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LeeG
06-09-2011, 11:47 AM
read somewhere that Saudi Arabias reserve production is close to 2008 levels.

http://www.boston.com/business/articles/2011/06/09/opec_meeting_ends_without_deal/

VIENNA — OPEC failed to agree on crude production for the first time in at least 20 years after six countries opposed a Saudi Arabian push to increase supply as oil trades above $100 a barrel.

“It was one of the worst meetings we’ve ever had,’’ Saudi Oil Minister Ali al-Naimi said as representatives of the 12-member Organization of Petroleum Exporting Countries left the meeting in Vienna after five hours of talks. “We were unable to reach an agreement.’’

Osborne Russell
06-09-2011, 11:50 AM
I'd be interested to see some fill-in between 2008 levels and the end of OPEC.

Waddie
06-09-2011, 02:14 PM
What agreement were they supposed to reach? The Saudi's have the only excess capacity that I've heard of, and analysts aren't too sure if they have much.

regards,
Waddie

Paul Pless
06-09-2011, 02:17 PM
last gasp of OPEC maybe. . . . . .but i somehow doubt it

LeeG
06-09-2011, 03:16 PM
What agreement were they supposed to reach? The Saudi's have the only excess capacity that I've heard of, and analysts aren't too sure if they have much.

regards,
Waddie

any agreement I guess. Whether they adhere stated quotas is another thing. Something I keep reading on the oil drum is that whatever increase in production SA has doesn't translate into the same amount of exports, they're own consumption is increasing.

LeeG
06-09-2011, 03:19 PM
i started thinking about the last grasp of opec and wondered what something that long would look like

here somebody start off then somebuddy pick up and so on and so on until opec grasps its last

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

nothing wrong with that, the hysterical part is Americans who think we can afford it at any price or that an increase in domestic production will lead to a drop in price.


http://www.thenational.ae/business/energy/el-badri-moves-to-reassure-world-after-opec-meeting

VIENNA // Opec denied yesterday that its failure to reach a decision on crude supplies for the second half of this year meant the oil exporter group had lost relevance.

Abdalla el Badri, the Opec secretary general, insisted that it could still take action in the event of an oil shortage.

"Don't worry, there is no shortage," Mr el Badri told a World Economic Forum conference in the Austrian capital.

"If we see a shortage developing, we will alert our members."