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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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honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Jun 1, 2012 5:43:35 AM Ignore honda0105 Report Abuse lots of hot air talk by analysts (who have more than just a little skin in the game usually).
sparky808 Champion Author Honolulu Posts:3,139 Points:624,685 Joined:Sep 2011	Message Posted: May 31, 2012 1:01:58 PM Ignore sparky808 Report Abuse Thank you for posting.
wulf2000 Champion Author Miami Posts:3,156 Points:1,411,580 Joined:May 2005	Message Posted: May 31, 2012 12:08:23 AM Ignore wulf2000 Report Abuse The world's economy is in a funk so there isn't much a demand for oil therefore the price is dropping.
1fulltank Champion Author Buffalo Posts:8,041 Points:1,571,970 Joined:Nov 2008	Message Posted: May 31, 2012 12:06:47 AM Ignore 1fulltank Report Abuse Old news.
pgerassi Champion Author Milwaukee Posts:11,036 Points:2,159,245 Joined:Apr 2007	Message Posted: May 31, 2012 12:02:43 AM Ignore pgerassi Report Abuse ok
jem069 Champion Author Detroit Posts:2,679 Points:714,780 Joined:Jan 2011	Message Posted: May 31, 2012 12:02:23 AM Ignore jem069 Report Abuse Ok
suzmar Champion Author Texas Posts:2,223 Points:896,185 Joined:Jun 2006	Message Posted: May 31, 2012 12:01:38 AM Ignore suzmar Report Abuse We do need to have better production and distribution in the U.S. Supply doesn't seem to be the problem.
Mopar4me Champion Author Peoria Posts:1,528 Points:775,960 Joined:May 2010	Message Posted: May 31, 2012 12:00:41 AM Ignore Mopar4me Report Abuse Those Arabs may change their mind tomorrow.
Matt G Champion Author Boston Posts:4,668 Points:2,799,765 Joined:Jun 2004	Message Posted: May 30, 2012 11:59:40 PM Ignore Matt G Report Abuse Good
clermont40miles Champion Author Cincinnati Posts:10,754 Points:1,799,595 Joined:Apr 2008	Message Posted: May 30, 2012 11:58:06 PM Ignore clermont40miles Report Abuse Excess oil supply and plunging demand. What else is Saudi going to do? Oil is their business. They would remain rich and fat even if prices dropped to $20 per barrel. They are glad to sell it at $90 per bbl. Cushing Oklahoma is bursting at the seams with record amounts of oil in storage there. US oil sales transactions are cleared through Cushing. Pipeline flow reversal taking crude from Cushing to the Gulf will have a large impact. Not sure whether it will help US energy prices -- remains to be seen. [Edited by: clermont40miles at 5/31/2012 12:02:47 AM EST]
mfeldstein Champion Author Ottawa Posts:8,301 Points:1,956,230 Joined:Feb 2007	Message Posted: May 30, 2012 11:57:17 PM Ignore mfeldstein Report Abuse OPEC's for OPEC.
mgune9 All-Star Author Dallas Posts:914 Points:200,395 Joined:Feb 2012	Message Posted: May 30, 2012 11:56:08 PM Ignore mgune9 Report Abuse we still need better production and distribution and processing here - be more independent of import oil
tco9436 Champion Author Connecticut Posts:1,807 Points:743,650 Joined:Mar 2010	Message Posted: May 30, 2012 11:55:16 PM Ignore tco9436 Report Abuse Great!
Goody2317 All-Star Author Wilmington Posts:680 Points:636,855 Joined:Jun 2008	Message Posted: May 30, 2012 11:55:08 PM Ignore Goody2317 Report Abuse This is why we need to get our own oil.
