Tuesday, May 10, 2005

OPEC Peaking 2005 Q4?

Via Odograph, dah dah dah, Algeria's oil minister says OPEC may not be able to meet fourth quarter demand. In a different Reuters report, OPEC president Kuwaiti oil minister Sheikh Ahmad al-Fahd al-Sabah said only Saudi Arabia has any spare capacity (1.5 Mbpd), and everyone else is pumping full tilt. This has pushed crude stocks to 327 million barrels in the U.S., their highest level in six years. "Supply growth in other parts of the world have fallen below expectations in part because a surge in Russian output has tailed off."