Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

EIA - Non-OPEC Oil Output Basically Flat 2004 - 2007; IEA - Non-OPEC Production Off 4.1% Since 01/07

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Topic Forums » Environment/Energy Donate to DU
 
hatrack Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-07-07 10:46 PM
Original message
EIA - Non-OPEC Oil Output Basically Flat 2004 - 2007; IEA - Non-OPEC Production Off 4.1% Since 01/07
MEXICO CITY — When oil prices tumbled to $10 a barrel in 1998, the world expected non-OPEC countries to ramp up production, provided the price of crude recovered. Nine years later, history tells a different story. Maturing assets in key producer regions, soaring costs, tougher tax regimes and a shortage of trained personnel are stymieing output even as benchmark crude prices edge closer to $100 a barrel.

The trend has left oil producers within the Organization of Petroleum Exporting Countries better placed to take advantage of soaring oil prices than those outside the group. The shortfall from non-OPEC producers has also contributed to the tightness in global oil supplies, further pushing crude prices toward record territory. "Every year non-OPEC production falls short of expectations," said Bob Tippee, the editor of industry publication The Oil & Gas Journal, in Houston.

Light, sweet crude for December delivery on Tuesday vaulted to a new intraday record high of $97.10 on the New York Mercantile Exchange. New York crude futures prices are up nearly 60 percent so far this year.

According to the U.S. Energy Information Agency, non-OPEC output remained nearly flat from 2004 to 2007, rising from 41.5 million barrels a day in 2004 to 41.9 million barrels a day this year despite the run up in prices. The 2007 forecast from the International Energy Agency', the Paris-based energy watchdog for the Organization of Economic Cooperation and Development, for total non-OPEC oil production has fallen 4.1 percent since January, to 50.17 million barrels a day. Of that, non-OECD production has been cut 6.2 percent to 28.02 million barrels a day and OECD output 1.7 percent to 19.83 million barrels a day.

EDIT

http://www.chron.com/disp/story.mpl/headline/biz/5280053.html
Printer Friendly | Permalink |  | Top

Home » Discuss » Topic Forums » Environment/Energy Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC