Friday, August 13, 2010

OPEC Concurs on July Oil Supply Increase

The OPEC monthly report is out, and they concur with the IEA that there was a significant boost in July's oil supply (graph above).  So apparently global oil supply is still recovering, notwithstanding the fall of the last few months, though I don't feel quite strong enough to bring back the graph with the linear extrapolation - at least not yet.  It seems rather unclear what's happening.

Here's the larger context of the last decade, along with spot price (blue, right scale).

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2 comments:

  1. AnonymousAugust 13, 2010 at 7:21 AM

    EIA's latest shows an uptick in Saudi production in May.

    An attack on Iran is looking more & more likely before next summer and at least some of the Arab states would like the US to deal the blow. I wonder if they will flood the market through out the period of likely hostilities. i.e. Abandon the $70+ plus target.

    This piece is in depth & good.
    The Point of No Return

    March could be tense.

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  2. Alexander AcAugust 13, 2010 at 8:01 AM

    Weren't it for the debt, I am not sure we could afford 80 dollars per barrel. Stoneleigh says deflation is here, so the oil prices will go down, so investments will cease etc..

    I would be interested in global debt chart, though it may be difficult to obtain...

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