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:  

Energy and Justice

The ability to harness energy creates wealth and confers social power.

Oil, Interest Rates and Debt

At first glance it is hard to see how oil, interest rates and debt are …

Peak Oil Review - June 27 2016

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

Brexit and the energy equation

Neglected in the analysis of Brexit is the role energy supply and prices …

BP: Global Coal Use Fell by Largest Recorded Margin in 2015

Global coal use fell by more than 70 million tonnes of oil equivalent (Mtoe) …

Peak Oil Review: A Midweek Update - 23 June 2016

 A midweek update. The oil markets are still dominated by the …

Diablo Canyon Nuclear Reactors to Be Replaced With 100% Renewable Energy

An historic agreement has been reached between Pacific Gas and Electric …