Worldwide Oil Demand Outweighs OPEC's Present Supply: Report

(AP) VIENNA — An OPEC report suggests that world demand for its oil is outstripping the present supply.

The monthly demand forecast from the Organization of The Petroleum Exporting Countries says estimated OPEC crude production last month averaged 28.97 million barrels a day. It also says that demand this year for OPEC oil is expected to average a daily 29.9 million barrels.

The report was published Friday, two days after an OPEC meeting ended in disarray, with Saudi Arabia and other Gulf members unable to push through demands to lift production ceilings. OPEC members opposed were led by Iran.

World oil demand is expected to outpace supplies later this year by the widest margin since 2007. The Saudis and their allies are likely to increase exports on their own to meet the shortfall, following the deadlock at Wednesday's meeting.

Comments

[marijam]

07:45 AM on 06/13/2011

No kidding. We need to keep our oil for ourselves and get started on bio-fuels such as bio-diesel that we can generate from our garbage. Every single major metropolitan area should have a bio-diesel plant and stop putting in land fills, or barging off the garbage to third world countries.

[4eva]

11:31 PM on 06/12/2011

WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on pricesUS diplomat convinced by Saudi expert that reserves of world’s biggest oil exporter have been overstated by nearly 40%

http://www.guardian.co.uk/business/2011/feb/08/saudi-oil-reserves-overstated-wikileaks

[vippy]

06:00 PM on 06/12/2011

Lies and more lies.  Read this!  www.businessweek.com/bwdaily/dnflash/content/jun2011/db2011067_809106.htm

[SamKnause]

06:46 PM on 06/12/2011

Thanks for the informative link.

[uniquindividual]

12:22 AM on 06/13/2011

The conspiracy may sound nice, but the data indicates something less easy to fix.

http://30.media.tumblr.com/tumblr_lmlg0189NF1qbazqao1_500.gif

[John RD Kidd]

02:40 PM on 06/12/2011

According to today's British Sunday Times, Ehud Barak, Israel's defence minister, is said to have told President Obama \"that Israel is determined to carry out an attack on Iran in due course.\"
That being the scenario for a potential nuclear war in the Middle East that could engulf Europe, at any time, it is fortunate that we have a press that is willing to report details of such global import. But does anyone take note? Maybe when gas is $200. Then it'll be way, way too late.

[mc53]

12:05 PM on 06/12/2011

Think the price of gas is bad now? What about 2 years.

[jcaunter]

05:16 AM on 06/12/2011

I am awestruck that OPEC has finally come clean about this, but I'm even more awestruck that most others commenting on this have utterly no comprehension of what means.

Wow are you all in for a horrible shock in the near future. Struggling to live now? Well have fun trying to survive on half as much.

[Joseph Joyal]

04:32 PM on 06/11/2011

OPEC will say anything to keep oil prices high.

[mistykane]

07:59 PM on 06/11/2011

Saudi Arabia was in favor of increasing output, but two other members of OPEC were opposed...Iran and Venezula. Two countries that don't like us.

[Joseph Joyal]

11:01 AM on 06/13/2011

So why doesn't Saudi Arabia increase their out put?? How about we just cut off all OPEC countries from any imports or exports with the USA, They need our food MORE then we need their oil.

[glassbender]

02:24 PM on 06/11/2011

of course OPEC is going to say that, they did it in 1974-75, they did it again in the late 80's, and now with all the krap that is going on, they all need MONEY, before they are kicked out of office, the U.S has tankers waiting off shore to unload the oil, and i mean WAITING for weeks,or months.Yet the price keeps going up,up,up.The heads of state, oil companys and CASINO STREET are SCREWING us and the rest of the world.Oh one more thing, there is NOTHING wrong the internal combustion engine it's the FUEL, we don't need electric cars, we need to tell washington to MAKE auto makers switch to another FUEL , SCREWW OPEC,SCREW casinostreet, they've ripped US off enough already

[Timma]

12:59 PM on 06/11/2011

...can you say P-E-A-K O-I-L?

