Tuesday September 26, 2006

OPEC supply down in September

peakoil.com -> bahraintribune.com :

Oil supplies from the Organization of Petroleum Exporting Countries (Opec) fell 400,000 barrels a day on the month to 30.2 million bpd in September, according to preliminary figures from tanker tracker Petrologistics. Saudi Arabia and Iran led the fall in output. Petrologistics head Conrad Gerber said the kingdom produced 9.05 million bpd in September compared with 9.27 million bpd in August.

Opec ministers have expressed concern about falling oil prices and indicated that a cut in the production ceiling could be on the horizon in the near future. Gerber said that even at 30.2 million bpd Opec was producing more than the market needed. "In August they were supplying 30.6 (million bpd) and that was too much and now they are at 30.2 which is okay, but still more than is needed," he said.

- Peakoilers soon realize exactly how messy things are when they find out that we have been relying on figures for oil production from a company called Petrologistics that hires people to count the oil tankers passing by. We don't know exactly how much oil is being produced from the ground, how much we are using, and how much reserves are left. Which is why we get peak oil date estimates ranging from 2005 to 2050 - take your pick. My pick is 2010 +/- 5 years - because the geologists know their rocks better than the economists.

(2006-09-26 12:49:20 SGT) [Energy] Permalink

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