Oil Demand ‘Rising Faster than Expected’
June 13th, 2007Mmmm hmmm. Can they top July 2006, or not? I guess we’ll find out soon enough.
Via: Financial Times:
World oil demand is rising faster than previously expected while non-Opec supply is growing more slowly, the International Energy Agency has said in its latest monthly assessment of the market.
The rich countries’ energy watchdog warned on Tuesday of growing tightness in oil supplies in the second half of the year, and urged the Organisation of the Petrolem Exporting Countries to raise its output.
David Fyfe, an analyst at the IEA, said: “We would very much hope that Opec production is at its seasonal low at the moment… We definitely do need more crude oil.â€
The IEA now expects demand for oil to rise by 1.7m barrels a day this year compared to last year – an increase of about 2 per cent – and non-Opec oil supply to rise by just 900,000 b/d. That rise in demand is 167,000 b/d more than the IEA had previously estimated, while the rise in non-Opec supply is 97,000 b/d less.
The report estimated that world oil stocks could drop by 1m-1.5m barrels a day in the third quarter, which it said “would push forward stock cover down towards the low levels seen when prices accelerated higher in 2004. That is, by itself, a concern.â€
Opec officials have played down the possibility of any increase in production before the next ministerial meeting in Vienna on September 11.
Kevin, have you heard of The Energy Non-Crisis by Lindsey Williams?
http://video.google.com/videoplay?docid=3870461488930715065&q=non%20energy%20crisis&total=44&start=0&num=10&so=0&type=search&plindex=0
“here is no true energy crisis. There never has been an energy crisis . . . except as it has been produced by the Federal government for the purpose of controlling the American people. That’s a rather dramatic statement. to make, isn’t it? But you see, at one time I too thought there was an energy crisis. After all, that was what I had been told by the news media and by the Federal government. I thought we were running out of crude oil and natural gas. Then I heard, I saw, and I experienced what I am about to write. I soon came to realize that there is no energy crisis. There is no need for America to go cold or for gas to be rationed. We shall verify these statements as we provide the facts for you. You might be surprised to find that we will also show why the price of gas will remain high, and in fact will go higher than it is now.”
George,
I can’t watch videos here. (I have slow, metered Internet access here.) What’s his core argument?
Kevin
Hi Kevin, the core argument is that there are massive oil reserves in Alaska, particularly Gull Island Pool.
The speaker was a baptist minister in Alaska and knew the Atlantic Richfield oil workers that discovered it and where threatened when they leaked the suppressed info.
He says the decision was made to use crude oil to control people and that what people were to spend on oil was essentially a ‘tax’ on them.
So Henry Kissinger flew to all the oil producing countries and offer to make them all rich by buying all their oil. They only deal was they had to price it in USD and they had to reinvest a portion of their profits in US Treasury Debt (to prop up the USD and Federal spending).
There were two countries that did not sign; Iran and Iraq.
In the 1970’s oil shot up to $32 dollars a barrel, our economy tanked, but TPTB told the Saudi’s to buy gold while the money was flowing in, because it was going to go back down again, and they were going to need to sell gold to keep their populations feed. So gold went to $800/oz. Then when oil dropped back to $10 barrel, gold dropped to $300. It was a trap set by the people the controlled the gold to make a few more bucks.
It is a trap just like the 1% interest rate drops and interest only mortgages sold to the workers.
Where are the profits going? He says that it costs about $5 a barrel to oil out of the ground in the middle east and $3 barrel in Prudahoe Bay.
Oil companies make records profits, yes, but nothing compared to the middle man between them and the oil producing countries. The gas stations make pennies on the gallon, barely.
The true profits, he argues, are made by the World Bank and IMF. He asserts that they, behind the wall street computers, set the price oil producing countries (OPEC) receive for a barrel.
He discusses how the World Bank/IMF loaned a lot of money to Brazil so they could develop their country, and claimed the Amazon River Basin which is one of the richest resource pools in the world, as collateral. when they, of course, defaulted they were given more money but the WB/IMF got the Amazon River Basin.
He claims the enormous threat that faces the system is Iran claiming that at a certain date in the future, they will flood the world with cheap oil AND start selling it in Euros. This would collapse the USD and Federal Debt system.
He notes that when Alan Greenspan started his tenure, we had $1.5 Trillion in Debt. Now we have $8 Trillion.
We import 400,000 gallons of refined gasoline a day and only have 149 refineries left after 20 years of not building one.
So his basic premise is that if Iran or the Alaskan oil fields were allowed to flow and create $1.50/gallon gasoline, it would collapse the USD and demand for US Treasury debt.
He quotes Smedley Butler that “All war is a racket” and recommends John Perkins’ “Confession of an Economic Hitman”.