AnObserver Champion Author New Jersey Posts:8,489 Points:2,284,505 Joined:Sep 2005	Message Posted: May 30, 2012 11:47:13 PM Ignore AnObserver Report Abuse The Saudis are the best long ranger thinkers in OPEC
abcdMA Champion Author Worcester Posts:8,052 Points:1,600,730 Joined:Nov 2008	Message Posted: May 30, 2012 11:42:43 PM Ignore abcdMA Report Abuse more supply is good
outlaw329 Champion Author Austin Posts:7,734 Points:1,399,640 Joined:Aug 2008	Message Posted: May 30, 2012 11:39:33 PM Ignore outlaw329 Report Abuse The village idiots relatives at work for him!
billy44bo Champion Author Mobile Posts:7,333 Points:1,516,490 Joined:Feb 2008	Message Posted: May 30, 2012 11:38:31 PM Ignore billy44bo Report Abuse Good
DustyHorse Champion Author Virginia Posts:6,222 Points:1,417,740 Joined:Oct 2008	Message Posted: May 30, 2012 11:38:20 PM Ignore DustyHorse Report Abuse Sounds like Reuters is trying to justify higher prices or to at least put a floor under the current prices to keep them from dropping more.
DEG Champion Author Las Vegas Posts:17,745 Points:3,519,480 Joined:Jul 2003	Message Posted: May 30, 2012 11:36:08 PM Ignore DEG Report Abuse Sounds like Saudi Arabia is trying to buy the American election.
USAv8tor Veteran Author Long Island Posts:348 Points:139,115 Joined:Mar 2012	Message Posted: May 30, 2012 11:36:03 PM Ignore USAv8tor Report Abuse Crude oil prices are falling but, for how much longer? Probably by the end of the summer of mid-autumn the prices will be where they were a couple of months ago, in the $105 a barrel range.
Is246 Champion Author Albuquerque Posts:1,044 Points:443,535 Joined:Apr 2011	Message Posted: May 30, 2012 11:35:53 PM Ignore Is246 Report Abuse It needs to keep dropping.
nwsynthetics Champion Author Oregon Posts:1,019 Points:354,400 Joined:Dec 2011	Message Posted: May 30, 2012 11:35:28 PM Ignore nwsynthetics Report Abuse Lets get the refineries up and running and get producing, gas will come down.
vrossi46 Champion Author San Jose Posts:2,797 Points:829,695 Joined:Oct 2008	Message Posted: May 30, 2012 11:34:33 PM Ignore vrossi46 Report Abuse gr8, keep going
txkrb Champion Author Texas Posts:1,597 Points:660,645 Joined:May 2011	Message Posted: May 30, 2012 11:33:33 PM Ignore txkrb Report Abuse Saudi Arabia kept rates high despite a drop in prices I think they meant kept "output" or "production" high
Tucker16 Champion Author Ottawa Posts:1,191 Points:564,200 Joined:Jul 2006	Message Posted: May 30, 2012 11:33:04 PM Ignore Tucker16 Report Abuse Good.
ezone Champion Author Florida Posts:2,455 Points:965,565 Joined:Oct 2008	Message Posted: May 30, 2012 11:32:57 PM Ignore ezone Report Abuse The Saudis are actually HELPING to prevent runaway oil prices? I may have to change my opinion of them . . . naw, I guess not.
LCSTEELERBOB Champion Author Gary Posts:2,961 Points:720,580 Joined:Oct 2008	Message Posted: May 30, 2012 11:32:52 PM Ignore LCSTEELERBOB Report Abuse good for us
bcok Champion Author Los Angeles Posts:2,181 Points:1,555,520 Joined:Oct 2005	Message Posted: May 30, 2012 11:31:50 PM Ignore bcok Report Abuse Can't anybody hear whats going on? Get off the oil!!
Wierbe Champion Author Cincinnati Posts:3,887 Points:1,145,840 Joined:Apr 2006	Message Posted: May 30, 2012 11:31:32 PM Ignore Wierbe Report Abuse You just have to appreciate how the Saudi's have our back on the embargo issue - or NOT.
mstearno Champion Author Dayton Posts:8,174 Points:1,755,920 Joined:Jan 2008	Message Posted: May 30, 2012 11:26:31 PM Ignore mstearno Report Abuse they want cash
Kaiyne Champion Author Chicago Posts:2,475 Points:499,440 Joined:Feb 2011	Message Posted: May 30, 2012 11:25:20 PM Ignore Kaiyne Report Abuse ok.
jjfisher All-Star Author Toledo Posts:559 Points:770,850 Joined:Aug 2008	Message Posted: May 30, 2012 11:22:54 PM Ignore jjfisher Report Abuse We'll enjoy it while it lasts.
feistyfella All-Star Author Detroit Posts:921 Points:212,745 Joined:Jun 2010	Message Posted: May 30, 2012 11:22:20 PM Ignore feistyfella Report Abuse Nice.