[mistykane]

03:11 PM on 06/11/2011

No, peak oil only refers to the life of individual wells. Exxon just made a new discovery of oil in the Gulf- 700 million barrels and Brazil recently made major discoveries as well.

[nmcanopus]

04:09 PM on 06/11/2011

Actually there is a finite supply of oil in the world. 700 million barrels is less than a 2 year supply for the US. What oil is left in the world is harder to get than that which was previously extracted. It is likely that we have reached reached peak oil production in the world. If the US was smart it would be manufacturing green energy products and selling them to the rest of the world. Instead our politics is being driven by what is best in the short term for international oil companies. China is leaving us in the dust in producing green energy products.

[Timma]

10:47 PM on 06/11/2011

...yes by the narrow definitions of those who produce oil...

[nothingchanges]

11:35 AM on 06/11/2011

I can remember reading about "The Population Explosion" when I was in High School a very, very long time ago.

Nothing has been done to address that issue, nothing will be done to address our rapid depletion of limited resources. In 1804 we crossed the 1 billion mark in world population, we will cross over the 7 billion mark in 2012.

Unless our population is decimated by wars, famine, or pestilence, it is unsustainable.

We have the intelligence to identify and rectify the underlying problem, we just lack the sense to act on our knowledge.

[vippy]

06:04 PM on 06/12/2011

I think the government already addressed it and they are busy with germ warfare.  e-coli outbreak in Germany now was found to contain the plague DNA, so it was human intervention I read yesterday.  
We used honey wagons for centuries and never had such an incident.  I would not trust the flu shot either, governments are known to do evil things!

[uniquindividual]

12:26 AM on 06/13/2011

private enterprize on the other hand..

[castlerider]

01:10 AM on 06/11/2011

Demand? Oh, don't worry, it's fake.... keep it comin'..

[Paul1963]

10:35 PM on 06/10/2011

It's amazing that Repubicans have forgotten that conservatives forget conserve is the root word in their political designation.

[Timma]

01:00 PM on 06/11/2011

...conserve our interests...conserve our values...conserve our agenda...

[uniquindividual]

12:26 AM on 06/13/2011

conserve their power.

[Paul1963]

10:25 PM on 06/10/2011

Peak Oil is here. And it's not just how much is left and how much deamnd there is. It's about how fast or not so fast we can get that remaining oilr out of the ground without leaving much of it behind. The faster you pump oil the more things happen like wtaer intrusion and gas build up at the well head that eventually ensure soem of the oilt will remain trapped in the ground.

We are so behnd the eight ball on alterntive energy sources.

[AlanBannacheck]

04:28 AM on 06/11/2011

It's amazing to see such a theory come to light, The problem with a disposable society, is such resources are limited in quantity. We created this illusion of infinite supply in our consumption models.

[Karma2U]

10:09 PM on 06/10/2011

Yet another good reason to conserve energy and to build an American Green economy.

[Drew Puli Wolf]

07:02 PM on 06/10/2011

One thing I do not get is why the Republicans are against conserving energy. Mitt Romney came out for it in a speech and got attracted by Rush and Company. There is nothing incompatible with wanting to drill more and save. Wal-Mart is changing their stores to green, not because they became tree huggers, but because it saves money (over a million dollars a store). If you have solar energy panels on your house you are more immune to fluctuating electric rates. If your car gets better mileage you save money. It’s like if you get a big gas bill for heating your house, so instead of lower the temp, and using better insulation; you open all the windows and set the thermostat higher. Do the Republican politicians and their media supporters own that much oil stock? Are they Manchurian Candidates for OPEC? And how like a bunch of sheep are all these Tea Baggers, don’t they see these anti-conservation policies are costing them money?

[Karma2U]

10:13 PM on 06/10/2011

Wow Drew Puli Wolf, you are so right! In Florida, FPL has solar panels everywhere - because it saves them money! At the same time, true to corporate form - no savings have been shared with any customers.

[castlerider]

01:12 AM on 06/11/2011

That's easy, Puli Wolf..

It's because they're puppets. In the most classic sense of the world. They are BOUGHT and paid for by the corporations that support them. New ideas? Forget it. Since when did new ideas pay for your campaign?