Wednesday, June 8, 2011

No Oil Production Increase from OPEC

Oil prices are up over 1.5% and back over $100 per barrel on the news of no oil production increase from OPEC. Hardliners are winning the day, though I suspect OPEC is near capacity production, anyway.

Update via WSJ:

Iran, Venezuela and Algeria refused to consider a production increase, a delegate in Vienna told CNBC.


Saudi oil minister Ali Al-Naimi just told Bloomberg TV that this was one of the worst OPEC meetings he’s ever seen.

It's the U.S.  puppet  Saudi Arabia versus most of the rest of OPEC.

2 comments:

  1. So the oil is running out? Peter Schiff seems to think that the price of crude is going up mainly because of all the money printing. It makes a lot of sense.

    But other people (like Jim Rogers) say that the world is running out of oil. It too makes a lot of since... but then again - we've been hearing about that for the past 100 years. Yet, the known reserves keep going up.

    Can anybody enlighten me about it?

    ReplyDelete
  2. They didn't increase production because they can't.
    You might like The Oil Drum, KT. I've read it for years now. It has it's share of social planners, but in the main it's petroleum engineers, scientists, even a few Austrian leaning economists.

    http://www.theoildrum.com/

    ReplyDelete