IUVidiot Champion Author Indiana Posts:3,725 Points:736,160 Joined:Jun 2011	Message Posted: May 30, 2012 11:22:03 PM Ignore IUVidiot Report Abuse hmmmm
LV_Mike1 Sophomore Author Las Vegas Posts:229 Points:46,540 Joined:Aug 2003	Message Posted: May 30, 2012 11:20:53 PM Ignore LV_Mike1 Report Abuse I will NEVER believe that there is a gas shortage or that there EVER HAS been one! I remember some time ago when one of the gas company's got caught dumping raw gas into the desert in California when there was a supposed "gas shortage"! These guys have more oil in the ground that's capped than you could ever believe. Just something else to raise the prices. OPEC....what a bunch of baloney. I know....I spent 4 years there!
IUVidiot Champion Author Indiana Posts:3,725 Points:736,160 Joined:Jun 2011	Message Posted: May 30, 2012 11:20:38 PM Ignore IUVidiot Report Abuse ok
saleboss Champion Author Phoenix Posts:3,954 Points:1,184,550 Joined:Feb 2006	Message Posted: May 30, 2012 11:19:26 PM Ignore saleboss Report Abuse You go, Saudi Arabia!
kcboy Champion Author Utah Posts:4,089 Points:1,533,170 Joined:Jun 2005	Message Posted: May 30, 2012 11:18:58 PM Ignore kcboy Report Abuse Good, let it drop a hole bunch.
davenles Champion Author Texas Posts:3,336 Points:745,610 Joined:May 2011	Message Posted: May 30, 2012 11:18:03 PM Ignore davenles Report Abuse Bring down gas prices and we'll all be happy.
goldisc Champion Author San Bernardino Posts:10,366 Points:2,241,430 Joined:May 2004	Message Posted: May 30, 2012 11:16:43 PM Ignore goldisc Report Abuse Purchase Additional Service Credit
Shakleelady31 All-Star Author Fort Wayne Posts:597 Points:423,550 Joined:Jan 2012	Message Posted: May 30, 2012 11:13:07 PM Ignore Shakleelady31 Report Abuse "Wait and See" (the price at the pump)sounds like what we are doing lately.
altima2008 Champion Author Philadelphia Posts:8,300 Points:1,764,715 Joined:Apr 2008	Message Posted: May 30, 2012 11:12:59 PM Ignore altima2008 Report Abuse The prices at the pump better drop then.
aggietim Champion Author Fort Worth Posts:1,831 Points:716,450 Joined:Oct 2008	Message Posted: May 30, 2012 11:12:03 PM Ignore aggietim Report Abuse good
iamforiu Champion Author Indiana Posts:3,710 Points:738,465 Joined:May 2011	Message Posted: May 30, 2012 11:07:25 PM Ignore iamforiu Report Abuse hmmmmmmmmmmmmm
ClevelandWheele Veteran Author Florida Posts:308 Points:285,185 Joined:Dec 2010	Message Posted: May 30, 2012 11:05:42 PM Ignore ClevelandWheele Report Abuse Ok...
toneOH All-Star Author Ohio Posts:551 Points:32,195 Joined:May 2011	Message Posted: May 30, 2012 11:04:51 PM Ignore toneOH Report Abuse wow
serrog Champion Author Nova Scotia Posts:5,705 Points:1,539,830 Joined:Oct 2008	Message Posted: May 30, 2012 11:03:24 PM Ignore serrog Report Abuse Amazing
WBBNC Veteran Author North Carolina Posts:499 Points:488,640 Joined:Jan 2011	Message Posted: May 30, 2012 11:00:22 PM Ignore WBBNC Report Abuse I guess it means that we don't have to worry about gas shortage, right?
porotito Champion Author Houston Posts:2,234 Points:603,640 Joined:Dec 2010	Message Posted: May 30, 2012 10:57:21 PM Ignore porotito Report Abuse Soooo...???