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Opec production surpasses demand Original Source Link: (May no longer be active)    http://www.finance24.com/articles/economy/display_article.asp?Nav=ns&lvl2=econ&ArticleID=1518-1785_1765313 http://www.finance24.com/articles/economy/display_article.asp?Nav=ns&lvl2=econ&ArticleID=1518-1785_1765313 'Oil price should fall' - Opec Sep 05 2005 04:29:16:043PM Kuwait City - Opec's production surpasses demand, and this will eventually bring down prices, the group's president has said Sheik Ahmed Fahd Al Sabah, who is also Kuwait's energy minister, said the Organisation of Petroleum Exporting Countries' output of 30.4 million barrels a day was more than the prevailing demand and this was helping to increase stocks of oil, which should eventually calm prices. Sheik Ahmed blamed the latest boost in oil prices on Hurricane Katrina, which has disrupted US refineries along the Gulf of Mexico. Kuwait has pledged $500m in oil and humanitarian supplies to help the victims of the hurricane and flooding. Sheik Ahmed insisted there was a glut of crude oil of more than 1 million barrels a day in the market, adding that the rising prices were due to geopolitical and climatic changes, and shortages of refining capacity. Last week, Sheik Ahmed said he will propose that Opec increase its real production by 500 000 barrels a day at the group's meeting in Vienna on September 19.

August brings record highs in oil prices BP oil refinery blast in texas bumps prices Bp profits up 34 precent Chevron profits up with prices { July 29 2005 } Concern over iraqi oil during elections Crude futures stay above 67 { August 26 2005 } Crude oil surges with another storm in mexico gulf Crude prices inch toward 50 a barrel Current oil price levels unsustainably high { December 4 2005 } Decline in inventory larger than expected Depot explosion near london raises oil prices Exxonmobile shell post record profits Exxonmobile tells gas station owners to gouge Gas price drops due to less demand due to high prices Gas prices drop sharply after climbing Gasoline futures surge to record high after katrina { August 31 2005 } Gasoline pump prices high despite crude fall Goldman sachs predicts spike to 105d barrel { March 31 2005 } Greenspan says world must live with high prices Hurricane katrina shoots oil to over 70b Investors raising prices by betting on shortages { March 16 2005 } July futures send above 58 year record { June 17 2005 } London attack causes oil price drop London explosions causes oil price plunge Market shouldnt expect anything from opec More bicycles than cars sold due to oil prices No difficulties on supply side Oil approaches 61 as tropic storms threaten sypply Oil climbs to six week high in january 2005 Oil companies enjoy record earnings in UK { October 4 2005 } Oil demand outpacing supply concerns Oil dives below 50 on dollar gains { May 12 2005 } Oil drops below 50 a barrel Oil falls below 50 in april yet pump prices sour { April 28 2005 } Oil falls below 51 on high inventories { April 13 2005 } Oil hits 64 barrel over supply concern Oil hits new high amid norway strike fears { June 21 2005 } Oil hits record highs as saudi king dies Oil market oversupplied says iran Oil nears 61 as gulf storm gathers again { July 13 2005 } Oil prices hover around 55 dollars Oil prices stay firm above 51 dollars Oil reaches record 58 on supply concerns Oil supplies up as price tops 51 dollars Opec chief wants to increase production Opec oil output highest since 1979 { August 4 2005 } Opec oil output strong { April 2005 } Opec predicts 80 dollar barrel oil spike Opec production surpasses demand OPEC warns that oil prices will stay high Other factors not supply driving up oil Prices fed by speculation and unwarranted fear { April 5 2005 } Prices high despite adequate fuel supply Shell profits soar to historic highs Small car interest falls with gas prices { October 2005 } Speculation by hedge funds running up price US has 700m barrel reserves of oil US oil supplies increase as OPEC boosted production { June 28 2002 } US report sees gasoline prices moving higher still { April 8 2005 } Files Listed: 59

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