The WSJ adds the following caveat to the EIA adjustment:
"We know there is plenty of oil and gas resource in the world," says Pete Stark, vice president for industry relations at IHS. He says the difficulties of supply aren't buried in oil fields, but are "above ground."
Sure, talk to CERA's PR/Sales flack for insight. LOL. MSM at its best.
>Iranian President Mahmoud Ahmadinejad said a proposal for OPEC's second biggest producer to cut crude output was under review by experts, Iran's semi-official Fars New Agency reported on Tuesday.
>Refiners in Asia, customer for around 60 percent of Iranian crude, said they have not been informed of any output cuts.
>The review of crude output may be connected to the growing volume of oil Iran is holding offshore in vessels being used as temporary storage, an oil industry source said. Iran would like to avoid adding to the offshore fleet, the source added.The country has chartered a fleet of supertankers to store over 28 million barrels of crude, and booked another tanker to add to the 13 vessel fleet, shipping sources said on Tuesday.
>Iran has trimmed exports by about 200,000 bpd since early April to match a fall in demand from refiners in maintenance, a top oil official said last week, adding shipments should recover during the second half of May when refiners restart production.
http://africa.reuters.com/energyandoil/news/usnDAH324373.html?rpc=401&
I find it interesting that Iran has likewise CUT 200k bbl/day from production because the refiners aren't buying enough. Maintenance, or the US trying to get Asian countries to honor our embargo?
Death Valley already has $5+ per gallon:
http://latimesblogs.latimes.com/laland/2008/05/photo-of-the-da.html
Posted by: Tangurena | May 22, 2008 at 10:34 PM