tag:blogger.com,1999:blog-794434038991296469.post5085523889021715563..comments2023-10-25T04:47:42.095-05:00Comments on PLAGIARIZED STATIC: Oil SummitStymie Tapiocahttp://www.blogger.com/profile/14036475224864715837noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-794434038991296469.post-7291171637818477532008-06-25T15:28:00.000-05:002008-06-25T15:28:00.000-05:00Mexico's Cantarell field in the Gulf of Mexico was...Mexico's Cantarell field in the Gulf of Mexico was once one of the most prolific but production started to fall two years ago. Alaska's Prudhow Bay field peaked years ago and the North Sea fields of Britian and Norway are down by 1.45 million barrels a day from 2003.Stymie Tapiocahttps://www.blogger.com/profile/14036475224864715837noreply@blogger.comtag:blogger.com,1999:blog-794434038991296469.post-71094505973600560612008-06-25T15:04:00.000-05:002008-06-25T15:04:00.000-05:00So what was accomplished at this meeting? Not muc...So what was accomplished at this meeting? Not much, which met expectations. His Royal Highness Abdullah blaimed high prices on speculators, rising consumption in developing countries and high energy taxes in the West. <BR/>Saudi Arabia will pump an extra 200000 barrels a day beginning in July and vowed to raise production capacity from 11.2 million barrels a day to 12.5 million by the end of next year and as much as 15 million if necessary. But a growing number of traders believe the kingdom has reached the peak of its oil production capacity and are buying and selling contracts all the way to 2016.<BR/>The peak oil theory claims that world supply has hit its summit and the only way to get supply and demand to balance is by raising the price.Stymie Tapiocahttps://www.blogger.com/profile/14036475224864715837noreply@blogger.com