| Topic: |
Religions > Atheism |
| User: |
"maff" |
| Date: |
11 Feb 2004 04:15:25 AM |
| Object: |
OT: OPEC Plans Million-Barrel Cut in Output |
OPEC Plans Million-Barrel Cut in Output
http://www.nytimes.com/2004/02/11/business/11oil.html?pagewanted=all&position=
By SIMON ROMERO
OPEC announced cuts in production, aggressively displaying its desire
to maintain oil prices at their highest sustained level in two
decades.
OPEC
http://news.google.com/news?num=100&hl=en&lr=&ie=UTF-8&oe=UTF-8&q=OPEC&sa=N&tab=gn
http://www.google.com/search?num=100&hl=en&ie=UTF-8&oe=UTF-8&q=OPEC&sa=N&tab=nw
http://www.google.com/search?num=100&hl=en&lr=&ie=UTF-8&oe=UTF-8&q=OPEC&sa=N&tab=wd&cat=gwd%2FTop
http://groups.google.com/groups?as_q=OPEC&safe=images&ie=UTF-8&oe=UTF-8&as_scoring=d&lr=&num=100&hl=en
.
|
|
| User: "JTEM" |
|
| Title: Re: OPEC Plans Million-Barrel Cut in Output |
11 Feb 2004 02:38:16 PM |
|
|
"maff" <maff91@yahoo.com> wrote
OPEC announced cuts in production, aggressively
displaying its desire to maintain oil prices at their
highest sustained level in two decades.
So it turns out that I'm not the only one who believes that
Bush's Iraq will artifically maintain production at OPEC
levels. Hmmm....
This is Fallout #3 from the war.
#1 was the diplomatic rifts that'll take generations to heal,
#2 was the instability & brand new terrorism we created
in the region.
Now we're seeing the instability to the worlds oil markets,
and economies. Iraq's pre-1991 OPEC allotment was about
3.5 million barrels a day, a level they had long since given
up on following the war. However, their potential was (and
remains) huge. Iraq has the second largest proven reserves in
the world, the worlds lowest per-barrel production cost and
(at the time of the invasion) had fewer oil well than Texas.
There's no reason why Iraq couldn't produce 4, 6 or even 8
million barrels a day. That means OPEC has to cut out 2, 4
or even 6 million barrels a day, just to keep prices where they
are.
Sounds good?
Not really. Iraq is swarming with well-armed militants who
view Iraq's oil industry as a prime target. So, OPEC cuts
production in reaction to U.S. control of Iraqi oil, and suddenly
a bombing at a pipe line brings Iraqi oil exports to a hault.
OPEC goes from weaker, and barely maintaining prices, to an
absolute power.
Oops.
.
|
|
|
| User: "Dr. DuFonet" |
|
| Title: Re: OPEC Plans Million-Barrel Cut in Output |
11 Feb 2004 07:09:16 PM |
|
|
"JTEM" <gymraven@hotmail.com> wrote in message
news:EJCdnUQ3NPRPDLfdRVn-hA@comcast.com...
"maff" <maff91@yahoo.com> wrote
OPEC announced cuts in production, aggressively
displaying its desire to maintain oil prices at their
highest sustained level in two decades.
So it turns out that I'm not the only one who believes that
Bush's Iraq will artifically maintain production at OPEC
levels. Hmmm....
This is Fallout #3 from the war.
#1 was the diplomatic rifts that'll take generations to heal,
#2 was the instability & brand new terrorism we created
in the region.
Now we're seeing the instability to the worlds oil markets,
and economies. Iraq's pre-1991 OPEC allotment was about
3.5 million barrels a day, a level they had long since given
up on following the war. However, their potential was (and
remains) huge. Iraq has the second largest proven reserves in
the world, the worlds lowest per-barrel production cost and
(at the time of the invasion) had fewer oil well than Texas.
There's no reason why Iraq couldn't produce 4, 6 or even 8
million barrels a day. That means OPEC has to cut out 2, 4
or even 6 million barrels a day, just to keep prices where they
are.
Sounds good?
