[Leanan]

I think it's questionable. They may be at full capacity, they may not be.

But the fact that they are disregarding the OPEC cap is significant. It basically makes OPEC useless.

There was no need for that. Last year, they set the "cap" at their production capability. In effect, there was no cap, but they could pretend that there was. Now they are not even pretending.

Should be interesting to see what their production is from here on out. Will it really rise any?

[Pops]

Even though Abdul was half an hour late George kissed him on both cheeks the papers say. Which cheeks they didn’t specify.

But I’m with Leanan, I think it’s debatable whether they can produce more or not - if they still can (like they have always claimed) and choose to ignore the cap now, what was it that changed between Thursday and Friday?

[seahorse2]

On NPR this morning, there was a radio interview with a Middle East energy analyst (from the ME). He was asked if Saudi Arabia had an spare capacity. The analyst said no. He was not asked if they would be able to increase their capacity in the future. The question was, did SA have any extra capacity now, and the answer was no. I thought this was interesting coming from someone in the ME.

[Leanan]

I bet they can't produce any more of Ghawar's light, sweet, crude. They can produce more heavy, sour crude, but that's not what the customers want.

[bobcousins]

This summer and fall will be really interesting. Demand is clearly bumping up against supply. Will supply ratchet up, or will demand drop? If by the end of year demand has not dropped significantly, and production is flattish, then we can say we have a candidate Peak.

There are a number of things that have been predicted, and we will see if they hold out. For example, Peak Oil opponents say market prices will encourage new production and depress demand. There are signs of that, but Pres Bush knows it is not politically viable to let retail gas prices float, even when they are 6 times lower than Europe. Also predicted are moves to protect national reserves, if that is not what Putin is up to I would be surprised.

The US shows all the signs of an empire about to collapse, which would eclipse concerns about PO. One thing that didn't happen after the dot com bust, was a return to the heady days pre 2000. There has been some steady growth, but fuelled by a load of debt. Instead of a sharp and sudden oil shock, we are experiencing a long slow one. That may be enough to produce a soft landing. Alternatively, we reach a tipping point, where the US burdened with debt collapses suddenly. They really have few friends, only people in the same basket. If US tanks, most of us go with them. In that case, we would probably have the Peak as demand will take a long time to recover.

[RdSnt]

Show me the spreadsheets that indicate that SA is delivering more sweet crude to market this month than they did last month, the month before; last year.

[Cyrus]

$this->bbcode_second_pass_quote('', 'S')how me the spreadsheets that indicate that SA is delivering more sweet crude to market this month than they did last month, the month before; last year.

[ooopps]

Question: Saudia Arabia states they have capacity of 11mbd. Is this total capacity, I mean does 2mbd goto domestic use and 9mbd get exported.

Trying to make sense of it all.

[uNkNowN ElEmEnt]

I've always wanted to know, when they talk about maximum capacity is it like the Star ship Enterprise that can go up to warp 9.6 but they never go there cause the ship would fly apart at the seams?

[RobintheDruid]

Hey guys, in the UK, in the County of Cheshire, the first fuel protest by the Road Hauliers Association happened yesterday. A number of truckers blockaded the refinery at Ellsmere Port (how do you spell that reggie UK?). It got onto BBC Radio 2 apparently, and on to the BBC News website (which I've yet to check) but not on to the national tv news.

I wasn't expecting this to happen until September when the freeze on increases in fuel tax duty, imposed by the Chancellor because of the election, would have elapsed. That it has happened demonstrates that the RHA are twitchy about the rising prices. They've said they're going to launch a fuel blockade this year that would make 2000-1 seem like childsplay. Interestingly, 'The Times' yesterday carried an article that said the government had readied the troops with military tankers to beat the blockade and make sure supplies got through.

Here weeeee goooooooooo!

[RdSnt]

$this->bbcode_second_pass_quote('uNkNowN ElEmEnt', 'I')'ve always wanted to know, when they talk about maximum capacity is it like the Star ship Enterprise that can go up to warp 9.6 but they never go there cause the ship would fly apart at the seams?

[Pretorian]

Fact is, that today we are worse off than a year ago, and better off than a year from now. And a year from now we will be better off than in 2013. And it's not like this pattern will change in your lifetime.

[Bruce_S]

$this->bbcode_second_pass_quote('MD', '')$this->bbcode_second_pass_quote('Bruce_S', '')$this->bbcode_second_pass_quote('Pretorian', 's')o what bruise-S, you realized what idiocy you have posted and ran for the bushes, huh

[MD]

$this->bbcode_second_pass_quote('Pretorian', 'F')act is, that today we are worse off than a year ago, and better off than a year from now. And a year from now we will be better off than in 2013. And it's not like this pattern will change in your lifetime.

[Bruce_S]

$this->bbcode_second_pass_quote('Pops', '
')I agree that we aren’t necessarily there yet – although like everyone I’m merely speculating. That hardly matters of course, whether supply continues to increase or not, as long as it limits demand the price will remain high.

[Pretorian]

The "TRUTH' is, Bruce, that an absolute majority of people have less money to play with, regardless of their job situation and raises. And they will be poorer and poorer every year from now on. REGARDLESS of their employment situation and raises. Try to wrap your critically thinking brain around that.

[Bruce_S]

$this->bbcode_second_pass_quote('Pretorian', 'T')he "TRUTH' is, Bruce, that an absolute majority of people have less money to play with, regardless of their job situation and raises.

[Lore]

Don't bring me down, "Bruce"!

http://www.youtube.com/watch?v=8mOFay9Rhac

[The Practician]

$this->bbcode_second_pass_quote('Bruce_S', '')$this->bbcode_second_pass_quote('Pretorian', 'T')he "TRUTH' is, Bruce, that an absolute majority of people have less money to play with, regardless of their job situation and raises.

[Bruce_S]

$this->bbcode_second_pass_quote('The Practician', '
')Well, you certainly have never demonstrated a very good understanding of the primacy of energy's role in the growth and maintenance of complex systems, so I don't think anyone here is exactly surprised by that.