And please ... no “this is just market conditions pushing the prices back up” BULL$H!T. It will be a cartel price set outside of market pressures.
Libya Calls for Higher Oil Quota in OPEC
http://www.foxbusiness.com/news/2013/04/22/libya-says-wants-higher-oil-quota-in-opec/#ixzz2RJgEW9fN
Libya will seek to increase its oil output quota in the Organization of the Petroleum Exporting Countries, Oil Minister Abdelbari al-Arusi said on Monday.
OPEC dropped individual allocations in 2011 when it adopted a 30-million-bpd output target. But with production rising in Libya and Iraq the issue of quotas may need to be addressed at some stage.
Libya’s last output target, under a 2008 deal where quotas were not issued publicly, was 1.47 million bpd. Al-Arusi said that current Libyan oil production stood at around 1.5 million barrels per day.
Things have changed.
Even before Iraq, Canada and the US began to increase production significantly, OPEC on several occasions met, decided on cuts in production, and most member nations simply didn’t cut back.
Iraq production is skyrocketing, and I can’t see them cutting back, unlike SA, most countries in OPEC, when the price of crude is dropping, absolutely must increase production.
The rumor may be true, but I don’t believe they’ll be able to pull it off.
There is good news in this. It shows that gone are the days that OPEC can increase production to undercut domestic producers. This insures that Canadian Sand and Balkan Shale will continue.