Not really. Iraq is swarming with well-armed militants who
view Iraq's oil industry as a prime target. So, OPEC cuts
production in reaction to U.S. control of Iraqi oil, and suddenly
a bombing at a pipe line brings Iraqi oil exports to a hault.
OPEC goes from weaker, and barely maintaining prices, to an
absolute power.
Oops.
Opec can do that, but in the end, it will make prices they themselves pay
higher. It's a zero-sum game.
--
:"Everythin's better with DoFunny on it."
.
|
|
|
|
| User: "Mark K. Bilbo" |
|
| Title: Re: OPEC Plans Million-Barrel Cut in Output |
11 Feb 2004 03:30:00 PM |
|
|
And so upon Wed, 11 Feb 2004 15:38:16 -0500 didst JTEM speak thusly:
"maff" <maff91@yahoo.com> wrote
OPEC announced cuts in production, aggressively
displaying its desire to maintain oil prices at their
highest sustained level in two decades.
So it turns out that I'm not the only one who believes that
Bush's Iraq will artifically maintain production at OPEC
levels. Hmmm....
This is Fallout #3 from the war.
#1 was the diplomatic rifts that'll take generations to heal,
#2 was the instability & brand new terrorism we created
in the region.
Now we're seeing the instability to the worlds oil markets,
and economies. Iraq's pre-1991 OPEC allotment was about
3.5 million barrels a day, a level they had long since given
up on following the war. However, their potential was (and
remains) huge. Iraq has the second largest proven reserves in
the world, the worlds lowest per-barrel production cost and
(at the time of the invasion) had fewer oil well than Texas.
There's no reason why Iraq couldn't produce 4, 6 or even 8
million barrels a day. That means OPEC has to cut out 2, 4
or even 6 million barrels a day, just to keep prices where they
are.
Sounds good?
Not really. Iraq is swarming with well-armed militants who
view Iraq's oil industry as a prime target. So, OPEC cuts
production in reaction to U.S. control of Iraqi oil, and suddenly
a bombing at a pipe line brings Iraqi oil exports to a hault.
OPEC goes from weaker, and barely maintaining prices, to an
absolute power.
Oops.
Oops yeah.
I noticed, last time I filled up, that we didn't even get any cheap oil
out of this deal.
Well, I guess all's well that ends with money for Halliburton...
--
Mark K. Bilbo - a.a. #1423
EAC Department of Linguistic Subversion
"There is no system but GNU, and Linux is one of its kernels."
.
|
|
|
| User: "JTEM" |
|
| Title: Re: OPEC Plans Million-Barrel Cut in Output |
11 Feb 2004 03:57:25 PM |
|
|
"Mark K. Bilbo" <y@hoo.com-amikchi> wrote
I noticed, last time I filled up, that we didn't even get any
cheap oil out of this deal.
Well, I guess all's well that ends with money for
Halliburton...
"Instability" trumps "Supply & Demand."
That's the beauty here. I mean, for Halliburton. They can
flood the market with oil and barely nudge the price down
at all. When the market knows for a fact that, at any moment
now, a well placed bomb might turn an over-supply to a
deficit, they have to buy all you can at whatever price they
are told to pay. If they wait, not only might the price go up,
but there might not be enough oil in the line to feed them.
"Instability."
Another neo-con gift that'll keep on giving....
.
|
|
|
| User: "Sean C" |
|
| Title: Re: OPEC Plans Million-Barrel Cut in Output |
12 Feb 2004 09:02:59 PM |
|
|
In article <6oOdnWAn16j9ObfdRVn-jQ@comcast.com>, JTEM
<gymraven@hotmail.com> wrote:
"Mark K. Bilbo" <y@hoo.com-amikchi> wrote
I noticed, last time I filled up, that we didn't even get any
cheap oil out of this deal.
Well, I guess all's well that ends with money for
Halliburton...
"Instability" trumps "Supply & Demand."
