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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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Ayeghoti Champion Author Michigan Posts:2,530 Points:368,380 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
mabrams184 Champion Author Lexington Posts:2,176 Points:557,955 Joined:Aug 2011	Message Posted: May 30, 2012 7:57:44 PM Ignore mabrams184 Report Abuse They need our business. We have to know that and make sure we need them less and less in the future.
Topshopper2011 Champion Author New Jersey Posts:1,067 Points:290,625 Joined:Aug 2011	Message Posted: May 30, 2012 7:53:47 PM Ignore Topshopper2011 Report Abuse Finally Saudi Arabi acting like an ally against Iran
soccerdadMO Champion Author St. Louis Posts:2,467 Points:653,210 Joined:Apr 2011	Message Posted: May 30, 2012 7:53:21 PM Ignore soccerdadMO Report Abuse WOO HOO Saud's
g747 Champion Author Mobile Posts:4,682 Points:961,370 Joined:Jul 2009	Message Posted: May 30, 2012 7:50:57 PM Ignore g747 Report Abuse Thanks Saudi Arabia!!!!!!!!!.
carinthuist Champion Author San Francisco Posts:2,373 Points:355,165 Joined:Mar 2012	Message Posted: May 30, 2012 7:49:33 PM Ignore carinthuist Report Abuse More oil hopefully lower gas prices.
big_mac64 Champion Author Tennessee Posts:10,600 Points:1,490,130 Joined:May 2005	Message Posted: May 30, 2012 7:39:19 PM Ignore big_mac64 Report Abuse oil inventories have been rising to record levels at cheap prices...we shouldn't see a sharp increase in the price of gas as soon as oil starts going up, right??? Wrong! Supply and demand is NOT in the equation for prices this year!
Romey08 Champion Author Virginia Posts:6,417 Points:1,457,405 Joined:Apr 2008	Message Posted: May 30, 2012 7:35:26 PM Ignore Romey08 Report Abuse good to see higher global inventory of oil. should equate to lower gas prices.
Blue48 Champion Author Illinois Posts:7,445 Points:1,665,645 Joined:Feb 2007	Message Posted: May 30, 2012 7:34:48 PM Ignore Blue48 Report Abuse GIVE ME A BREAK!
Pramodsharma Champion Author Richmond Posts:2,099 Points:412,165 Joined:Feb 2012	Message Posted: May 30, 2012 7:33:28 PM Ignore Pramodsharma Report Abuse Do we need more Saudi Gas? No until crude prices drops below $75
toadNY Champion Author Albany Posts:7,188 Points:1,540,850 Joined:Apr 2008	Message Posted: May 30, 2012 7:29:07 PM Ignore toadNY Report Abuse Yes his fellow muslims want him to be re-elected so he can Destroy America!
fire@53 Champion Author Philadelphia Posts:11,968 Points:2,796,025 Joined:May 2003	Message Posted: May 30, 2012 7:28:52 PM Ignore fire@53 Report Abuse Are they filling the gap for the loss of Iranian oil?
OKRifle Champion Author Oklahoma City Posts:10,582 Points:1,837,985 Joined:Oct 2007	Message Posted: May 30, 2012 7:25:34 PM Ignore OKRifle Report Abuse Got to make Obummer look like he did something so he gets re-elected! And, a bunch of dummys will fall for it!
GoneUpAgain Champion Author Atlanta Posts:7,769 Points:1,371,955 Joined:May 2004	Message Posted: May 30, 2012 7:22:59 PM Ignore GoneUpAgain Report Abuse Iran has no reason to worry. China and India will buy every barrel Iran has to sell.
nru Champion Author Twin Cities Posts:1,950 Points:1,010,795 Joined:Feb 2006	Message Posted: May 30, 2012 7:22:16 PM Ignore nru Report Abuse Good - thanks
BigBob12345 Champion Author Gasbuddy Posts:1,521 Points:304,730 Joined:Aug 2011	Message Posted: May 30, 2012 7:21:02 PM Ignore BigBob12345 Report Abuse Good for the Saudies
sonic_cd33 Champion Author Illinois Posts:2,332 Points:582,570 Joined:Aug 2011	Message Posted: May 30, 2012 7:20:45 PM Ignore sonic_cd33 Report Abuse bet they're just trying to stick it to Iran, not that I mind.
