With OPEC is already pumping oil at levels not seen since 2008, Saudi Arabia Oil Minister Ali...


With OPEC is already pumping oil at levels not seen since 2008, Saudi Arabia Oil Minister Ali Naimi says his country won't ask OPEC to increase production at this week's meeting, apparently contradicting his remarks yesterday.

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  • kmi
    , contributor
    Comments (4598) | Send Message
     
    OPEC needs to look hard at what's going on in energy markets globally.

     

    The US in particular has multiple initiatives to switch to NG from oil anywhere it can.

     

    This is called 'demand destruction' and it tends to be prolonged. The oil-NG ratio is still not reasonable and oil will need to come down further if it intends to compete with NG as an energy source.

     

    And the likelihood of NG moving higher to meet oil is infinitesimal.
    12 Jun 2012, 10:47 AM Reply Like
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