Peak Oil: Skeptics doubt Saudi Arabia can boost oil supply | G.O.O.D

Mountain House Freeze-Dried Food « 2500-3000 People Show Up for Food Vouchers: Mini-Riot in Milwaukee Israeli police: Suicide sparks Sarkozy scare » Jun 24 2008 Peak Oil: Skeptics doubt Saudi Arabia can boost oil supply Posted by: Joshuah in Energy Via: Dallas Morning News The Saudis have had their big show on the Red Sea. Now the oil markets will test the peak oil theory. A growing number of oil traders believe the kingdom has reached the peak of its oil production capacity and won’t be able to fill your tank in the future. They are buying and selling contracts dating all the way out to 2016, and their expectations are pulling prices toward $140 a barrel. On Monday, the day after an emergency meeting of oil producers and consuming nations here, oil futures continued their climb, rising $1.38 a barrel to settle at $136.74. The Saudis say they will sell whatever the market wants for the rest of this year. Production will be at 9.7 million barrels a day in July, up 200,000 barrels from where it is now. If the market wants 10 million barrels a day, that’s available. This entry was posted on Tuesday, June 24th, 2008 at 10:49 am and is filed under Energy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. Leave a Reply You must be logged in to post a comment. Login »
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Creative Commons Attribution 3.0 United States

Creative Commons Attribution 3.0 United States