Building a world of
resilient communities.

MAIN LIST

 

OPEC Raises Quota; Not Much More Oil May Flow

The Organization of the Petroleum Exporting Countries agreed on Thursday to increase its production quotas by two million barrels a day, or 8.5 percent, effective July 1. Industry experts gathered here for OPEC's meeting said that the decision sent a tepid message to oil markets about the group's commitment to lowering prices, which have been around $40 a barrel.

Traders responded to the news by bidding up the futures price of oil almost 70 cents a barrel on the New York Mercantile Exchange, but prices dropped later in the day when new Energy Department statistics showed growing supplies of oil, gasoline and other distilled fuels in the United States. Crude oil for July delivery settled in New York at $39.28 a barrel, down 68 cents from Wednesday.

Analysts said the problem with OPEC's move was that it would not add any new oil to the market. As a group, OPEC is already overproducing its declared ceiling of 23.5 million barrels a day, set in March, by at least 2 million barrels. Increasing the quota merely legitimizes what is already happening, they said.

More...

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.

Tags:  

Fracking and Health: What we Know from Pennsylvania's Gas Boom

Tensions between economic development, energy policy and environmental and …

Peak Oil Review: A Midweek Update - 24th Aug 2016

 A midweek update. It has been a volatile three days for oil with …

How We Went on an Energy Diet, and What We Lost (and Gained!)

In which I reveal the changes in our household energy usage from 2003 …

Five Billion Years of Energy Supply: the "Stereosphere" and the Upcoming Photovoltaic Revolution

Both the biosphere and the stereosphere use solar light as the energy …

Peak Oil Review - Aug 22 2016

 A weekly roundup of peak oil  news, including: -Oil and the …

Limitless imagination and physical limits

How do we distinguish those ideas that are forever going to remain in the …

Some Reflections on the Twilight of the Oil Age (part III)

The impact of the Tooth Fairy Syndrome is all the more felt in the main …