't think OPEC CAN increase production any more, at least not by much or for long. The big, easy reservoirs are all getting old, and the stuff coming on to replace that old, declining production is not as prolific or flexible.

Posted by Glenmore">Glenmore 2008-05-10 09:29|| 2008-05-10 09:29|| Front Page Top

#2 The problem is the dollar, not oil.

Posted by Nimble Spemble 2008-05-10 09:45|| 2008-05-10 09:45|| Front Page Top

#3 Partly, NS, but not entirely. Oil has roughly doubled in dollars over the past year, but (for instance) the Euro has increased only something like 20%.

Posted by Glenmore">Glenmore 2008-05-10 10:05|| 2008-05-10 10:05|| Front Page Top

#4 Close enough for government work.

Posted by Nimble Spemble 2008-05-10 10:48|| 2008-05-10 10:48|| Front Page Top

#5 The beauty of markets is this - whether monopolists like it or not, the marketplace will find a way around them when they raise prices. These morons will overshoot on price and find that demand has gone down permanently because of substitutes and technology-based innovations. Then prices will plunge and they will have a few decades of rock bottom prices, during which many oil-producing countries will hover on the brink of insolvency. They had better be socking away their budget surpluses instead of spending it on massive boondoggles and social programs. They will need these surpluses when oil prices crater.

Posted by Zhang Fei">Zhang Fei 2008-05-10 22:19|| http://timurileng.blogspot.com]">[http://timurileng.blogspot.com] 2008-05-10 22:19|| Front Page Top

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