Saildog

Crude Report Stumps Analysts

This may be the impact of the growing net (oil) export problem. Imports are down significantly from Venzuela and Mexico; and the turn around time for shipping from the Middle East is 5 times longer than from the Carribbean. Just a hunch........ It would be worth while checking where the shortfalls are occurring. If it is in the Gulf refineries I am not surprised.

This is what is known as the Export Land effect - oil exporting countries have rapidly growing domestic consumption and stagnant or declining production dealing a double blow to net exports. Globally exports of oil are down some 2m barrels since 2005.

US Oil Companies Borrow A Page From OPEC's Playbook

The article doesn't make sense.

The fundamental problem underlying all of this is faltering oil supply. Read www.businessweek.com/m....

OPEC are lying about their ability to raise production. They most likely can't and this is a smoke screen. The oil companies know that production growth has stalled. Why invest billions in new plant if production growth has stalled?

They would prefer to take the heat on all of this nonsense rather than admit the truth: Global production cannot increase. They know they are going to take heat anyway, so they prefer to blame it on the president. He is an unpopular idiot, so it doesn't matter.