That's the beauty here. I mean, for Halliburton. They can
flood the market with oil and barely nudge the price down
at all. When the market knows for a fact that, at any moment
now, a well placed bomb might turn an over-supply to a
deficit, they have to buy all you can at whatever price they
are told to pay. If they wait, not only might the price go up,
but there might not be enough oil in the line to feed them.
"Instability."
Another neo-con gift that'll keep on giving....
And when Hugo Chavez of Venezuela offered the world a deal where OPEC
would keep its prices within a narrow band between high and low to
reduce price volatility in oil and the economic problems caused by it,
the neo-cunts tried to have him overthrown. Apparently, their personal
interest in high oil prices outweighs any concern they might have for
economic stability or growth.
Sean C
----== Posted via Newsfeed.Com - Unlimited-Uncensored-Secure Usenet News==----
http://www.newsfeed.com The #1 Newsgroup Service in the World! >100,000 Newsgroups
---= 19 East/West-Coast Specialized Servers - Total Privacy via Encryption =---
.
|
|
|
|
|
|
| User: "Meteorite Debris" |
|
| Title: Re: OPEC Plans Million-Barrel Cut in Output |
12 Feb 2004 08:20:52 PM |
|
|
On Wed, 11 Feb 2004 15:38:16 -0500 the ET form known as
JTEM<gymraven@hotmail.com> sent a radio signal across the vast expanse
of deep space -._.--._.--._.--._.--._.--._.
"maff" <maff91@yahoo.com> wrote
OPEC announced cuts in production, aggressively
displaying its desire to maintain oil prices at their
highest sustained level in two decades.
So it turns out that I'm not the only one who believes that
Bush's Iraq will artifically maintain production at OPEC
levels. Hmmm....
This is Fallout #3 from the war.
#1 was the diplomatic rifts that'll take generations to heal,
#2 was the instability & brand new terrorism we created
in the region.
Now we're seeing the instability to the worlds oil markets,
and economies. Iraq's pre-1991 OPEC allotment was about
3.5 million barrels a day, a level they had long since given
up on following the war. However, their potential was (and
remains) huge. Iraq has the second largest proven reserves in
the world, the worlds lowest per-barrel production cost and
(at the time of the invasion) had fewer oil well than Texas.
There's no reason why Iraq couldn't produce 4, 6 or even 8
million barrels a day. That means OPEC has to cut out 2, 4
or even 6 million barrels a day, just to keep prices where they
are.
Sounds good?
The ASPO January newsletter points out previous estimates of Iraq's
oil reserves may have been too high.
<http://peakoil.net/Newsletter/NL37/Newsletter37.html> item 299
***
299. Iraq Reserves
The New York Times of November 30th carried a revealing
article by Jeff Gerth about Iraq’s reserves. It reports that the
Iraqis were injecting as much as 400 kb/d of oil into the giant Kirkuk
Field during the embargo. One quoted export said that he had never
encountered such a practice in his lengthy career in the industry.
Indeed why would anyone inject oil to recover oil? The answer
presumably is that oil exports were embargoed but they needed the gas
for domestic use. From a reservoir standpoint this is very bad news as
the expanding gas cap is normally a useful drive mechanism.
To restore such a field is a reservoir engineering nightmare,
especially if the records have been destroyed and the experienced
people killed. The report says that it may now be possible to recover
only 15% to 25% of the oil in place. Meanwhile the occupying forces
are concentrating on trying to repair the surface facilities being
hesitant to address the subsurface for fear, as the New York Times no
less admits, the objective of the invasion should become self-evident.
It looks as if a serious downward revision of Iraq’s future production
potential is called for. The published Reserve estimate of 112.5 Gb
looks increasingly unreliable. Perhaps it makes more sense to
revert to something around 50 Gb, closer to what was reported prior to
the anomalous jump to 100 Gb in 1988, when the OPEC countries were
vying with each other for quota based on reported reserves.
see www.nytimes.com/adx/bin/adx_click.htm
(Reference furnished by Kellia Ramares)
***
If true we will not see 5, 6 or 8 mb/d from Iraq.
