This entry was posted on Thursday, November 1st, 2012 at 10:43 am and is filed under Comodities, Oil.
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“The forecast showing the U.S. eclipsing the Saudis and the Russians comes from the U.S. Energy Information Administration, a branch of the Department of Energy. EIA shows “total oil supply” in the U.S. at the end of 2011 neck-and-neck with the Russians and closing in on the Saudis.
EIA’s data shows the Saudis finished 2011 with an average of 11.153 million barrels a day of oil production. Production in the U.S. was 10.141 million barrels a day.”
If 10 or 11 mln bbls is their capacity, they have been going full tilt since the Arab spring. Their currency is pegged to the dollar isn’t it? When they radically increased fiscal spending, they had to increase production, didn’t they?
I’m curious to see if they rein in production after the election to manage growing inventories round the world amid soft prices.