Opec increases oil output - Mercedes-Benz Forum

LinkBack Thread Tools Display Modes
post #1 of 1 (permalink) Old 10-24-2007, 01:58 AM Thread Starter
CH4S Artist
Teutone's Avatar
Date registered: Sep 2004
Vehicle: 1985 500SEC, 1991 190E 2.6.
Location: Los Angeles / Hannover Germany
Posts: 33,438
Mentioned: 11 Post(s)
Quoted: 937 Post(s)
Lifetime Premium Member
(Thread Starter)
Opec increases oil output

Opec increases oil output
Source: Al Jazeera

Oil prices hit a record of $90.07 a barrel on Friday, before falling to $85 on Wednesday [EPA]

Opec is to increase output by 500,000 barrels per day (bpd) from November 1 supported by a boost in petrol production by cartel members Iraq and Angola.

Abdullah al-Badri, secretary-general of the Organisation of the Petroleum Exporting Countries, said: "We are implementing our decision we took in September."

The Petrologistics Consultancy Corporation, which tracks tanker movements, said on Tuesday it was already raising oil supply in response to record prices.

Overall output from the 12-member Opec is set to rise to 31.4 million bpd following the increase in oil output set next month.

Supply curb

The estimate indicates that Opec may be relaxing adherence to supply curbs, as oil prices hit a record of $90.07 a barrel on Friday, before falling to $85 on Wednesday.

The group on September 11 agreed to boost production starting from November.

Javad Yarjani, head of Opec affairs at Iran's oil ministry, said oil price rises were being fuelled by fear.

"The real reason for prices being so high is not the shortage of crude oil. Fundamentally there is no problem," Yarjani said.

"There is a fear factor, discussions of a political nature which are pushing up prices. We have to go back to the basics of the oil market, which is demand-supply, investments, flow of technology.

"It is mentioned that a piece of news about a dispute between Turkey and Iraq, which has increased prices by up to $8. That shows how fear is working."

Oil has risen by approximately 40 per cent since the beginning of this year, triggered by tighter supply and demand concerns ahead of winter months and amid political tensions in the Middle East.
Teutone is offline  
Sponsored Links

  Mercedes-Benz Forum > General Mercedes-Benz Forums > Off-Topic

Quick Reply

Register Now

In order to be able to post messages on the Mercedes-Benz Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Please enter a password for your user account. Note that passwords are case-sensitive.


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:


  • Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
    Thread Tools
    Show Printable Version Show Printable Version
    Email this Page Email this Page
    Display Modes
    Linear Mode Linear Mode

    Similar Threads
    Topic Author Forum Replies Last Post
    Stereo volume decreases and increases on its own MBMM C209/A209 CLK-Class 6 10-26-2007 08:32 PM
    House approves anti-OPEC bill - Does the House have their head up their ass..... Jakarta Expat Off-Topic 32 07-30-2007 08:39 PM
    RPM increases by itself cb1234 General Mercedes-Benz 1 11-27-2005 03:30 PM
    Lowering increases overstreer? Mr. Corporate W203 C-Class 1 10-18-2005 04:02 PM
    UK PRICE INCREASES mercslk_200 R171 SLK-Class 4 05-19-2005 01:55 AM

    Posting Rules  
    You may post new threads
    You may post replies
    You may not post attachments
    You may not edit your posts

    BB code is On
    Smilies are On
    [IMG] code is On
    HTML code is Off
    Trackbacks are On
    Pingbacks are On
    Refbacks are On


    Title goes here

    video goes here
    description goes here. Read Full Story
    For the best viewing experience please update your browser to Google Chrome