Word: opec
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Dates: during 2000-2009
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...When markets are this tight, all the OPEC countries can do is try to run and keep up. Almost all are producing at capacity. And higher prices reduce the urgency to encourage investment. We really need investment in new production capacity. We do see significant growth in non-OPEC production, in countries like Azerbaijan, Angola, Kazakhstan and Russia. The Saudis have indicated they will increase capacity about 20% in the next five years, which would be significant...
...OPEC's troubles and the world oil glut are especially hitting Saudi Arabia, the organization's biggest and richest producer. Saudi output has dropped from a peak of 10.3 million bbl. per day in 1981 to 2 million bbl. per day in June, its lowest level in 20 years. Britain, a relative newcomer to the ranks of big-time producers with its North Sea fields, is pumping more oil than Saudi Arabia...
...Saudis would like to cut prices by as much as $2 per bbl. to increase sales to the point where they could pump at least 4 million bbl. per day. In a market with excess supply, that would mean other OPEC members would have to pump less and cut into their own oil revenues...
...Saudis are not unhappy to see the end of the boom times. They say they are relieved that the period of runaway economic expansion is over. Nonetheless, even Saudi Arabia's new, leaner budget will be in trouble if oil sales do not go up. The Saudis could undercut OPEC's official prices and sell oil at market rates, just as others in OPEC already do. They are not likely to do that. The Saudis are trying to keep the organization together against the day, perhaps late in the 1980s, when demand may rise and the world may need more...
...would appear to be a mystery worthy of Sherlock Holmes. If OPEC is reeling and the price of crude oil is falling, then why has the cost of gasoline been going up? The Los Angeles-based Lundberg Letter shows that since February the average retail price for all grades of gas has jumped from $1.14 per gal. to $1.24, taking some of the fun out of summer driving...