Building a world of
resilient communities.

MAIN LIST

 

OPEC: Oil will rise until Nov.

JAKARTA (Reuters) - OPEC President Purnomo Yusgiantoro said Thursday record-high world oil prices would continue to rise through the end of October because of strong demand.

"The oil price will continue to rise through the end of October because demand is still high," he told reporters. He made no further comment.

U.S. oil prices rose toward $54 a barrel Thursday, near record highs, on fears that the U.S. is running out of time to build winter fuel supplies, which are also low in Europe and Asia. Prices are up 65 percent this year.

OPEC producers are pumping at just about full capacity to meet rapid demand growth, especially in China and the United States.

OPEC's production surge has failed to cool prices as much of its extra crude is too dense and sulfurous to produce transportation and heating fuels.

U.S. stockpiles of heating oil were six percent below 2003 levels last week and have been slow to build due in part to the lingering impact of Hurricane Ivan, which damaged oil operations in the Gulf of Mexico last month.

Japanese kerosene supplies rose four percent in the past week, but remain about 17 percent below year-ago levels, according to industry data released on Thursday.

OPEC's next meeting is Dec. 10 in Cairo. The group's influence over prices is limited because it is already pumping well over formal limits.

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:  

An Industrial Strategy for Energy

What’s also clear is that while nuclear power is tending to get more …

South Australia’s Electricity Price Woes are more Due to Gas than Wind

The past few weeks have seen extraordinarily high wholesale electricity …

Former Inspectors Describe Dangerous Flaws in Construction of Major East Coast Gas Pipeline

In April, a massive explosion ripped through rural Salem Township, …

Northwest Tribes Band Together to Stop Oil-by-Rail

There’s no such thing as a good place for an oil-train derailment, but …

The Role of Development Banks in Energy Transition  

Multilateral Development Banks (MDBs) like the World Bank, the African …

Peak Oil Review - July 18 2016

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

M. King Hubbert and the future of peak oil

A new biography reveals the man most associated with the idea of peak oil to …