[grabby]

DOHA (Reuters) - Oil prices are too high and OPEC can do nothing to cool them, Qatari Oil Minister Abdullah al-Attiyah said on Monday.

They used to be able to pump more oil It USED to be if oil prices were too high, the Sauds would say DON'T WORRY WE WILL PUMP MORE TO LOWER THE PRICES! But now, they admit

they can do NOTHING. Nothing being pumping more oil. They cannot pump more oil It cannot be done. we'll, if they cannot pump MORE then obviously they can pump the SAME. If they cannot pump ONE DROP MORE and NEVER WILL be able to PUMP ONE DROP MORE, then by definition.

Are we not at the highest level possible? and, class, what do we call that point? "PEAK OIL!" Thank you class, class dismissed.

[whereagles]

now, that was fun.. lol

[mekrob]

WWWWOOOOOO.....RECESSSSSSS!!!

[mekrob]

But to be serious and truthful, they said they can't LOWER prices. They didn't say anything about not increasing production. In fact, they've said multiple times that they can and will increase production by a few mpd in the next couple of years.

[dissident]

They can't increase production like they could before and that is why they cannot affect the prices. SA used to be able to crank output by over 500,000 barrels per day on short notice. Why isn't it doing this now? For mature producers like SA, adding more oil from new wells will be offset to a large extent by declines in older wells.

[Zardoz]

$this->bbcode_second_pass_quote('mekrob', 'T')hey didn't say anything about not increasing production. In fact, they've said multiple times that they can and will increase production by a few mpd in the next couple of years.

[ClassicSpiderman]

Funny thing--they were saying last year at this exact time that they could increase production and eventually bring down prices. The entire MSM worked in lockstep to try to talk down the price of oil. For example, Let's say that oil went up by $3 from Monday to Thursday and then went down $1 from Thursday to Friday. They would say: "Oil prices crash down to calm market jitters" leaving the false impression that the price was trending down and not upwards.

They've basically given up. Plateau oil is here. The only question now is, when does production start to decrease significantly?

Some people here subscribe to the theory that the demand destruction will avert the peak as if to say that the effects will be avoided. Let me make this perfectly clear:

DEMAND DESTRUCTION = PEAK OIL = ECONOMIC COLLAPSE = GREAT DEPRESSION II

[Cobra_Strike]

I was happy today...laughing actually...as the CNBC crew were getting a bit worried.

[Wildwell]

Time to start conservation then.

[SoothSayer]

>> I was happy today...laughing actually...as the CNBC crew were getting a bit worried.

Hi: Did you see a TV broadcast of this?

[something_awfull]

Given the IMF report into the costs of oil where they said that governments should not give into public demands and subsidise fuel and that the public should pay full freight, also in light of the IMF saying that the new high prices will have an effect similar to that of the 70's oil shock, does it sound like some artificial attempt to create demand destruction and thus put off peak oil for another 10~15 years (which was how much hubert was out on his priediction for world peakoil, owing reduced consumption due to the 70's oil shock) ?

[firestarter]

$this->bbcode_second_pass_quote('something_awfull', 'G')iven the IMF report into the costs of oil where they said that governments should not give into public demands and subsidise fuel and that the public should pay full freight, also in light of the IMF saying that the new high prices will have an effect similar to that of the 70's oil shock, does it sound like some artificial attempt to create demand destruction and thus put off peak oil for another 10~15 years (which was how much hubert was out on his priediction for world peakoil, owing reduced consumption due to the 70's oil shock) ?

[Shadizar]

I was watching CNBC today too. They interviewed an analyst about oil prices and he said something I hadn't heard before (on that station).

To paraphrase, he said the problem of high prices could not be solved from the supply side. The only way prices would fall would be from the demand side. It was a very short interview, but shocking to hear on CNBC.

Of course last summer their was near histeria about petroleum prices. As soon as prices moderated the air of near panic subsided. More and more it is becoming clear that global production is, at best, having trouble keeping up with demand.

All of this and we aren't even fully into the U.S. driving season or hurricaine season.

-Shadizar

[Mechler]

"On production there is nothing we can do. We are already producing at maximum output," Qatar Oil Minister Abdullah al-Attiyah said. "There is no shortage in supply."

Did anyone notice this quote reported today by Reuters?

http://money.cnn.com/2006/04/17/markets ... /index.htm

So, I guess he means that we have all the oil we need in the ground but they just can't pump it fast enough? Isn't that, by definition, a supply problem (as well as a little thing we call "peak oil")?

[cube]

There is one last magic trick the oil importing nations can do. Recall after hurricane Katrina the IEA coordinated a realse of oil from their petroleum storage.

Seeing that the USA has LOTS of oil in storage right now (or so they say) perhaps it's time for Uncle Sam to put his cards onto the table. What's the old saying in poker?

"Put up or SHUT UP!"

[o2ny]

$this->bbcode_second_pass_quote('Shadizar', 'I') was watching CNBC today too. They interviewed an analyst about oil prices and he said something I hadn't heard before (on that station).

To paraphrase, he said the problem of high prices could not be solved from the supply side. The only way prices would fall would be from the demand side. It was a very short interview, but shocking to hear on CNBC.