Monday March 14, 2005

Official : OPEC has reached limit

peakoil.com, seattlepi.nwsource.com, greencarcongress.com, ap.org :

OPEC has reached its production limit, and trying to stretch output by one million barrels per day isn't likely to lower oil prices, Algeria's minister for energy and mines said. Chakib Khalil said prices were high because of world economic growth - particularly in the United States and China. Algeria is one of the 11 members of the Organization for Petroleum Exporting Countries.

"OPEC has reached its production limits. It doesn't have much production capacity," he said at the opening of an industrial plant in the western town of Arzew, according to newspaper reports on Saturday.

- I pause my search just long enough to post this entry. We are at, or very near, the peak. Watch how oil prices behave around the crucial $60 level, and after that, around $70, and $80.

See also :

1. "Unable to pump more oil" : OPEC

(2005-03-14 14:17:32 SGT) [Energy] Permalink

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