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222 comments on DrumBeat: March 5, 2008

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jmygann on March 5, 2008 - 10:49am Permalink | Subthread | Comments top

OPEC says it will keep oil output steady

The Organization of Petroleum Exporting Countries announced Wednesday that it decided not to pump more — or less — oil right now because crude supplies are plentiful and demand is expected to weaken in the second quarter...........

http://news.yahoo.com/s/ap/20080305/ap_on_bi_ge/opec_meeting;_ylt=ApAawP...

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TJ on March 5, 2008 - 11:07am Permalink | Subthread | Parent | Comments top

Song of the Saudis

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Moe_Gamble on March 5, 2008 - 12:15pm Permalink | Subthread | Parent | Comments top

``While the OPEC agreement was expected, al-Naimi did say a couple things that are boosting the market,'' said Brad Samples, commodity analyst for Summit Energy Inc. in Louisville, Kentucky. ``He said OPEC doesn't want inventories to rise above the five- year average, which indicates they'll have to manage supply soon. Al-Naimi also said he doesn't sense that demand is weakening.''

http://www.bloomberg.com/apps/news?pid=20601087&sid=ajB4HcIqrqBI&refer=home

And China has been buying again, after the pause for the Lunar New Year and bad weather.

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karlof1 on March 5, 2008 - 5:45pm Permalink | Subthread | Parent | Comments top

The political war begins as the IEA blames the high price of oil on OPEC's not raising quotas, http://www.reuters.com/article/reutersComService_3_MOLT/idUSL05151405200...

The NYTimes also attacked along the same lines, http://www.nytimes.com/2008/03/05/business/worldbusiness/05cnd-opec.html?hp

The OPEC counterattack was led by its president Chakib Khelil: "If the prices are high, definitely they are not due to a lack of crude,” Mr. Khelil said in Vienna. “They are due to what’s happening in the U.S.”

He added: “There is sufficient supply. There’s plenty of oil there.”

And the Times backs his statement with this: "Most energy analysts agree there is no physical shortage of oil today. Commercial oil inventories are at relatively high level and that refiners are not lacking oil."

The contradictions in the Times piece I will leave for others to see on their own. I expect to a lot more OPEC bashing as oil price continues to rise as the dollar maintains its fall.

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Gwydion on March 5, 2008 - 5:55pm Permalink | Subthread | Parent | Comments top

Wasn't it just a few months ago OPEC was blaming the high prices on poor refinery utilization? I think these guys should just give it up and say they don't have the capacity... but what do I know.

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xeroid on March 6, 2008 - 6:30am Permalink | Subthread | Parent | Comments top

I think these guys should just give it up and say they don't have the capacity

They can't do that as everybody would know it's the end of growth - and things that depend on growth to function properly, like the financial system, would falter ... Oh! ... wait a minute!

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222 comments on DrumBeat: March 5, 2008

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