Article

2008-05-30 Iraq

Iraqi oil production records 2.5m bpd, exports 2m bpd

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Posted by mrp 2008-05-30 09:44|| || Front Page|| [11133 views ] Top

#1 and is sold without mediators

Sorry, UN.

Posted by Grenter Protector of the Geats4975 2008-05-30 10:29|| 2008-05-30 10:29|| Front Page Top

#2 And the world's daily production of oil is???

Posted by Anguper Hupomosing9418 2008-05-30 11:27|| 2008-05-30 11:27|| Front Page Top

#3 If the market is saturated with supplies, then that means OPEC is cheating. This is what OPEC did during the 1974 embargo. They claimed they weren't producing and then sold oil under the table - at a much higher price.

Kind of like the WWF, only with turbans.

Posted by Frozen Al 2008-05-30 12:15|| 2008-05-30 12:15|| Front Page Top

#4 OPEC isn't "cheating". Many OPEC nations are having to store oil in tankers because they can't find buyers for it. The number of tankers available for transport is declining because more of them are being rented as storage units.

As the price of oil has risen, demand has fallen. This means that the supply channels are saturated with oil.

The price is being driven up by speculators in the world commodity exchanges and is not a reflection of market supply/demand dynamics. In other words, the current price of oil is a "bubble" and when it bursts, there are going to be a lot of people holding contracts for high priced oil that they are going to have to unload at a loss.

Based on supply/demand history, the price of oil "belongs" at about $65 a barrel. The current price is artificial and not set by the oil producers.

Posted by crosspatch 2008-05-30 13:14|| 2008-05-30 13:14|| Front Page Top

#5 crosspatch, 100% on the mark.

Posted by twobyfour 2008-05-30 14:54|| 2008-05-30 14:54|| Front Page Top

#6 Time to lift the Brazilian ethanol tariff, slap a regressive import tax on non-north american oil (only starts as the world price falls below $75 bbl) with an exception for Iraqi imports, start permitting nuclear plant openings, and subsidize via tax credits refinery construction, and we'll have an energy policy to drive the MME into panic selling.

Fight the OPEC monopoly with a monopsony of our own.

Posted by Cleting Black1202 2008-05-30 22:57|| 2008-05-30 22:57|| Front Page Top

#7 Crosspatch--

How long until we can expect delta?

.

Posted by OregonGuy">OregonGuy 2008-05-30 23:18|| http://oregonguythinks.blogspot.com/]">[http://oregonguythinks.blogspot.com/] 2008-05-30 23:18|| Front Page Top

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