Posted on 04/14/2016 4:34:11 PM PDT by Lorianne
OPEC on Wednesday cut its forecast for global oil demand growth in 2016 and warned of further reductions citing concern about Latin America and China, pointing to a larger supply surplus this year.
The Organization of the Petroleum Exporting Countries also said top exporter Saudi Arabia kept output steady in March - a sign Riyadh is serious about a plan to be discussed this weekend to freeze output and support prices - while OPEC supply overall rose only slightly.
World demand will grow by 1.20 million barrels per day (bpd) in 2016, OPEC said in its monthly report, 50,000 bpd less than expected previously.
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It also cited the impact of warmer weather and the removal of fuel subsidies in some countries.
"Economic developments in Latin America and China are of concern," OPEC said. "Current negative factors seem to outweigh positive ones and possibly imply downward revisions in oil demand growth, should existing signs persist going forward."
(Excerpt) Read more at reuters.com ...
hopefully Iran will keep flooding the zone...
Seize Saudi oil. They facilitated the attack by the Wahhabis on the world trade center, pentagon and flight 93 including the paying for the flight lessons for the bastards!! I want them to pay for it all!!
Aren’t we sick of being held hostage to Saudi Arabia for their oil... We need to go ‘full speed ahead’ on fracking, on oil refineries, on nuclear energy, etc. It is way past time we jettison the albatross that is known as the Middle East oil cartels!
Well , that’s one component.
The muslim -marxist butthead in the white house has done his best to shut down the American economy. In doing so he has unwittingly cut their income and created instability in the mid east. All the west is squirming due to the inactivity of the American economy, shit! the world is....
Then he created the global warming hoax, helping his fellow muslim marxists to use the UN and world opinion to haze America
All of this will change soon, and hopefully we don’t get another shit head in that office.
Or a huge war first.
We are not hostage to Saudi oil. The issue with oil prices is too much oil, but that is about to be corrected by the low prices. Demand continues to grow by over 1 million barrels per day, while supply is not being replaced as it has in the past. No one is drilling new oil wells at these prices and likely will not be drilling until oil gets north of $60. Once it is clear that the supply glut is in the past, prices will rocket.
There is no reason for the US federal government to import over a million barrels of Middle East oil when we have a glut of domestic oil of much better quality that the nasty sour crude we import from our enemies.
However, the reason nothing changes is that that our same corrupt government has allowed the Middle Eastern countries to buy or build the refineries along our Gulf Coast, and because they own them, they have the right to bring their oil in for refining that sludge and then selling it to US consumers. This ought to stop NOW.
Ask your dumb-as-a-rock Congress critter why we do not change this awful policy and help our own producers stay in business by buying US oil.
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