[Starvid]

$this->bbcode_second_pass_quote('', '`')`We are saying what needed to be done, not what will be done,'' said Birol, who added the investment decisions will largely be up to OPEC nations. ``If they put their money there they can meet demand.''

[americandream]

$this->bbcode_second_pass_quote('Jack', '')$this->bbcode_second_pass_quote('Bas', '')$this->bbcode_second_pass_quote('emersonbiggins', 'F')rom the article:$this->bbcode_second_pass_quote('', '"')I don't see the political will." Then again, nothing fuels political will like a soaring price at the gas pump.

[dinopello]

$this->bbcode_second_pass_quote('Jack', 'I') heard an interesting little item a few days ago...
$this->bbcode_second_pass_quote('', 'C')onflict increases with two variables - shortages and diversity

[Madpaddy]

I'ld like to know where Jack thinks he will be on the farside of this tunnel we are all entering because the way I see it, chaos, mayhem, random violence and plaque benefits nobody not even the would be warlords or psychos.

The most vicious and ruthless regimes have always presided over totally controlled, disciplined and ordered societies.

A likely future IMO will be a period of 3-5 years of a disordered society bordering on anarchy which will be replaced by a dictatorship and we will all (those of us who are left), welcome it with open arms.

[Zardoz]

"Headed toward really bad days"? For many, they're already here:

High-Priced Oil Adds Volatility to Power Scramble

$this->bbcode_second_pass_quote('', 'A')s the price of oil surges toward a symbolic milestone of $100 a barrel — hitting $96.70 yesterday — it is creating new winners and losers across the globe.

In southern China, high oil prices forced Wang Pui, a trucker, to wait in line 90 minutes the other day to fill up, just to be told he could pump only 25 gallons, as China faced spot shortages of gasoline and diesel fuel.

When Vladimir V. Putin was making Russia’s bid to be host of the 2014 Winter Olympics last July, he reached into the country’s deep pockets, bulging with oil profits, and pledged $12 billion to turn a Black Sea summer resort into a winter-sports paradise. Russia, which was nearly bankrupt a decade ago, won the Games.

The prospect of triple-digit oil prices has redrawn the economic and political map of the world, challenging some old notions of power. Oil-rich nations are enjoying historic gains and opportunities, while major importers — including China and India, home to a third of the world’s population — confront rising economic and social costs.

Managing this new order is fast becoming a central problem of global politics. Countries that need oil are clawing at each other to lock up scarce supplies, and are willing to deal with any government, no matter how unsavory, to do it.

In many poor nations with oil, the proceeds are being lost to corruption, depriving these countries of their best hope for development. And oil is fueling gargantuan investment funds run by foreign governments, which some in the West see as a new threat.

[Jack]

$this->bbcode_second_pass_quote('Madpaddy', 'I')'ld like to know where Jack thinks he will be on the farside of this tunnel we are all entering because the way I see it, chaos, mayhem, random violence and plaque benefits nobody not even the would be warlords or psychos.
The most vicious and ruthless regimes have always presided over totally controlled, disciplined and ordered societies.
A likely future IMO will be a period of 3-5 years of a disordered society bordering on anarchy which will be replaced by a dictatorship and we will all (those of us who are left), welcome it with open arms.

[lexicon]

$this->bbcode_second_pass_quote('dukey', 't')he dollar isn't helping-its practally in freefall. 1 US dollar is now 91 canadian cents !!!!!

[shortonoil]

Zardoz said:

$this->bbcode_second_pass_quote('', 'T')his crap is already going on, and supplies are still, for the most part, sufficient. We all know what's going to happen when the shortages really kick in worldwide.

This is going to really suck.

[DefiledEngine]

Reality is the best kind of doomer porn.

[Jack]

$this->bbcode_second_pass_quote('Bas', '')$this->bbcode_second_pass_quote('', 'C')onflict increases with two variables - shortages and diversity

[roccman]

$this->bbcode_second_pass_quote('Jack', ' ') Read about "necklacing".

[kmann]

According to the IEA Oil Market Report released today, world oil supply is was up 1.4 million barrels per day in October. This is probably what's behind the $4 drop in oil today.

[mkwin]

If the crude inventory increases tomorrow I think oil is going to fall back to around $80.

[bonehead]

$80 is certainly possible,but for how long?Until spring in the U.S. maybe?

[DantesPeak]

IEA October Oil Production Report – Fact or Fiction?

Has the IEA got this right? While the IEA says that OPEC increased production by 410,000 bpd, it says overall oil supply grew by 1.4 million bpd in October. Where did that come from?

Previously there was some discussion here about the October OPEC production increase, and I stated at that time the possible rise of about 300,000 was in line with other available information. The higher figure represents additional production from Angola and Iraq. Still that does not explain well where the other 1 million barrels per day came from. Supposedly this mostly comes from China, Azerbaijan, and Russian.

If these productions figures are true, output gains from these countries are extraordinary – to say the least. I have not seen other information which confirmed these types of output gains. If anyone has the full IEA Oil Market Report, please give us some further information on exactly where those gains came from.

As to the future, the IEA still projects demand in 2008 well in excess of recent production levels. In the long run, demand can not exceed available supply. Note the following about inventory levels, published by Dow Jones with comments from the IEA:

$this->bbcode_second_pass_quote('', 'M')eanwhile, OECD oil stocks continued to fall with total forward cover dropping to 52.8 days in September. Inventories in Japan fell to the lowest level in 20 years. "We were expecting a lull in October in the stock draw, but preliminary data in the U.S. and Japan is showing another big stock draw".

[DantesPeak]

Also keep in mind that Russia and China developed severe fuel shortages in recent weeks – after the IEA says they increased oil production.

[kmann]

IEA does revise their data, sometimes substantially. We'll see if this number stands unrevised. If it does, I believe it will be a new monthly production high. 86.5 mb/day vs. 86.2 mb/day of July 2006. More importantly, this production level would need to be sustained to drive oil prices lower and keep them there. Possible, but not likely IMO.

[emersonbiggins]

1.4 mb/d increase?

[strider3700]

The talking heads on CNBC spent all day talking about the decrease in demand being the cause of the drop in oil today. My best guess is demand is really hard to measure accurately so it's the easiest number to manipulate in the long run.

[Nano]

$this->bbcode_second_pass_quote('mkwin', 'I')f the crude inventory increases tomorrow I think oil is going to fall back to around $80.