OPEC not even considering Raising Output until Oil hits $100/Barrel

Here we go again. OPEC, the supplier of 40 percent of the world’s oil, will only consider increasing output when the price of crude rises to $100 a barrel, according to Kuwaiti Oil Minister Sheikh Ahmed al-Abdullah al-Sabah.

The Organization of Petroleum Exporting Countries, due to meet again in September, wouldn’t even consider raising production with oil at $75, “but if it reaches $100, maybe,” Sheikh Ahmed told reporters in Kuwait today.

Crude oil traded in New York has climbed almost 60 percent this year, after plunging more than $100 in five months at the end of 2008 as the global recession curbed demand for fuel.
Oil prices have increased because investors have bought crude as a hedge against a weakening U.S. dollar, not because demand is rising, Sheikh Ahmed said.

We knew it wouldn't take long for this game of extortion to start again. So long as the global fleet of 700 Million cars run exclusively on oil based products with an energy efficiency of around 15% there is no end to the insatiable demand for oil.

The future is looking bright for EVs.

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