OPEC increase in production?
Dec. 18th, 2007 by AlAs all of you may know,prices of the oil barrels have been on the increase this year with no sight of dropping below $50/barrel anytime soon.It seems likely that OPEC may raise production in 2008.
But a more pressing question boggling me is not whether the gulf region will raise production but whether OPEC can increase output.The much debated massive reserves that OPEC holds are already placed in doubts by many analysts.Privacy about the data that is not released add on to the public anxiety .
Iran nuclear enrichment is a hot topic nowadays given washington concerns about the persian country real motives of building nuclear facilities.America southern neighbour Venezuela doesn’t seem like a positive note for the Bush administeration energy woes given Chavez anti US stance. Along with Iran, the duo seems to be bent on lowering production and raising price per barrel.
Hence the outlook of 2008 may start off with a air of pessimism in the oil markets that will see many traders going long and the public paying more for their airfares and road trips.
US and other countries that’s so fossil dependent to run their economies have to look for new sources of energy and discover groundbreaking technologies that’s going to drill deeper, cheaper and even cleaner
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