Crude Oil Nears Record on Signs OPEC Will Keep Output Quota
September 11th, 2007According to my Magic 8-Ball, OPEC probably can’t increase output. In the Past Peak world, look for demand destruction to occur through economic collapse or kill off or both.
Have a nice day.
Via: Bloomberg:
Crude oil rose to within 50 cents of a record on speculation rising demand and restricted OPEC production may tighten fourth-quarter supplies.
The Organization of Petroleum Exporting Countries pumps 40 percent of the world’s oil and will set its output target for the rest of the year at a meeting in Vienna today. It will probably maintain its current ceiling because of ample supplies and the prospect of slowing U.S. demand, officials said.
