Oil Markets to Dictate OPEC Output in 2011

Angola Oil Min: Oil Markets To Dictate OPEC Output In 2011. Any future decision to change OPEC’s crude output quotas will depend on global oil market behavior, Angola’s oil minister said. “We cannot change our decision” unless oil markets demand it, said Jose Maria Botelho de Vasconcelos. The Organization of Petroleum Exporting Countries on Saturday kept its oil output ceiling at 24.85 million barrels a day, a level that hasn’t changed since late 2008. Countries bound by OPEC quotas actually are producing above the quota at 29 million barrels a day, roughly a third of world oil production. Vasconcelos said Angola would have the capacity to produce 1.9 million barrels a day in 2011, and that capacity could increase to 2 million barrels by the end of 2012. Oil prices on the New York Mercantile Exchange flirted with $90 a barrel this week. ((11 DEC 2010))

http://news.morningstar.com/newsnet/ViewNews.aspx?article=/DJ/201012111425DOWJONESDJONLINE000373_univ.xml

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Peak Oil is the point in time when the maximum rate of global petroleum extraction is reached.

https://gheorghe47.wordpress.com/2010/12/15/peak-oil-can-make-you-a-fortune/

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Peak Oil is the point in time when the maximum rate of global petroleum extraction is reached.

http://af.reuters.com/article/investingNews/idAFJOE6BG06I20101217

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