Building a world of
resilient communities.

MAIN LIST

 

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.

Tags:  

Citizens Can Sue Fracking Companies for Earthquake Damage, Says Oklahoma Supreme Court

Oklahoma almost never used to have earthquakes. But in the last six years …

Peak Oil Notes - July 2

 A midweek update. Despite a rally on Tuesday, New York oil …

Asia depends on Middle East for 66 % of its oil imports

Of Asia’s total incremental oil imports since 2001, 4.5 mb/d (47%) …

Rural Colorado Leads the Charge for Energy Freedom

Last week the Western Slope Colorado witnessed a huge victory for energy …

“We are in danger of winning. But….”  

First in-depth radio interview on The Winning of the Carbon War, on Radio …

Renewable Energy Redoubles its Global Reach

A significant threshold has been crossed by renewable energy as analysts …

Peak Oil Review - June 29

A weekly review in including Oil and the Global Economy, The Middle East …