Royal Dutch Shell Plc  .com Rotating Header Image

New York Post: OPEC WON’T PUMP MORE; OIL TO STAY HIGH

Bloomberg

November 16, 2007 — OPEC oil nations plan to ignore U.S. calls to increase production as crude prices remain stuck above $90 a barrel, according to a draft of the group’s statement to be released this weekend.

Their intention to keep production at current levels signals consumers are unlikely to see relief from high oil prices, which reached a record $98.62 a barrel on Nov. 7 in New York. A pledge to reduce carbon dioxide threatens to force investors in OPEC nations such as Royal Dutch Shell Plc and Exxon Mobil Corp. to incur extra costs at their operations.

OPEC said demand for its crude oil will probably fall by 229,000 barrels a day in 2008 on slowing consumption in the U.S., the world’s largest energy user.

OPEC will need to supply an average of 30.8 million barrels of output a day in 2008, the group said in its monthly report.

http://www.nypost.com/seven/11162007/business/opec_wont_pump_more__oil_to_stay_high_460202.htm

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

0 Comments on “New York Post: OPEC WON’T PUMP MORE; OIL TO STAY HIGH”

Leave a Comment

%d bloggers like this: