Skip to comments.OPEC Questions Sustainability Of North American Oil Boom
Posted on 05/16/2014 6:03:48 AM PDT by mgist
OPEC Secretary-General Abdalla el-Badri said oil supplies from North America will play an important role in the coming few years, but he cast doubt on their sustainability over the long term.
Speaking May 15 in Moscow, el-Badri acknowledged that oil supply from producers outside of OPEC are expected to increase by more than 4 million barrels per day (bpd) between 2013 and 2018, with much of that coming from North America. But he cautioned that the addition of non-OPEC oil supplies to the global market should be viewed as a periodic shift."
"Tight oil adds depth and diversity to the market," he said. "But questions remain over its sustainability in the long-term."
(Excerpt) Read more at nasdaq.com ...
They managed to create an epidemic in our nation, while the FEDS and the national media, are muzzled. They've got a sophisticated operation going on. The only nation in the world that seems to be stopping the heroin in transit has been Australia.
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OPEC is worried.
Yes, they are. Expect a lot of illegal campaign money to come in so that the Ds will shut down the growth of our hydrocarbon industry.
Meanwhile he helped finance Brazilian exploration in the Atlantic.
Foreign oil good, (North) American oil bad.
This is absolutely correct, as the political winds shift from D to R and R to D. Net result is we cant develop much of our resources, ANWR, keystone, federal land... And waste our focus on wind and solar.
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.
These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007).
From December 1992 until October 2007, Ecuador suspended its membership. Gabon terminated its membership in 1995. Indonesia suspended its membership effective January 2009.
Currently, the Organization has a total of 12 Member Countries.
The OPEC Statute distinguishes between the Founder Members and Full Members - those countries whose applications for membership have been accepted by the Conference.
I can say without a doubt that Venezuela and Ecuador are Narco Nations. Iran has strong ties to Venezuela and Russia. That says it all, the rest are sketchy.
Amazing, the power these guys have over our President.
This also explains the Global Warming hyperventilation going on to the point of ridiculous.
TOO bad America and the rest of the West are the usual customers.
No demand = no need for supply.
The users are breaking the fifth commandment by KILLING THEMSELVES with these obnoxious addicting drugs. They CHOSE that path.
Definition of ‘Cartel’
An organization created from a formal agreement between a group of producers of a good or service, to regulate supply in an effort to regulate or manipulate prices. A cartel is a collection of businesses or countries that act together as a single producer and agree to influence prices for certain goods and services by controlling production and marketing. A cartel has less command over an industry than a monopoly - a situation where a single group or company owns all or nearly all of a given product or service’s market. In the United States, cartels are illegal; however, the Organization of Petroleum Exporting Countries (OPEC) - the world’s largest cartel - is protected by U.S. foreign trade laws.
Investopedia explains ‘Cartel’
Amid controversy in the mid-2000s, the U.S. Congress attempted to penalize OPEC as an illegal cartel but the effort was blocked over concerns of retaliation and potential negative effects on U.S. businesses. Despite the fact that OPEC is considered by many to be a cartel, members of OPEC have maintained it is not a cartel at all, but an international organization with a legal, permanent and necessary mission.
Is it possible to dislike so many people? These LIB/DIM asshats are very, very tiresome.
The 50 years under OPEC have been eventful
Sep 14th 2010
OPEC, the cartel of oil producers, celebrates its 50th anniversary on September 14th. The organisation was founded in 1960 with the explicit purpose of manipulating oil prices by controlling supplies. It has generally proved successful. OPEC controls around 80% of the world's proven reserves and over 40% of the world's production among its 12 member states. The Gulf states that dominate OPEC have the biggest reserves and lowest costs, so can most easily turn the taps on and off when required to keep prices high. Despite the slow return to health of a sickly world economy, oil fetches a lofty $75 a barrel, which Saudi Arabia, OPEC's most influential member reckons is "ideal".
TRANSLATION: "Mullah Ubama has our back."
Fortunately for us, he doesn't have that ability. That is why US domestic oil production has grown during his administration, in spite of his policies.
Real growth will happen after America wakes up and a few more election cycles.
Why is Soros directing oul policy?
By Charles Kennedy | Thu, 27 March 2014 19:58 | 3
Just weeks after the US announced its first test sale of crude oil from strategic reserves since 1990, billionaire philanthropist George Soros is lobbying for the release of more reserves on the market to punish Russian President Vladimir Putin.
On 12 March, the US said it would dip into its emergency stockpile to release 5 million barrels onto the market, causing oil prices to drop to their lowest in a month, and this week, Soros has gone public with his proposal to release more as a way to hit back at Moscow for its annexation of Ukraines Crimean Peninsula.
‘The users are breaking the fifth commandment by KILLING THEMSELVES with these obnoxious addicting drugs. They CHOSE that path.’
I keep calling it slow suicide and push for the free and pure route to speed up the process. Hard drugs lead to much higher rates of murder, robbery, burglary, ID scams, home invasions, car thefts, ugly hookers, and bought and paid for politicians and the corruption of our entire legal system. Not to mention the legal theft of private property by out of control cops and wholesale infringement of all our rights because maybe less than 5% of the population are addicts. Fighting a war that will never and can never be won is not best use of our tax dollars. Give them free drugs, as much as they want, and 100% pure drugs not cut with anything and let it end.
If suicide is their preferred way out I say let them go for it. No market, no demand, no profits, no drug cartels and drug thugs roaming the streets and killing the bad and the innocent. Let God sort them out.
Another approach is much cheaper. Monitor the situation for oil development projects. Where one is planned have an agent go out and plant a few samples of one or more endangered species. A quick biologist report, a lawsuit and bang, the project is on hold forever. Cost is one agent, one pimp biologist and one pimp lawyer. Relatively cheap.
He has blocked all the energy development that was within his power to block.
Made it difficult, and more expensive, time-consuming, yes.
But totally blocked? No.
We still drill in federal waters and some land. Less than before but not stopped.