Building a world of
resilient communities.



Opec has no capacity to lift quotas, says Algeria

ARZEW (Algeria) — Opec does not have the oil production capacity to enable it to lift supply quotas at next week’s meeting in Iran, Algeria’s Energy Minister said yesterday.

“Opec does not have the production capacity to increase its quotas,” Chakib Khelil told reporters.

Oil prices have risen 25 per cent since the start of the year to near record highs on forecasts of tight global supply through this year. “I think that even a one million barrels per day increase would not reduce prices,” Khelil said. Opec last year raised supply to the highest level in 25 years, leaving little spare production capacity to cope with output disruptions.

“Demand in China and strong global economic growth are the origin of the rise in prices ... Speculators are profiting from this,” Khelil said. The group agreed to cut one million barrels per day of excess supply from January 1, but strong global demand allowed it to pump around 630,000 barrels per day above its official targets last month.

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 …