--
To reply remove *THE_ANTI-SPAM_SHIELD*
apatriot #1, atheist #1417,
Chief EAC prophet -
Evil Atheist Conspiracy
http://members.optusnet.com.au/~pk1956/
Shhh. Be very quiet, I'm hunting automorons. Heh heh.
"Properly read, the Bible is the most potent force for atheism ever
conceived." - Isaac Asimov
Fingerprint for PGP Keys at key server or go to
http://members.optusnet.com.au/~pk1956/
RSA - 71 BA 7C 45 B5 4A 5F EA 72 DB EC 7F 7F A8 70 99
DSS - 9217 21A9 9C3F EB0B E302 AD0E 69C5 0F06 402E 0943
.
|
|
|
| User: "Mark K. Bilbo" |
|
| Title: Re: OPEC Plans Million-Barrel Cut in Output |
12 Feb 2004 11:32:20 PM |
|
|
And so upon Fri, 13 Feb 2004 12:50:52 +1030 didst Meteorite Debris speak
thusly:
On Wed, 11 Feb 2004 15:38:16 -0500 the ET form known as
JTEM<gymraven@hotmail.com> sent a radio signal across the vast expanse
of deep space -._.--._.--._.--._.--._.--._.
"maff" <maff91@yahoo.com> wrote
OPEC announced cuts in production, aggressively
displaying its desire to maintain oil prices at their
highest sustained level in two decades.
So it turns out that I'm not the only one who believes that
Bush's Iraq will artifically maintain production at OPEC
levels. Hmmm....
This is Fallout #3 from the war.
#1 was the diplomatic rifts that'll take generations to heal,
#2 was the instability & brand new terrorism we created
in the region.
Now we're seeing the instability to the worlds oil markets,
and economies. Iraq's pre-1991 OPEC allotment was about
3.5 million barrels a day, a level they had long since given
up on following the war. However, their potential was (and
remains) huge. Iraq has the second largest proven reserves in
the world, the worlds lowest per-barrel production cost and
(at the time of the invasion) had fewer oil well than Texas.
There's no reason why Iraq couldn't produce 4, 6 or even 8
million barrels a day. That means OPEC has to cut out 2, 4
or even 6 million barrels a day, just to keep prices where they
are.
Sounds good?
The ASPO January newsletter points out previous estimates of Iraq's
oil reserves may have been too high.
<http://peakoil.net/Newsletter/NL37/Newsletter37.html> item 299
***
299. Iraq Reserves
The New York Times of November 30th carried a revealing
article by Jeff Gerth about Iraq’s reserves. It reports that the
Iraqis were injecting as much as 400 kb/d of oil into the giant Kirkuk
Field during the embargo. One quoted export said that he had never
encountered such a practice in his lengthy career in the industry.
Indeed why would anyone inject oil to recover oil? The answer
presumably is that oil exports were embargoed but they needed the gas
for domestic use. From a reservoir standpoint this is very bad news as
the expanding gas cap is normally a useful drive mechanism.
To restore such a field is a reservoir engineering nightmare,
especially if the records have been destroyed and the experienced
people killed. The report says that it may now be possible to recover
only 15% to 25% of the oil in place. Meanwhile the occupying forces
are concentrating on trying to repair the surface facilities being
hesitant to address the subsurface for fear, as the New York Times no
less admits, the objective of the invasion should become self-evident.
It looks as if a serious downward revision of Iraq’s future production
potential is called for. The published Reserve estimate of 112.5 Gb
looks increasingly unreliable. Perhaps it makes more sense to
revert to something around 50 Gb, closer to what was reported prior to
the anomalous jump to 100 Gb in 1988, when the OPEC countries were
vying with each other for quota based on reported reserves.
see www.nytimes.com/adx/bin/adx_click.htm
(Reference furnished by Kellia Ramares)
***
If true we will not see 5, 6 or 8 mb/d from Iraq.
We're not even gonna get cheap oil outta this deal...
--
Mark K. Bilbo - a.a. #1423
EAC Department of Linguistic Subversion
"There is no system but GNU, and Linux is one of its kernels."
.
|
|
|
|
|
|
|
Related Articles |
|
|