Sarge10 All-Star Author Detroit Posts:872 Points:174,850 Joined:Feb 2010	Message Posted: May 30, 2012 7:20:09 PM Ignore Sarge10 Report Abuse Its about time!!
garman87 Champion Author Austin Posts:3,313 Points:2,399,655 Joined:Aug 2005	Message Posted: May 30, 2012 7:15:40 PM Ignore garman87 Report Abuse OK. Good to know.
hauler43 Champion Author Oakland Posts:8,158 Points:2,597,750 Joined:Sep 2003	Message Posted: May 30, 2012 7:14:51 PM Ignore hauler43 Report Abuse Trying too help keep prices low maybe
MadTraveler Champion Author Idaho Posts:2,082 Points:572,100 Joined:Nov 2009	Message Posted: May 30, 2012 7:14:16 PM Ignore MadTraveler Report Abuse Makes sense.
jimbo1867 Champion Author Arizona Posts:5,512 Points:2,082,250 Joined:Apr 2005	Message Posted: May 30, 2012 7:12:25 PM Ignore jimbo1867 Report Abuse uhuh uhuh uhuh
FOURXFOUR Champion Author Boston Posts:2,516 Points:1,265,855 Joined:Aug 2005	Message Posted: May 30, 2012 7:11:07 PM Ignore FOURXFOUR Report Abuse needs bail money...
jlisk1970_us Sophomore Author St. Louis Posts:233 Points:94,930 Joined:Feb 2012	Message Posted: May 30, 2012 7:03:27 PM Ignore jlisk1970_us Report Abuse They need to make money because they cannot eat sand.
CISA Champion Author Orange County Posts:6,046 Points:1,419,640 Joined:Dec 2006	Message Posted: May 30, 2012 7:01:53 PM Ignore CISA Report Abuse budgets require funding
texasvet Champion Author Texas Posts:3,890 Points:364,345 Joined:Jul 2009	Message Posted: May 30, 2012 7:00:03 PM Ignore texasvet Report Abuse OPEC's production cuts are usually more rhetorical than actual, and reflect the same realities as other producers - shutdowns/slowdowns due to maintenance, sabotage, etc. I don't expect them to cut back much even if the price drops significantly from here, simply because they need the revenue and the more the price drops, the more they need to sell to keep the same income. Meanwhile our production is steadily increasing, we're getting the pipeline situation untangled, and more oil is hitting the world market. The wild card is Iran. Sooner or later the balloon is going to go up there, and when it does, all bets are off.
lll4386 Champion Author Seattle Posts:3,963 Points:609,000 Joined:Apr 2007	Message Posted: May 30, 2012 6:58:34 PM Ignore lll4386 Report Abuse OK
REKEY Champion Author South Carolina Posts:8,718 Points:1,726,120 Joined:May 2008	Message Posted: May 30, 2012 6:57:34 PM Ignore REKEY Report Abuse Maybe they need the money!
BrucePen Champion Author Ontario Posts:6,732 Points:1,387,590 Joined:Sep 2008	Message Posted: May 30, 2012 6:56:50 PM Ignore BrucePen Report Abuse We should be energy self sufficient in North America. Maybe its the Saudi's that are paying off Obama to delay the Keystone Pipeline.
GryphonX Champion Author Nevada Posts:6,175 Points:1,610,475 Joined:Nov 2007	Message Posted: May 30, 2012 6:56:24 PM Ignore GryphonX Report Abuse I wonder what the Saudis are up to ...
rodzilla123 Champion Author San Diego Posts:4,535 Points:1,061,070 Joined:Jul 2008	Message Posted: May 30, 2012 6:52:35 PM Ignore rodzilla123 Report Abuse I just wonder if the Saudi King Bowing, American White House Dictator is having any effect on the Saudis for Political reasons. The One is on and has been on the Campaign trail for a Year and a Half.
