OPEC Says May Not Increase

Donal — Tue, 08 Nov 2011 19:58:55 +0000

OPEC Says May Not Increase Oil Production in Coming Months

OPEC Tuesday said it was troubled by recent signs of economic weakness, even as it raised its medium-term oil demand forecast and signaled that it assumes higher medium-term oil prices in light of recent social spending efforts unveiled by some key OPEC producers.

In its closely-watched annual World Oil Outlook, the Organization of Petroleum Exporting Countries upgraded its oil demand forecast by 1.9 million barrels a day through 2015 compared with its year-ago estimate, after being surprised by the pace of the economic recovery the past two years. But OPEC noted that the economic recovery remains "very fragile" and said there is still a real chance of another recession.

OPEC also upgraded its estimate for the underlying oil price it uses in its reference case forecast to a range of $85-$95 a barrel for this decade, up $10 from the 2010 report. The analysis marked the first official acknowledgment from OPEC that some members now need higher prices in light of recent social investment programs, suggesting consumers likely face a higher long-term floor on crude prices despite recent economic uncertainty.

... the prospect of a mounting fuel burden will be read with a gloomy eye by motorists wary of the price they pay at the pump and by the International Energy Agency, which represents some of the world's largest energy consumers.

The IEA, which recently reiterated that the world is headed for a "dire future" as high energy prices drag on economic growth, is set to issue its own annual outlook Wednesday.

One angle I heard was that in

Oxy Mora — Tue, 08 Nov 2011 18:33:51 +0000

In reply to Peak Fuhgeddaboutit

One angle I heard was that in the aging population, retirees might reduce the number of cars they own and maintain. It sounds logical but I haven't seen much evidence of it. Hmmm, car sharing, have to think about that.

I hope he's right, but I'm

Verified Atheist — Tue, 08 Nov 2011 18:21:36 +0000

In reply to Peak Fuhgeddaboutit

I hope he's right, but I'm skeptical.

dagblog - Comments for "Peak Fuhgeddaboutit"

OPEC Says May Not Increase

One angle I heard was that in

I hope he's right, but I'm