Saudi Arabia & UEA to INCREASE output.....

Reply Sat 17 Sep, 2005 10:07 pm
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Mr Stillwater
Reply Sat 17 Sep, 2005 10:07 pm
OPEC meets Sept. 19 and 20 to deliberate an increase in the Official output ceiling, now at 28 million barrels a day for the members outside of Iraq.

``Should crude prices remain at their current levels or rise, the upcoming ministerial meeting might decide to increase production by an adequate amount in order to calm world oil markets,'' al-Hamli said, WAM reported today.

Outside OPEC, consuming nations in the International Energy Agency this month organized their second release of emergency stockpiles in the group's existence.

An increase of 500,000 barrels would boost OPEC's formal production quota to 28.5 million a day. The IEA estimates spare capacity outside of Iraq at 1.39 million barrels a day, with about two-thirds of the total, or 940,000 barrels, in Saudi Arabia, and another 130,000 barrels left unused in Iran. Bonga, a Nigerian field planned to pump 220,000 barrels a day, is slated to come on stream in the fourth quarter.

The Saudi minister said he doesn't see more demand for his crude oil. The nation is now pumping about 9.5 million barrels a day.

``We have offered up to 11 million barrels, but we have had no response whatsoever,'' al-Naimi said. There is ``absolutely not'' demand for more oil from Saudi Arabia.

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Mr Stillwater
Reply Sat 17 Sep, 2005 10:11 pm
...and you guys are paying... $US70 a barrel?

To an industry that just got $US15 billion in tax-breaks?? And will find another $US3 billion in making sure a 'suitable' successor to Dubya sits in the White House?
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