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wmulnea

OPEC and oil prices: Leaky barrels | The Economist - 1 views

www.economist.com/...dermining-cartel-leaky-barrels

shared by wmulnea on 05 Feb 15 - No Cached
  • OPEC, which produces about a third of the world’s daily consumption of 90m barrels of crude oil
  • cartel
  • anti-glut group
  • ...6 more annotations...
  • the country will produce 14m barrels a day (b/d) next year, on a par with Saudi Arabia
  • Iraqi oil exports, stricken by the war and its aftermath, are also set to increase.
  • Libya could be another source of production: its exports have collapsed to only a few hundred thousand barrels a day, against 1.6m in June last year.
  • OPEC’s best hope is continued American protectionism. Any easing of the restrictions on the export of liquefied natural gas (LNG) or crude will exert more downward pressure on the oil price.
  • But that would cede market share to their hated rivals, Iran and Iraq.
  • America’s domestic production of crude (and gas, which displaces some oil) is rocketing.
  • wmulnea on 05 Feb 15
     
    This article briefly addresses the current global petroleum market, outlining the top national producers and their current import/export strategies. The article is a good overview of the global politcs affecting oil prices.
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