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Saudi boosts Opec output despite price drop

Reuters / London -- Opec oil output in May has hit its highest since 2008 as Saudi Arabia kept rates high despite a drop in prices and Iranian shipments did not fall much further ahead of an EU embargo, a Reuters survey found on Tuesday.

The increase in supplies by Saudi Arabia has helped to cushion the impact of Western measures against Iran's nuclear programme. Still, with Iraq unable to sustain an increase in exports and Libyan output falling, analysts say further rises in Opec supply will be harder to achieve.

"Given sustainability concerns around current levels of Libyan output and infrastructure constraints in Iraq, it is unlikely these two countries will be able to raise production much further in the next couple of months," said Harry Tchilinguirian of BNP Paribas.

In May, supply from the 12-member

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Submitted May 30, 2012 By: EZExit

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ItsMorph Champion Author Grand Rapids Posts:33,452 Points:3,188,105 Joined:Mar 2004	Message Posted: May 30, 2012 9:29:55 PM Ignore ItsMorph Report Abuse That's nice for them.
Lugi1967 Champion Author Ohio Posts:4,798 Points:1,004,970 Joined:Jun 2010	Message Posted: May 30, 2012 9:28:08 PM Ignore Lugi1967 Report Abuse Good for them Good for us
carpenter4u Champion Author Virginia Posts:2,436 Points:618,645 Joined:Jul 2011	Message Posted: May 30, 2012 9:25:22 PM Ignore carpenter4u Report Abuse getting paid while they can
DaisysMomNC All-Star Author North Carolina Posts:959 Points:200,850 Joined:Jan 2012	Message Posted: May 30, 2012 9:20:20 PM Ignore DaisysMomNC Report Abuse Ok
adgam Champion Author Orange County Posts:2,264 Points:501,020 Joined:Nov 2011	Message Posted: May 30, 2012 9:17:48 PM Ignore adgam Report Abuse kk
TXRanger09 Champion Author Dallas Posts:2,515 Points:893,105 Joined:May 2009	Message Posted: May 30, 2012 9:17:45 PM Ignore TXRanger09 Report Abuse And why do you think the Saudis are doing this? Take a good look at a map of the region.
arb0526 Champion Author Greensboro Posts:1,991 Points:413,545 Joined:Mar 2011	Message Posted: May 30, 2012 9:17:03 PM Ignore arb0526 Report Abuse Best to keep pressure on the legislators to continue exploration for American oil and utilize Canadian oil so we don't depend on the Mid East and their arm flexing.
mrchief All-Star Author Massachusetts Posts:567 Points:852,070 Joined:May 2006	Message Posted: May 30, 2012 9:15:43 PM Ignore mrchief Report Abuse good news
bbreff Champion Author Atlanta Posts:9,863 Points:2,571,340 Joined:Jun 2005	Message Posted: May 30, 2012 9:13:49 PM Ignore bbreff Report Abuse OK
hoosierdaddyno1 Champion Author Indiana Posts:1,539 Points:1,258,680 Joined:Oct 2008	Message Posted: May 30, 2012 9:12:59 PM Ignore hoosierdaddyno1 Report Abuse It doesn't matter to them they are happy with 75 a dollar a barrel oil.
Alfied Champion Author Riverside Posts:7,950 Points:1,758,210 Joined:Jun 2001	Message Posted: May 30, 2012 9:11:11 PM Ignore Alfied Report Abuse they need cash.
furiousfowl Champion Author Riverside Posts:16,870 Points:2,752,105 Joined:May 2005	Message Posted: May 30, 2012 9:10:28 PM Ignore furiousfowl Report Abuse why so much oil on the market?
milamgasprices Rookie Author Austin Posts:77 Points:18,200 Joined:May 2012	Message Posted: May 30, 2012 9:10:00 PM Ignore milamgasprices Report Abuse If we were to drill here, we wouldn't have to worry about what OPEC does
