[R-G] Rising Demand for Oil Provokes New Energy Crisis

[CeJ]

And where were we less than a year ago on this? Let me see, oil
demand, ever growing, exceeded demand, hence the inevitable run up in
prices over the last year, right?
No, in fact, in Dec. 2006 OPEC CUT PRODUCTION.

>>http://www.iht.com/articles/2006/12/14/business/opec.php

OPEC cuts oil production to buoy prices

NEW YORK: OPEC said Thursday that it planned to cut its production by
nearly 2 percent in February, the group's strongest signal yet that it
is seeking to keep oil prices above $60 a barrel next year.

Representatives from OPEC nations agreed to pare their production to
25.8 million barrels a day, from 26.3 million barrels, starting Feb.
1. The group had already agreed to cut its production 4 percent in
October to prop up prices.

"I hope the market appreciates we are working so diligently to bring
supply and demand in balance, to have inventories at a reasonable
level so that we do not have gyrations," Ali al-Naimi, the Saudi oil
minister, told reporters at the meeting, held in Abuja, Nigeria.>>


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CJ
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