preacherjohn Champion Author Modesto Posts:4,096 Points:1,943,310 Joined:May 2006	Message Posted: May 30, 2012 6:52:10 PM Ignore preacherjohn Report Abuse good news or bad news
suzyq2007 Champion Author Dallas Posts:7,296 Points:1,675,700 Joined:Oct 2007	Message Posted: May 30, 2012 6:52:08 PM Ignore suzyq2007 Report Abuse why do we not wise up and drill in all the places we have so we can keep all our money away from these foreign countries who do nothing for us
waynemustang Champion Author Indiana Posts:6,465 Points:1,690,260 Joined:Nov 2006	Message Posted: May 30, 2012 6:44:50 PM Ignore waynemustang Report Abuse Obama has reversed his drilling stance before the elections to try to buy votes.
fcdriver Champion Author Tennessee Posts:7,378 Points:1,499,580 Joined:Sep 2008	Message Posted: May 30, 2012 6:44:25 PM Ignore fcdriver Report Abuse they must need the money
unicornpmb Champion Author Buffalo Posts:8,626 Points:1,656,240 Joined:Sep 2005	Message Posted: May 30, 2012 6:44:00 PM Ignore unicornpmb Report Abuse Gas needs to drop to help me.
pbug101 Champion Author Georgia Posts:2,581 Points:604,025 Joined:Aug 2011	Message Posted: May 30, 2012 6:43:01 PM Ignore pbug101 Report Abuse ok
js0743 All-Star Author Georgia Posts:981 Points:477,080 Joined:Nov 2011	Message Posted: May 30, 2012 6:36:54 PM Ignore js0743 Report Abuse Great! Hopefully, prices will keep falling.
Tiput Champion Author Ottawa Posts:1,980 Points:461,125 Joined:Jul 2011	Message Posted: May 30, 2012 6:34:14 PM Ignore Tiput Report Abuse ok
Gas4Gore Champion Author Detroit Posts:2,524 Points:444,225 Joined:Jan 2010	Message Posted: May 30, 2012 6:34:09 PM Ignore Gas4Gore Report Abuse They are either scared or selling to China.
commins Champion Author Riverside Posts:2,114 Points:1,078,195 Joined:Feb 2009	Message Posted: May 30, 2012 6:31:31 PM Ignore commins Report Abuse How about that.
slowtrain Champion Author Georgia Posts:3,797 Points:975,400 Joined:Aug 2008	Message Posted: May 30, 2012 6:31:28 PM Ignore slowtrain Report Abuse Good.
aarrrt Champion Author San Diego Posts:7,386 Points:1,678,770 Joined:May 2008	Message Posted: May 30, 2012 6:25:58 PM Ignore aarrrt Report Abuse They must know something.
abk Champion Author Utah Posts:1,855 Points:676,075 Joined:Jan 2010	Message Posted: May 30, 2012 6:24:26 PM Ignore abk Report Abuse Saudi Arabia did what?
boldrph Champion Author Topeka Posts:18,528 Points:3,478,365 Joined:Oct 2002	Message Posted: May 30, 2012 6:24:09 PM Ignore boldrph Report Abuse gotta keep market share
wz Champion Author Twin Cities Posts:2,620 Points:1,303,960 Joined:Feb 2009	Message Posted: May 30, 2012 6:20:41 PM Ignore wz Report Abuse What did Obama promise the Saudis this time to get their production ramped up for the Iranian embargo?
Chazzy12 Champion Author Massachusetts Posts:2,716 Points:713,735 Joined:Dec 2008	Message Posted: May 30, 2012 6:17:02 PM Ignore Chazzy12 Report Abuse Our buddies at OPEC are at it again.
Indy1 All-Star Author Quad Cities Posts:877 Points:822,775 Joined:Apr 2008	Message Posted: May 30, 2012 6:12:34 PM Ignore Indy1 Report Abuse ok
memo81 Champion Author St. Louis Posts:2,489 Points:472,200 Joined:Feb 2012	Message Posted: May 30, 2012 6:11:21 PM Ignore memo81 Report Abuse Good!
Yankee829 Champion Author Dallas Posts:2,344 Points:587,065 Joined:Sep 2010	Message Posted: May 30, 2012 6:09:47 PM Ignore Yankee829 Report Abuse Ok