January 16, 2007

THERE IS NO BOTTOM:

OPEC is urged to wait before making output cuts (The Associated Press, January 16, 2007)

Members of the Organization of Petroleum Exporting Nations should wait until February before deciding on further cuts in their crude oil output, Nigeria's oil minister, Edmund Daukoru, said Tuesday.

Posted by Orrin Judd at January 16, 2007 5:12 PM
Comments

Nigeria's oil minister has to determine if enough oil is getting past the siphons to know what their output actually is.

And was anyone else surprised by how little attention the recent explosion (related to tapping the oil & gas lines) in Nigeria received? Over 200 people killed (from the headline I saw), but no follow-up story?

Nigeria must be hell on earth.

Posted by: jim hamlen at January 16, 2007 8:52 PM

I think it was Strategypage.com that recently speculated that Saudi Arabia is holding up their own production and blocking attempts to cut oil production because they want oil under $50/barrel; they can withstand that price level for a while (and it will discourage oil alternatives), but the whole Iranian budget is based on oil > $50 barrel and is tight even so...

Posted by: Mike Earl at January 17, 2007 10:26 AM
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