Hoarding is exactly what the government is doing right now by filling the SPR, and frankly it's the best thing that could happen. It drives prices up. High prices encourage demand destruction. They also finance new well development. The hoarded oil gives us a buffer to fall back on once shortages become more prevalent. High prices are what we need in order to adapt to what's coming, and the sooner they happen, the better.
Joined: Sep 25, 2005 Posts: 1929 Location: Waiuku, New Zealand
Posted: Thu Jul 10, 2008 3:24 am Post subject: July 2008 OMR from the IEA
Unusually, the latest OMR highlights (PDF) from the IEA does not give a global production figure, though it estimates a 350 kbpd increase in OPEC production and a meagre stock build for the 2nd quarter.
The highlights invariably include an overall production figure, and change from last month. Probably an oversight. Does anyone subscribe to the full report, and can post those figures here?
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