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Thursday, June 11, 2009

OPEC not even considering Raising Output until Oil hits $100/Barrel

Here we go again. OPEC, the supplier of 40 percent of the world’s oil, will only consider increasing output when the price of crude rises to $100 a barrel, according to Kuwaiti Oil Minister Sheikh Ahmed al-Abdullah al-Sabah.

The Organization of Petroleum Exporting Countries, due to meet again in September, wouldn’t even consider raising production with oil at $75, “but if it reaches $100, maybe,” Sheikh Ahmed told reporters in Kuwait today.

Crude oil traded in New York has climbed almost 60 percent this year, after plunging more than $100 in five months at the end of 2008 as the global recession curbed demand for fuel.
Oil prices have increased because investors have bought crude as a hedge against a weakening U.S. dollar, not because demand is rising, Sheikh Ahmed said.

We knew it wouldn't take long for this game of extortion to start again. So long as the global fleet of 700 Million cars run exclusively on oil based products with an energy efficiency of around 15% there is no end to the insatiable demand for oil.

The future is looking bright for EVs.

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1 comment:

Sarah Angelina DeLagostti said...

WOW ! Well I've been predicting this " rip-off" fixed - pricing., Coming for some time. LOL !

Our IS-GEN = Integrated Systems Generator = E2E System.

Our new green energy Ultra., High-End Electro-Mech-Custom Engineered system. Shall truly make the massive need for oil to hit an all time low ! Our system shall make it. Most likely... If not but ODSOLITE ( as a global need ) In the near future. We do seem to need to speed up our development time table plans.... But that takes money and lots of it and fast.

More on our exclusive E2E system and what we can now newly do with it - Is - All now mentioned on our web site for this newly developed TECH. Various applications. From : An all electric SUV that is self RE-CHARGING while rolling down the road to a 30 MW power station !

Yes., We have a stationary prove of concept prototype to back up this claim !

Private investors Welcomed !

Thank You,

Sarah Angelina DeLagostti
CEO Extreme Engineer
Manhattan NY City & TN
United State Territories
Skype: SaraAngelina007
TN 713 593-0076
NY 646 620-0881

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