$this->bbcode_second_pass_quote('', '
')Oil prices forecast to hit $80
Randy Fabi
Reuters
LONDON – Global oil prices could easily rally to record levels above $80 a barrel this summer, analysts forecast on Thursday, due to Middle East tensions, red hot Chinese growth and a reluctant OPEC.
But record high prices will not have the same impact on oil demand as in the past few years since consumers have grown accustomed to it.
--snip--
One significant change since last summer has been OPEC's decision to curb supplies by 1.7 million barrels per day, or about 6 per cent.
"The world needs more oil than OPEC seems willing to supply, making it difficult to avoid another surge in oil prices over the coming summer," the Centre for Global Energy Studies said in its monthly report.
Consumer nations have called on OPEC, source of more than a third of the world's oil, to pump more crude to help ease prices and replenish fuel stocks. But oil ministers insist crude supplies are adequate.
--snip--
http://www.thestar.com/Business/article/217289
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Oil prices forecast to hit $80
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Oil prices forecast to hit $80
by PeakingAroundtheCorner » Fri 25 May 2007, 20:34:39
"The world needs more oil than OPEC seems willing to supply..."?
How about "able to supply"? Sounds to me like OPEC production is toast...which is also a term applicable to our collective situation.
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PeakingAroundtheCorner - Tar Sands
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Re: Oil prices forecast to hit $80
by sylviah » Fri 25 May 2007, 22:33:58
Wow. That might be the first time I've seen it written out, plain as day, in the MSM. Wonder if it'll make people think, or will just get buried under some other celebrity overdose story...
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Re: Oil prices forecast to hit $80
by Zardoz » Fri 25 May 2007, 22:39:54
$this->bbcode_second_pass_quote('', '"')The world needs more oil than OPEC seems willing to supply..."?
We all know that, sooner or later, the oil exporters are going to severely cut back their exports and "save it for later". They'd be short-sighted, greedy fools to not do so.
Of course, many of them are short-sighted, greed fools, and a lot of them are thinking only about the state of their own personal short-term fortunes, just like they've been doing all along. Eventually, however, they're going to be under heavy pressure to stop giving away their precious resource at what are still bargain prices. They'll have to start thinking of the future pretty soon now. When they do, we major importers are going to go through oil addiction withdrawal symptoms that will cause us pain like we never imagined we could feel.
What we're seeing now could well be the initial phase of that exporting cutback. If it is, then we've effectively peaked, for sure, and those of us who thought we had some time to adjust to it are in for a horrifying surprise.
"Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
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Re: Oil prices forecast to hit $80
by Plantagenet » Fri 25 May 2007, 23:19:22
$this->bbcode_second_pass_quote('Zardoz', 'W')e all know that, sooner or later, the oil exporters are going to severely cut back their exports and "save it for later". They'd be short-sighted, greedy fools to not do so.
Of course, many of them are short-sighted, greed fools, and a lot of them are thinking only about the state of their own personal short-term fortunes, just like they've been doing all along.
Of course, many of them are short-sighted, greed fools, and a lot of them are thinking only about the state of their own personal short-term fortunes, just like they've been doing all along.
Most of them can't stop. They have leveraged their entire societies on the gusher of oil wealth. Who is going stop and hold back? Mexico? The Saudis?
In fact, as production peaks and drops at Cantarrel and Ghawar, the social pressures will be greater then ever to produce as much as possible to make up the lost income from falling production.
Never underestimate the ability of Joe Biden to f#@% things up---Barack Obama
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Re: Oil prices forecast to hit $80
by PeakingAroundtheCorner » Fri 25 May 2007, 23:32:00
$this->bbcode_second_pass_quote('Plantagenet', '')$this->bbcode_second_pass_quote('Zardoz', 'W')e all know that, sooner or later, the oil exporters are going to severely cut back their exports and "save it for later". They'd be short-sighted, greedy fools to not do so.
Of course, many of them are short-sighted, greed fools, and a lot of them are thinking only about the state of their own personal short-term fortunes, just like they've been doing all along.
Of course, many of them are short-sighted, greed fools, and a lot of them are thinking only about the state of their own personal short-term fortunes, just like they've been doing all along.
Most of them can't stop. They have leveraged their entire societies on the gusher of oil wealth. Who is going stop and hold back? Mexico? The Saudis?
In fact, as production peaks and drops at Cantarrel and Ghawar, the social pressures will be greater then ever to produce as much as possible to make up the lost income from falling production.
Indeed. Like a runaway freight train. Wreck at eleven.
Hoo boy. We are in deep do-do now.
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