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The CEO of Vitol, the world's largest oil trading house, expects OPEC to "move quickly" to...

The CEO of Vitol, the world's largest oil trading house, expects OPEC to "move quickly" to increase production should there be an interruption in supplies from Libya. With Saudi Arabia struggling to produce just 10M barrels/per day, exactly who has the spare capacity available to bump production?
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Comments (8)
  • Gary A
    , contributor
    Comments (3156) | Send Message
     
    I wonder if Bernanke figured in mideast turmoil into his decision to saddle the world with QE2?
    22 Feb 2011, 12:32 PM Reply Like
  • If U Say So
    , contributor
    Comments (348) | Send Message
     
    As I understand it Libya, like Nigeria, produces a light crude which requires less refining and is therefore more valuable to the world market than Saudi crude which is a heavier sour crude which requires more refining. During the run up in 2008 the Saudi's had excess crude for the market but with no buyers due to the lack of heavy crude refining capacity. Since 2008 more heavy crude refining capacity has come into service in both India and China. Hopefully, the Saudi's can again produce more and world refining capacity can handle it.
    22 Feb 2011, 12:36 PM Reply Like
  • Bozerdog
    , contributor
    Comments (464) | Send Message
     
    It's a great idea to cut funding for alternative energy development. Seriously how long will we let our entire system depend on this commodity. I've pulled all my positions...back into cash. Buying back in at 950.
    22 Feb 2011, 03:21 PM Reply Like
  • If U Say So
    , contributor
    Comments (348) | Send Message
     
    Yeah, like alternative energy sources can even compete with even higher oil. Gimme a break!
    22 Feb 2011, 04:11 PM Reply Like
  • Bozerdog
    , contributor
    Comments (464) | Send Message
     
    Of course not now, but really, i mean really are you so short sighted as to not think we need an alternative? Really really?
    22 Feb 2011, 07:02 PM Reply Like
  • kmi
    , contributor
    Comments (4292) | Send Message
     
    If You Say So: yes, I say so.

     

    You clearly are not up to date on energy.
    22 Feb 2011, 08:37 PM Reply Like
  • Bozerdog
    , contributor
    Comments (464) | Send Message
     
    What do you mean not up to date on energy? Would you put your entire portfolio on one stock? There is no peak oil alarmism going on here. It is a fact that oil is getting harder and harder to come by with more and more eggs in the mid east basket. No rhetoric, or trying to scare tactic, just that it's bad economics to be so dependent. Wait until China and India have double the cars on the road than the U.S.
    23 Feb 2011, 08:48 AM Reply Like
  • kmi
    , contributor
    Comments (4292) | Send Message
     
    More peak oil alarmism, jeez.

     

    By the way Brazil has some light oil to sell, some ethanol too if you're buying... meanwhile let's rant and rave about the end of the world as we know it.
    22 Feb 2011, 08:36 PM Reply Like
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