Word: opec
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...fraction of what they do now and still have enough to cover the defense industry's needs, and even if they all went out of business it's hard to imagine a war that would induce countries like South Korea, Mexico, Argentina and Japan to impose some politically inspired OPEC-style embargo...
...recession mode - into which it seemed to be heading in any case - and airlines cutting back dramatically on their jet-fuel consumption, world oil demand has taken its steepest drop since the early 1980s. What's more, the oil producers still can't get their act together. This month, opec decided to cut back production by 1.5 million barrels a day - but only if non-OPEC countries trimmed back too, by 500,000 barrels...
Acknowledging that it no longer controls the market, opec wants oil producers outside the 11-nation cartel to share its pain. Chief among those countries is Russia, the world's second-largest producer. If Russia (along with Norway and Mexico) doesn't cooperate, OPEC has hinted there will be no production cuts. That could mean a price war that would drive crude oil down to around $10 a barrel - well below the $25 average that OPEC favors. So far, Russia has agreed only to a 50,000-barrel...
...then there?s the other good news: Oil is now around $17 a barrel, its lowest level since June 1999, and prices at the pump are down a third since spring and only headed lower in the near term, thanks to an OPEC price war that?s turning the Middle East oil belt into some semblance of the airline industry. Cheap oil is tough on developing countries - who are usually trying to sell it - but it?s tidings of comfort and joy for consumer economies like the U.S. and Europe...
...reduce our dependency on oil from the volatile Middle East, then we need to capture more supply from the OPEC and non-OPEC nations currently supplying us to replace the 2.5 million BPD we get from the Persian Gulf. According to the Energy Information Administration of the DOE, such alternatives are available. Russia exports a net (production minus internal consumption) 4.3 million BPD alone, of which we capture virtually nothing. Norway exports 3.1 million BPD, of which we get only 10 percent. Venezuela, an exporter of 2.7 million BPD, sends only 55 percent, or 1.5 million...