Re: Oil Spicket Going Dry

From: John Larkin (jjlarkin_at_highlandSNIPtechTHISnologyPLEASE.com)
Date: 09/29/04 

Date: Tue, 28 Sep 2004 19:50:44 -0700

On 28 Sep 2004 16:26:12 -0700, knews4u2chew@yahoo.com (If I told U I'd
have 2 kill U) wrote:

>http://www.rense.com/general57/global.htm
>
>The Opec oil cartel, which controls more than half of global crude
>exports, is producing around 30m barrels a day - production levels not
>seen since the late 70s. Purnomo Yusgiantoro, the Opec president, said
>the group was powerless to bring prices down.
>
>Opec raised production quotas with effect from November 1, but the
>move had little impact because it is already pumping well over
>official limits. While the group says it has 1.5m barrels a day of
>spare production capacity, the extra crude is not of the quality best
>suited to transport fuels.
>
>"At the moment there's nothing we can do - Opec has spare capacity.
>However, whatever we do, there is no sensitivity in the market," Mr
>Purnomo, who is also Indonesia's oil minister, told Reuters.

Better sell that big ugly SUV while it's still worth something. You
might still get enough to pay down, say, a third of the 72-month loan.

John

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