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Author Topic: OPEC April Crude Production Falls to Three-Year Low Back to Topics
Point__man

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Raleigh

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Message Posted: Apr 30, 2014 11:33:48 PM

By Mark Shenk Apr 30, 2014 10:00 AM ETOPEC crude production dropped to the lowest level in almost three years in April, led by declines in Saudi Arabian and Iraqi output, a Bloomberg survey showed.

Production by the 12-member Organization of Petroleum Exporting Countries slipped by 302,000 barrels a day to an average 29.863 million, the lowest level since June 2011, according to the survey of oil companies, producers and analysts. Last month’s total was revised 128,000 barrels a day lower to 30.165 million because of changes to the Saudi Arabian, Iranian and Ecuadorean estimates.

Saudi Arabia, the group’s biggest producer, reduced output by 100,000 barrels a day to 9.5 million, the least since June. The desert kingdom pumped 10 million barrels a day in September, the most in monthly
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bston
Champion Author Oklahoma City

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Message Posted: May 2, 2014 8:54:17 AM

Demand vs supply
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NotmeuQc
Champion Author Montreal

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Message Posted: May 1, 2014 1:19:16 PM

Thanks for the information.
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doctorindyj
Champion Author Santa Fe

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Message Posted: May 1, 2014 1:17:25 PM

I guess oil prices weren't high enough for them.
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pricechecker08
Champion Author Ohio

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Message Posted: May 1, 2014 12:07:07 PM

A decline because of high prices.
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doncNJ
Champion Author New Jersey

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Message Posted: May 1, 2014 12:06:33 PM

It is what it is.
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werich44
Champion Author California

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Message Posted: May 1, 2014 12:02:07 PM

No surprises here.
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olebufnav
Champion Author Omaha

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Message Posted: May 1, 2014 11:54:01 AM

And American crude output is only second behind Saudi Arabia.

[Edited by: olebufnav at 5/1/2014 11:54:24 AM EST]
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LanguageMan1
Champion Author Tampa

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Message Posted: May 1, 2014 11:23:38 AM

It's not surprising to me. I've been expecting their fields to produce less as they start to get lower in what's available. Can't keep pumping it out forever. Just wait until they start to run almost dry. The oil companies know what I'm talking about along with some analysts. Eventually, this is going to drop further and the price of oil will go up further to not only $140 a barrel but $150 and $170 and probably on up to $220 a barrel at some point sooner than I even expect it. Better save what you can now while you can. You're gonna pay a helluva a lot more for everything in another year to three years.
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Skunk63
Champion Author Phoenix

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Message Posted: May 1, 2014 9:58:58 AM

This move has nothing to do with anything other than trying to prop up prices of their own oil. OPEC isn't stupid.
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ooltewah63
Champion Author Chattanooga

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Message Posted: May 1, 2014 9:43:38 AM

We are going to see higher gas prices now.
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scu227
Champion Author New Haven

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Message Posted: May 1, 2014 9:30:33 AM

Their production should be down after all we are buying less and the worldwide demand is down. Supplies are still more than plentiful and demand continue to drop so prices need to come down !!!!
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johnpuh
Champion Author Ohio

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Message Posted: May 1, 2014 9:03:54 AM

They have decreased production in order to keep the world price high.
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mastermariner
Champion Author Texas

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Message Posted: May 1, 2014 9:02:25 AM

Look for a cut back to increase prices
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twinfanMN
Champion Author Minnesota

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Message Posted: May 1, 2014 8:46:57 AM

I know it's a big world but man that is still a lot of product for one producer. combine that with all the other countries producing and selling on a daily basis and the numbers are staggering.
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savannahoaks
Champion Author Rockford

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Message Posted: May 1, 2014 8:39:19 AM

If OPEC slows down production too much they won't have enough money to stay in power.
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ByGuy
Champion Author Dallas

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Message Posted: May 1, 2014 8:34:52 AM

Always trying to increase gas prices.
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Zeke33
Champion Author New Hampshire

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Message Posted: May 1, 2014 7:47:07 AM

The US has to divorce itself from OPEC pricing. We produce enough now to do so.
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dwg6392
Champion Author Maryland

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Message Posted: May 1, 2014 7:20:12 AM

We increase our production, OPEC reduces theirs. It is hard to get ahead sometimes.
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faithgirli
Rookie Author Kentucky

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Message Posted: May 1, 2014 7:13:44 AM

Ok
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pscamp
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Message Posted: May 1, 2014 7:06:12 AM

Whatever
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Eval69er
Champion Author Kansas

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Message Posted: May 1, 2014 6:47:00 AM

Move over opec...we're coming through
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leeac
Champion Author Ohio

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Message Posted: May 1, 2014 6:45:21 AM

OPEC is still significant.
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Tacodan
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Message Posted: May 1, 2014 6:41:39 AM

Good to know
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reb4
Champion Author Chicago

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Message Posted: May 1, 2014 6:15:19 AM

Let's see how long that lasts
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wrunner
Champion Author Virginia

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Message Posted: May 1, 2014 6:13:55 AM

The sun is setting on OPEC.

Soon OPEC will be selling desert sand and camel dung.
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humblepie
Champion Author Toledo

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Message Posted: May 1, 2014 4:42:51 AM

always plenty of buyers
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iFueler
Champion Author Durham

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Message Posted: May 1, 2014 4:20:11 AM


     ok
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djgunrunner
Champion Author Salt Lake City

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Message Posted: May 1, 2014 3:39:07 AM

Why are they low? Are they attempting to drive the price of crude up or what?

[Edited by: djgunrunner at 5/1/2014 3:39:27 AM EST]
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ktbaeohana
Champion Author Las Vegas

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Message Posted: May 1, 2014 2:56:51 AM

hope there not hurts. watch and see.
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2b0b
Champion Author Tulsa

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Message Posted: May 1, 2014 1:52:07 AM

And we can hope the trend continues. It will certainly cut funding for our friends at Al Quaeda
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pricewar
Champion Author Ogden

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Message Posted: May 1, 2014 1:26:42 AM

They make their own problems
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wz
Champion Author Twin Cities

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Message Posted: May 1, 2014 1:25:43 AM

They will taper their production to keep prices up.
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roadrunnerMO
Champion Author Kansas

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Message Posted: May 1, 2014 1:15:21 AM

Production up or down. it does not matter really. Fire all those federal workers who work up the statistics and use the money to pay down the national debt.
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cutlass72
All-Star Author Michigan

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Message Posted: May 1, 2014 12:44:31 AM

a different new article says crude inventories highest ever
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RTBama1
Champion Author Montgomery

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Message Posted: May 1, 2014 12:24:50 AM

Everything is connected.
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Bigwaynef
Champion Author South Carolina

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Message Posted: May 1, 2014 12:07:56 AM

OK
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bills299
Champion Author Atlanta

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Message Posted: May 1, 2014 12:05:11 AM

Good way to drive up the prices!
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JagXKR
Champion Author British Columbia

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Message Posted: May 1, 2014 12:04:09 AM

OPEC loves to manipulate prices.
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skb69sa
Champion Author San Antonio

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Message Posted: Apr 30, 2014 11:45:45 PM

Interesting
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Gabydominguez85
Champion Author Milwaukee

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Message Posted: Apr 30, 2014 11:39:21 PM

Ok
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humblepie
Champion Author Toledo

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Message Posted: Apr 30, 2014 11:37:50 PM

its back to the camels boys
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