Oil Producing Algae OPEC decided today not to reduce its oil production for now, providing a temporary respite from surging crude oil prices, but the 11-member organization made clear at its meeting here that it would remain vigilant of price declines by considering output cutbacks as early as February.
to do with fundamentals. According to him, oil supplies are adequate, Saudi Arabia’s production capacity is increasing on schedule, and a potential OPEC production increase will be on the table December 5 at a meeting of oil ministers. He further maintains that OPEC has very little direct control over the price of oil, which is influenced by a myriad of market forces (such as OPEC supply, the U.S. dollar and geopolitical tension), and has not
Algae Oil Production The decision by the Organization of Petroleum Exporting Countries, which had been widely expected, was accompanied by speculation that the group would immediately need to begin enforcing production quotas announced in September to keep oil prices from declining as warmer weather next spring in the Northern Hemisphere starts to sap demand.
oil production could plateau, some industry leaders believe, setting the ne yellestage for a period marked by energy shortages and high prices. OPEC's Divisions Rise to Surface As high crude prices fuel the economic boom in oil capitals, they're reigniting old divisions within OPEC, stirring doubts about the cartel's role
Algae Bio Fuel OPEC is already thought to be producing about 1 million barrels a day more its current production quota of 24.5 million barrels as its members seek to benefit from prices that have climbed above the $28, the upper limit of its desired price range. Delegates to this week's meeting showed little interest in allowing prices to drop much further.
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Algae Fuel Cell "We have to be pre-emptive to ensure the market remains in balance," Ali al-Naimi, the oil minister of Saudi Arabia, the largest oil exporter, told reporters today. In order to retain some price stability, OPEC needs to cut production by about a total of about 2 million barrels a day by early next year, by enforcing current quotas or announcing new production cuts, to offset seasonal declines in demand and growing output by such non-OPEC members as Russia, Kazakhstan and Equatorial Guinea, oil industry analysts said.
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Algae Based Fuels The International Energy Agency has said it expects demand for oil from OPEC, which accounts for about a third of global oil production, to decline by 11 percent, or 2.8 million barrels a day, by the second quarter of next year as warmer springtime temperatures approach.
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Diesel From Algae Kuwait's oil minister, Ahmad al-Fahd al-Sabah, told reporters that a production cut of at least a 4 percent, or about 1 million barrels a day, would be necessary when OPEC meets again in Algiers on Feb. 10. He also acknowledged that OPEC needed to improve enforcement of its current production quotas.
Green Fuel Algae Forecasts for a recovery during 2004 of oil production in Iraq, an OPEC member, are also beginning to weigh on its 10 other members. Iraq's production could climb to 2.4 million barrels a day next year, up from its current level of 1.3 million barrels, as efforts proceed to repair the nation's drilling and transportation infrastructure, according to Deutsche Bank.
Algae Fuel Production "OPEC needs to get serious about enforcing production discipline very quickly," said Adam E. Sieminski, a London-based analyst with Deutsche Bank.
Bio Diesel From Algae Crude oil prices initially fell today after OPEC's announcement, but they later recovered. On the New York Mercantile Exchange this afternoon, crude oil for January delivery rose 12 cents, to $31.22 a barrel. The price of American crude has averaged $30.90 a barrel for the year to date, its highest level in 21 years.
Biodiesel Fuel From Algae By Simon Romero
New York Times - 12/4/2003
Topic: Petroleum Industry
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