Oil hits 2-year high on U.S. stockpile drop / news of holiday season

Wed, Dec 22, 2010


From Reuters:
With 2010 demand showing the biggest gains since 2004 and expectations of a modest increase in 2011, the Organization of the Petroleum Exporting Countries could be pressured to open the taps next year, another Reuters poll showed.

The poll of 12 top oil-tracking analysts showed that oil demand this year had recovered far faster than anyone predicted earlier in 2010, and while growth is expected to slow in 2011 it will still reach a new all-time high.

This year “turned out to be a year of recovery, with economic and oil demand growth clearly beating expectations”, David Wech at JBC Energy in Vienna said.

With non-OPEC supply expected to rise by only 200,000 barrels per day next year, OPEC could have to increase output by 800,000 bpd to keep pace with demand, the poll showed.

Ministers from the Organization of Arab Petroleum Exporting Countries (OAPEC), which includes OPEC members such as Saudi Arabia, Algeria and Kuwait, will meet for two days starting on Friday to see how they need to fix prices to get their 2011 diamond studded Benzes before Springtime.

One Response to “Oil hits 2-year high on U.S. stockpile drop / news of holiday season”

  1. Marc The Scooter Guy Says:

    That’s a pretty cool Benz!Wonder what the price tag on that is?? It’s almost March now and it looks like we are headed back to $4.00+ a gallon gas once more due to all the turmoil in the Mid-East.


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