Saudi Arabia to Pump More Oil

BigRob

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Saudis may pump more oil to curb excessive price

Top oil exporter Saudi Arabia is poised to boost output in July to the fastest rate in years to help keep pace with demand and tame what it sees as unacceptably high prices, industry sources said on Sunday.

Riyadh's expected production increase -- the second in two months -- would lift flows above 9.5 million barrels per day (bpd) from about 9.45 million bpd now, the sources said.

Could be good news at the pump in the short term.
 
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Andy

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It's questionable how much effect it will really have because demand is going up too. Interestingly this would put OPEC at maximum production... meaning no one can blame OPEC for high prices after this.

However, the real answer is of course... getting our own oil. If we just get our own oil, we can ignore the world oil market completely. It's that simple.
 

BigRob

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It's questionable how much effect it will really have because demand is going up too. Interestingly this would put OPEC at maximum production... meaning no one can blame OPEC for high prices after this.

However, the real answer is of course... getting our own oil. If we just get our own oil, we can ignore the world oil market completely. It's that simple.

Saudi Arabia would still not be at peak production after this increase. I think they are worried about people switching away from oil due to high costs, and with their single good economy that is not good for them at all. They have an interest in keeping oil affordable as well.
 

Libsmasher

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It's questionable how much effect it will really have because demand is going up too. Interestingly this would put OPEC at maximum production... meaning no one can blame OPEC for high prices after this.

I thought some people here said they were ALREADY at maximum production? What's the MAXIMUM "maximum production"? :D
 

Andy

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I thought some people here said they were ALREADY at maximum production? What's the MAXIMUM "maximum production"? :D

Demonstrating your liberalesk ability to rewrite others words again? If I didn't know any better, I'd think you were a Clinton supporter.
Allow me to quote myself:

Look at this again: Note that every single country in OPEC is exceeding their quota, other than the countries that can't meet their quotas, and the Saudis.

Note: Other than the Saudis... as in they are not up to their maximum capacity.
 

Andy

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Most of OPEC is at their capacity. The table clearly indicates that. Once again, Libmasher, acting more and more like the liberals he claims, and fails to mash, is proving his ability to rewrite what people say in order to justify his lame claims.

I'm done with you again Liblover. Go support Obama or something. They need people to invent straw-man arguments for them to win at.
 

BigRob

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Demonstrating your liberalesk ability to rewrite others words again? If I didn't know any better, I'd think you were a Clinton supporter.
Allow me to quote myself:


Note: Other than the Saudis... as in they are not up to their maximum capacity.

Thank you for the clarification. I was unaware of this other post and just took the comments to mean overall production capacity without regards to the quotas that OPEC has in place. Thanks for the clarification.
 

Libsmasher

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Most of OPEC is at their capacity. The table clearly indicates that. Once again, Libmasher, acting more and more like the liberals he claims, and fails to mash, is proving his ability to rewrite what people say in order to justify his lame claims.

I'm done with you again Liblover. Go support Obama or something. They need people to invent straw-man arguments for them to win at.

Is quota (the amount agreed on for each country at cartel meetings) the same as maximum capacity??

Noooooooooooooooooooooooo......................................:D
 

Andy

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Thank you for the clarification. I was unaware of this other post and just took the comments to mean overall production capacity without regards to the quotas that OPEC has in place. Thanks for the clarification.

Yeah, the production levels over all, are very near OPEC's max production. The specific level Saudi's are at, is about 1 Million barrels off their indicated max. 9.45 Mill verses 10.5. That's still a million off, which is more than I thought, but... I guess we can only wait and see what the crude oil market will do.

Of course, in just a year or so, Russia and Canada, and hopefully the US will all get more oil wells running. Of course we still have to open more land to drilling... which I'm not holding my breath for.
 

Libsmasher

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Thank you for the clarification. I was unaware of this other post and just took the comments to mean overall production capacity without regards to the quotas that OPEC has in place. Thanks for the clarification.

He didn't clarify anything. In a discussion with me as to whether OPEC was manipulating the market by controlling supply, he used the unqualified term "maximum" -- from the conversation (go back and look) it was clear that the "maximum" he was talking about was capacity. Now he's trying to backpeddle and change the meaning by referring to quotas, something completely different.
 

BigRob

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He didn't clarify anything. In a discussion with me as to whether OPEC was manipulating the market by controlling supply, he used the unqualified term "maximum" -- from the conversation (go back and look) it was clear that the "maximum" he was talking about was capacity. Now he's trying to backpeddle and change the meaning by referring to quotas, something completely different.

I don't care if he clarified anything for you. :p
 
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BigRob

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So you want to walk off more confused than when you showed up? :D Be my guest. ;)

:D I said from the start I interpreted one way then saw that he clearly meant to mean it in the other way. My confusion has been vanquished :cool:
 
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