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Monday, April 04, 2005
Counterpoint
I still think we're better off parking the Hummers, but this Guardian UK story reports that OPEC will be able to increase production by 2%:
Opec today said it was ready to boost output by 500,000 barrels a day if oil prices continued to rise to record levels.
Unfortunately, OPEC predicts that demand will rise 6%:
The acting Opec secretary-general, Adnan Shihab-Eldin, said the cartel's 10 members had already lifted production by an estimated 300,000 to 500,000 barrels a day in March compared with February. Opec estimated that production by its members in February totalled around 27.7m barrels a day.
Mr Shihab-Eldin forecast that demand for Opec's crude would be 28.5m barrels a day in the third quarter, rising to 30.3m in the last three months of 2005. ...
"We stand ready to add more when we meet in June, and we will discuss the third quarter," he said, referring to an Opec policy review meeting scheduled for June 15. "We can go above 30m total [including Iraq]. We can go easily over 28m for the Opec 10."
I guess it's not much of a counterpoint, after all. OPEC needs Iraqi oil production to meet expected demand. If terrorists disrupt oil production the Hammer house won't get about 62 F this Winter.
