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:  

It's not Rocket Surgery: Choosing an Indoor Mini Wood stove for a Tiny House

This article will focus on one item which can keep you comfortable in cold …

Peak Oil Review - Feb 8

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

California Offshore Oil Fracking Permits Halted While Federal Government Performs Environmental Review

The U.S. federal government will stop approving offshore oil fracking …

Peak Oil Review - a Midweek Update - Feb 4

 A midweek update. Price volatility increased this week with oil …

Renewables Could Outcompete Costly, Risky LNG, Investors Warned

A new industry report warns investors, governments and regulators that …

State of The Transition: Oil Oversupply, Shale Bankruptcies, Gas Leaks, and a Whiff of Securities Fraud

There is bad news everywhere for the oil and gas industry.

Once Unstoppable, Tar Sands Now Battered from All Sides

Is this the beginning of the end for the tar sands juggernaut?