peakoilbarrel.com/opec-crude-oil-production/
SRSrocco says:
January 23, 2015 at 10:01 am
Ron,
Nice summary of OPEC Crude Oil Production. As you stated with the example of Saudi Arabia, they have increased drilling rigs considerably but have not increased production. Sounds like they are dealing with their own RED QUEEN SYNDROME.
Anyhow, as the price of WTIC falls to the $45 handle, the U.S. continues to pump shale oil as if there is no tomorrow. According the EIA’s weekly inventory report, build in oil inventories are the highest since 2001. Furthermore, the IEA states that if current projection of weak demand and robust supply continue, the world will BUMP UP AGAINST STORAGE CAPACITY in the 1H 2015 (in the first-quater of the year-2015).
That should cause some real fun in the oil markets. Looks like the major oil producers are playing a game of CHICKEN to see who cuts and runs first.
I imagine if global oil production continues a current, or slightly elevated levels… well then, we are heading towards $30 per barrel of oil.
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