livedream Champion Author Michigan Posts:3,695 Points:757,010 Joined:Mar 2011	Message Posted: May 30, 2012 9:08:18 PM Ignore livedream Report Abuse OK, but how, or even if, this helps us remains to be seen....
032946 Champion Author Twin Cities Posts:19,870 Points:4,045,995 Joined:Oct 2001	Message Posted: May 30, 2012 9:07:24 PM Ignore 032946 Report Abuse OK
Asbury09 Champion Author Iowa Posts:7,228 Points:1,532,480 Joined:Jan 2009	Message Posted: May 30, 2012 9:05:16 PM Ignore Asbury09 Report Abuse maybe this will help us
geoutpb Champion Author Midland Odessa Posts:4,638 Points:1,069,235 Joined:Dec 2006	Message Posted: May 30, 2012 9:03:51 PM Ignore geoutpb Report Abuse At 100 dollar plus for a barrel everything is still good for them.
swrestler Champion Author Grand Rapids Posts:6,150 Points:1,574,100 Joined:Oct 2008	Message Posted: May 30, 2012 9:01:58 PM Ignore swrestler Report Abuse Good For Them...
edgarCA Champion Author Oakland Posts:1,581 Points:241,770 Joined:Jun 2009	Message Posted: May 30, 2012 8:56:32 PM Ignore edgarCA Report Abuse Go Kings!
spunky4443 Champion Author Washington Posts:5,286 Points:1,330,770 Joined:May 2005	Message Posted: May 30, 2012 8:54:10 PM Ignore spunky4443 Report Abuse Well somebody is happy over this.
JR57CA All-Star Author Los Angeles Posts:788 Points:326,125 Joined:May 2011	Message Posted: May 30, 2012 8:54:00 PM Ignore JR57CA Report Abuse How nice for them.
hank1326 Champion Author Los Angeles Posts:8,924 Points:1,735,760 Joined:Jun 2008	Message Posted: May 30, 2012 8:49:31 PM Ignore hank1326 Report Abuse Good news for a month full of down notes.
paulydel Champion Author Delaware Posts:8,799 Points:848,800 Joined:Jan 2008	Message Posted: May 30, 2012 8:49:27 PM Ignore paulydel Report Abuse The only way this will help is if the price goes down further and then stay down. This would help get the economy recover.
TDIdave Champion Author California Posts:5,068 Points:1,226,690 Joined:May 2006	Message Posted: May 30, 2012 8:48:59 PM Ignore TDIdave Report Abuse ok.
melindanc Rookie Author North Carolina Posts:31 Points:15,225 Joined:Dec 2011	Message Posted: May 30, 2012 8:47:10 PM Ignore melindanc Report Abuse Hopefully this will help. IF not then it is just another suggestion to keep everyone quiet about prices.
V8power Champion Author Pennsylvania Posts:2,826 Points:1,381,945 Joined:Oct 2005	Message Posted: May 30, 2012 8:47:06 PM Ignore V8power Report Abuse Obama must have said "pretty please."
volvodog Veteran Author Orlando Posts:305 Points:242,405 Joined:Mar 2007	Message Posted: May 30, 2012 8:42:18 PM Ignore volvodog Report Abuse 99CHURCH is right on. "Flood the market."
warlord1 Champion Author Georgia Posts:5,260 Points:1,036,925 Joined:May 2010	Message Posted: May 30, 2012 8:36:53 PM Ignore warlord1 Report Abuse ok
balljars Champion Author Michigan Posts:8,113 Points:1,610,595 Joined:Aug 2008	Message Posted: May 30, 2012 8:35:50 PM Ignore balljars Report Abuse Maybe this will help worldwide.
SilentpartnerMN Champion Author Minnesota Posts:1,623 Points:478,480 Joined:Apr 2011	Message Posted: May 30, 2012 8:33:44 PM Ignore SilentpartnerMN Report Abuse Have to increase production to make up the drop in price. They have families to support.
LaVonneK Champion Author Iowa Posts:2,955 Points:628,700 Joined:Jul 2011	Message Posted: May 30, 2012 8:33:16 PM Ignore LaVonneK Report Abuse Oh.
PizzaMon Champion Author Philadelphia Posts:5,134 Points:1,863,405 Joined:Jun 2006	Message Posted: May 30, 2012 8:32:58 PM Ignore PizzaMon Report Abuse Thanks!
FunMyster All-Star Author Indiana Posts:907 Points:73,215 Joined:Jul 2011	Message Posted: May 30, 2012 8:32:56 PM Ignore FunMyster Report Abuse ok
