Building a world of
resilient communities.



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.


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.


Peak Oil Notes - Nov 27

A midweek roundup. There has been a lot of news to move the oil markets in …

The "Syrian Sickness": What Crude Oil Gives, Crude Oil will Take Away

Crude oil had created modern Syria, crude oil has destroyed it.

Drought Influenced Syrian Civil War; So What, Says U.S. Congress

This singular thought, that climate change can stir dangerous human …

Peak Oil Review - Nov 23

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

Despite Low Oil Prices, Renewable Power Gaining Traction, Energy Agencies Report — But Not Yet Fast Enough for the Climate

The shift away from coal and towards renewable sources of energy is slowly …

Peak Oil Notes - Nov 19

 A midweek update.Oil futures fell as low as $39.91 a barrel in New …

Keeping warm with minimal heating: small-scale solutions

I discuss some of the ways you can add the equivalent of an extra layer of …