I think this is the beginnings of an economy based on perpetual growth and fossil fuel energy running headlong into geological energy constraints. Basically I see an undulatory downward path for the rest of my life. From here out, I think any rallies in our economic condition are going to be met with spiking commodity prices that knock us right back down.
Posted: Fri Aug 10, 2007 6:02 pm Post subject: Re: Oil Movements - OPEC Shipments Falling
This might belong here: China receiving more oil from OPEC because Russia isn't delivering enough.
Gulf News / Reuters wrote:
Beijing: Sinopec Corp's refinery in Beijing starts operating at near full rates in August, some 30 per cent above year-ago levels, and is processing more Middle East crude after its Russian supply dried up, a company official said yesterday.
"No more Russian oil. We are taking in oil from Oman, Kuwait and other high-sulphur grades instead," the official said.
Total Russian crude exports, including a small portion of seaborne shipment, were down 6.7 per cent in the first half of 2007 versus a year ago, despite a 11.2 per cent increase in China's total crude imports, customs figures showed.
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Thu Aug 16, 2007 9:48 pm Post subject: Re: Oil Movements - OPEC Shipments Falling
Oil Movements keeps retroactively revising down its expectations of an increase in OPEC shipments.
It however does appear that there was some improvement in OPEC shipments that started in late July - after a downturn that began about the time of Typhoon Gonu in early June, which continued downward until sometime in mid- July when Iraq's exports suddenly picked up. More recently the Saudis showed some improvement, perhaps reducing inventories built up after a port fire a few weeks back.
Quote:
8/16/07 Oster Dow Jones 15:30:45
August 16, 2007
DJ OPEC Oil Exports In 4 Wks To Sep 1 Seen +260,000 B/D-Tracker
LONDON, Aug 16, 2007 (Dow Jones Commodities News via Comtex) -- Seaborne OPEC oil shipments are expected to jump by 260,000 barrels a day in the four weeks to Sept. 1 from the previous one-month period, with nearly all of those exports headed to the U.S. and Europe, U.K. tanker tracker Oil Movements said Thursday.
The rise, the second in as many weeks, comes as some Organization of Petroleum Exporting Countries push more barrels into the market to informally respond to increasing calls for the group to raise production, said Roy Mason, head of the consultancy.
"I think perhaps the Saudis are starting to move some oil west on the expectation that more oil will be needed," Mason said, although he cautioned that he didn't expect OPEC shipments to continue ramping up in the weeks ahead.
"We're at the end of the season as far as long haul sailings go" because of the end of summer and on the onset of autumn when energy demand tails off, Mason said.
OPEC shipments are seen rising to a total of 24.08 million barrels a day versus 23.82 million barrels a day in the four weeks to Aug. 4, he said.
Mason also revised down last week's data, with OPEC shipments now seen as having risen by a net 230,000 barrels a day in the four weeks to Aug. 25 versus the previous one-month period from an original expectation for a net rise of 360,000 barrels a day.
Sailings from key OPEC Middle East countries are forecast to increase by 330,000 barrels a day to 17.19 million barrels a day in the four weeks to Sept. 1 relative to the previous one-month period.
(END) Dow Jones Newswires
08-16-07 1130ET
[sorry, no link] _________________ It's already over, now it's just a matter of adjusting.
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