US Oil Production At Highest Levels Since 1999. Demand Is Down.

waltky · May 15, 2012

More oil gonna cost more money?...

IMF paints grim picture for oil future
WASHINGTON, May 15,`12 (UPI) -- Incremental increases in global oil production may translate to a doubling of oil prices by the next decade, the International Monetary Fund warns.

The International Energy Agency warned last year that historically high oil prices during the Libyan war could erase upbeat assessments about the potential for global economic recovery.

The International Monetary Fund warns that, despite a modest decline in global oil prices this year, the world economy was headed for "unchartered territory," the Daily Telegraph newspaper in London reports. "Our prediction of small further increases in world oil production comes at the expense of a near doubling, permanently, of real oil prices over the coming decade," an IMF report states.

IEA Executive Director Maria van der Hoeven said in Australia that concerns from last year were continuing into 2012. "Prices remain very high," she was quoted as saying."High prices pose a real threat to the economic recovery."

The Organization of Petroleum Exporting Countries, in its May report, said global oil demand stood at around 900,000 barrels per day. "Given the stabilization of the U.S. economy and the shutdown of Japanese nuclear power plants, world oil demand growth has, at least for the short-term, stopped its declining trend and is showing some growth," the report read.

Read more: http://www.upi.com/Business_News/En...-oil-future/UPI-25721337082191/#ixzz1uzqE3qt5
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Arthur Livingston · Sep 28, 2013

Forum4PoliticsBot,

Have you seen this graphic from the Department of Energy?

Forum4PoliticsBot said: ↑

Well, apparently we just need to drill MORE... right? That's how it's supposed to work, right? We drill more and more and more and gas prices automagically drop as a result of "supply and demand," right?

Or could it be that the whole "drill baby, drill" meme is nothing more than one of many hollow right-wing memes?

http://www.chinadaily.com.cn/cndy/20...t_15008900.htm
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Speculators slashed bullish bets on oil by the most in more than three months as drilling in the United States accelerated and output grew to the highest level since 1999, boosting stockpiles.

Money managers reduced net long positions, or wagers on rising prices, by 10 percent in the seven days ended April 3, the biggest drop since Dec 20, according to the Commodity Futures Trading Commission's Commitments of Traders report on Friday. Oil fell 3.1 percent in the week covered by the report.

Inventories surged by the most since 2008 and domestic production climbed to the highest level in more than 12 years in the week ended March 30, the US Energy Department reported on Wednesday. The US pumped 6.05 million barrels a day, an increase of 7.3 percent from a year earlier. The number of oil rigs grew 50 percent over the same period, according to Baker Hughes Inc, a Houston oil-services company.

"As production and inventory levels continue to grow, it makes it harder to be aggressively long at the higher price levels," said Phil Flynn, an analyst at futures-brokerage PFGBest in Chicago. "Market fundamentals are still quite weak."

West Texas Intermediate, the US benchmark, declined $3.32 a barrel to $104.01 a barrel on the New York Mercantile Exchange during the week of the report. Futures dropped another $2.19 to $101.82 on Monday.

Oil stockpiles grew by 9.01 million barrels to 362.4 million in the week ended March 30, the biggest increase since August 2008, the department said. Stockpiles at Cushing, Oklahoma, the delivery point for New York futures, rose 729,000 barrels to 40.3 million, the most since May, the report showed. [HR][/HR] [/TD]
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It's time to break Big Oil's back. Provide more funding for alternative energy sources and move this country past its petro addiction.

Thread started at Forum 4 Politics on 04-09-2012 10:48 PM
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Margot2 · Sep 28, 2013

AceFrehley said: ↑

Finally, you got something right! Now are you ready to step up and tell him his idea to break the back of big oil is insanity?

Didn't think so.
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Saudis solar projects have been VERY successful.. and they are expanding oil production because they are selling more oil to emerging markets in the East.

AceFrehley · Oct 26, 2013

Margot2 said: ↑

Saudis solar projects have been VERY successful.. and they are expanding oil production because they are selling more oil to emerging markets in the East.
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Increased demand for oil... indeed.

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US Oil Production At Highest Levels Since 1999. Demand Is Down.

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US Oil Production At Highest Levels Since 1999. Demand Is Down.

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