walkingtall Champion Author Toronto Posts:4,009 Points:1,123,630 Joined:Nov 2004	Message Posted: May 30, 2012 8:32:27 PM Ignore walkingtall Report Abuse Sell now while you can.
acvw74 Champion Author Illinois Posts:2,115 Points:691,900 Joined:Apr 2011	Message Posted: May 30, 2012 8:32:20 PM Ignore acvw74 Report Abuse Oil should drop since Iran has a huge glut that is going to have to go to market at some point...
dsaine Champion Author North Carolina Posts:3,015 Points:635,420 Joined:May 2011	Message Posted: May 30, 2012 8:30:30 PM Ignore dsaine Report Abuse Ok
TedNC Champion Author North Carolina Posts:1,005 Points:228,900 Joined:May 2011	Message Posted: May 30, 2012 8:29:59 PM Ignore TedNC Report Abuse Not a big price drop. Thanks Wall St.
mconley1967 All-Star Author Louisville Posts:586 Points:362,480 Joined:Mar 2012	Message Posted: May 30, 2012 8:28:15 PM Ignore mconley1967 Report Abuse Ok
diegotoad Champion Author Maryland Posts:3,417 Points:817,375 Joined:Jul 2009	Message Posted: May 30, 2012 8:26:17 PM Ignore diegotoad Report Abuse So they still generate more profit, just not as much per barrel.
sabob Champion Author Pennsylvania Posts:12,520 Points:1,130,970 Joined:Dec 2008	Message Posted: May 30, 2012 8:26:05 PM Ignore sabob Report Abuse Too much information for anyone to figure out!!
Piniewoods All-Star Author Jacksonville Posts:892 Points:461,915 Joined:Aug 2005	Message Posted: May 30, 2012 8:24:27 PM Ignore Piniewoods Report Abuse More resources in the states!
srchr Champion Author San Jose Posts:7,264 Points:1,622,000 Joined:Apr 2008	Message Posted: May 30, 2012 8:21:47 PM Ignore srchr Report Abuse need to drill and build more refineries here
jwduke1 Champion Author Iowa Posts:15,604 Points:3,068,265 Joined:Apr 2004	Message Posted: May 30, 2012 8:21:39 PM Ignore jwduke1 Report Abuse They want to sell now while they can...
Daddybud Champion Author North Carolina Posts:6,306 Points:1,367,705 Joined:May 2009	Message Posted: May 30, 2012 8:18:46 PM Ignore Daddybud Report Abuse getting to pumping.
99church Champion Author Indiana Posts:1,831 Points:363,990 Joined:Oct 2011	Message Posted: May 30, 2012 8:16:57 PM Ignore 99church Report Abuse Keep it pumping, flood the market !!! drive prices down
CaesarI Sophomore Author Augusta Posts:212 Points:26,640 Joined:Nov 2011	Message Posted: May 30, 2012 8:13:31 PM Ignore CaesarI Report Abuse w00t!
Grismer Champion Author Kitchener-Waterloo Posts:8,544 Points:1,725,995 Joined:Apr 2008	Message Posted: May 30, 2012 8:09:28 PM Ignore Grismer Report Abuse A lower than expected global demand due to a slower than expected global economic recovery will also help in keeping oil prices inline with current reality.
rampower80 Champion Author Kentucky Posts:2,054 Points:464,615 Joined:Jan 2012	Message Posted: May 30, 2012 8:02:10 PM Ignore rampower80 Report Abuse Keep the oil pumping!
roadrunnerMO Champion Author Kansas Posts:8,421 Points:1,702,390 Joined:Jul 2008	Message Posted: May 30, 2012 8:01:45 PM Ignore roadrunnerMO Report Abuse Good deal... maybe we will need some of that fuel.
SandeeC Champion Author Ontario Posts:3,008 Points:462,130 Joined:Apr 2011	Message Posted: May 30, 2012 8:00:46 PM Ignore SandeeC Report Abuse Good for Saudi.
Ayeghoti Champion Author Michigan Posts:2,445 Points:348,825 Joined:Aug 2007	Message Posted: May 30, 2012 7:59:27 PM Ignore Ayeghoti Report Abuse great
iceman11 Champion Author Ontario Posts:2,715 Points:536,425 Joined:Feb 2011	Message Posted: May 30, 2012 7:58:28 PM Ignore iceman11 Report Abuse good to hesr