Total Pageviews

Thursday, June 26, 2008

OIL CRASHES THROUGH $140/BBL FOR THE FIRST TIME

But, did settle at $139.30/bbl. Why the record jump? Chakib Khelil, president of the Organization of the Petroleum Exporting Countries, predicted that oil prices could rise to between $150 and $170 a bbl this summer. He did say that the price, though, won't hit $200/bbl, and should decline later this year.

OPEC consists of 12 countries with the following production quota (barrels/day):

-----------------------------QUOTA

Saudi Arabia---------------8943 (will produce 9500 In June and 9700 in July)
Iran----------------------------3817
Iraq----------------------------(??) (but produced 2500 in May)
United Arab Emirates---2567
Kuwait------------------------2531
Qatar----------------------------828
Nigeria------------------------2163
Angola------------------------1900
Libya--------------------------1712
Algeria -----------------------1357
Venezuela-------------------2567
Equador------------------------520

TOTAL----------------------29673

Indonesia quit OPEC a couple of months ago. Membership has been offered to Bolivia, Sudan, Syria and Brazil.
-

No comments: