Peak Oil News >> Production; Extraction; Exploration >> BBC: Oil nations 'can exceed' quotas

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BBC: Oil nations 'can exceed' quotas

Production; Extraction; Exploration

Nano writes: Oil producers' cartel Opec may agree at its meeting next week to allow members informally to pump above official output quotas to limit rising prices.
Opec will stabilising prices by keeping the ceiling as it is now or "allowing overproduction to continue like it did in 2004," its president said.

bbc

But Sheikh Ahmad admitted: "I think that now everybody is overproducing. Current prices make it lucrative for everybody to hike production without the need for an (official) decision."

Posted on Sunday, March 13 @ 13:27:37 PST by admin

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Re: BBC: Oil nations 'can exceed' quotas (Score: 1)
by clv101 on Monday, March 14 @ 00:18:28 PST
(User Info | Send a Message) http://www.vitaltrivia.co.uk

OPEC allowing members to exceed quotas is the same as getting rid of quotas - 100% capacity. This is exactly what happened in the US lower-48 in 1970 and marked the point of peak oil.

Re: BBC: Oil nations (Score: 1)
by ferret12 on Monday, May 29 @ 12:43:35 PDT
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