<A Different Approach to Calculating Saudi Arabia's Oil ReservesThe Oil DrumSustainable New York...by 2030?>
<DrumBeat: December 16, 2006DrumBeatDrumBeat: December 18, 2006>

99 comments on DrumBeat: December 17, 2006

Comments can no longer be added to this story.

Hothgor on December 18, 2006 - 12:55am Permalink | Subthread | Parent | Comments top
And that clearly explains how global oil inventories are near their all time highs.
0
Comments can no longer be added to this story.
Charles Mackay on December 18, 2006 - 9:50am Permalink | Subthread | Parent | Comments top
The IEA reports a 41 million drop in world inventories in October - well before the typical seasonal winter fall.  In addition, the EIA has US inventories dropping significantly in November.

Next time I will only respond if you document your position first.

0
Comments can no longer be added to this story.
Hothgor on December 18, 2006 - 1:40pm Permalink | Subthread | Parent | Comments top
Out of several billion barrels in inventory.  And that drop was precisely what OPEC wanted when they cut their production by 1.2 million bpd.  If anything though, it shows they only needed to cut production by about 600,000 bpd to bring the market into balance.
0
Comments can no longer be added to this story.
Freddy Hutter on December 18, 2006 - 7:34pm Permalink | Subthread | Parent | Comments top
Charles forgot to mention the rest of the paragraph.  Nov 30th inventories were at 54 days vs 53 on that date last year.
0
Comments can no longer be added to this story.
Hothgor on December 18, 2006 - 8:49pm Permalink | Subthread | Parent | Comments top
And just think, this is all in light of the fact that we apparently experienced dramatic reduction in exports around the world, as WT has been saying these last few months.  That or all the post peak production countries have had a miraculous turnaround this year! <chortle>
0
Comments can no longer be added to this story.