Economy 52,864 Posted June 12, 2015 Share Posted June 12, 2015 http://www.cnbc.com/id/102753736 Saudi Arabia stated that they are ready to raise production even more if demand is there. They recently raised production from 9.3 million barrels a day to 10.3 Million barrels a day (a new record). They claim they have excess capacity to produce even more if necessairy This is just more evidence that in the new world of competition with Shale, OPEC is not willing to cut production to raise prices. Instead they are focusing on keeping their market share and hoping low oil prices in time will bankrupt all expensive oil producers. Other OPEC Nations like Iraq have also increased production recently. Iran could add as much as another 1 million barrels a day by next year if sanctions are lifted as expected. Link to post Share on other sites More sharing options...
Houdini 103 Posted June 12, 2015 Share Posted June 12, 2015 dinosaur rape Link to post Share on other sites More sharing options...
Economy 52,864 Posted June 12, 2015 Author Share Posted June 12, 2015 dinosaur rapewhat????????? Link to post Share on other sites More sharing options...
Houdini 103 Posted June 12, 2015 Share Posted June 12, 2015 what?????????oil is made from organic compounds including dinosaur Link to post Share on other sites More sharing options...
Economy 52,864 Posted June 13, 2015 Author Share Posted June 13, 2015 oil is made from organic compounds including dinosaurOh that... Well new theories suggest the biggest chunk was from algae and plankton that formed heavily during a period of extreme global warming then fell to seafloor. Likely making a bigger portion than dinosaurs Also theres also a theory that suggests oil isnt ALL fossil based. Some suggest the extreme heat and compression and carbon makeup could easily be formed many miles beneath surface then through openings/pathways go up through rock and create deposits. its not a proved theory. And if true it would only be the case for some of the oil not all. it wouod also make oil partially renewable (tho not at the rate were currently extracting it) Link to post Share on other sites More sharing options...
.thumb.jpg.99c40bc2a10ded8236a48b4fe15c6be8.jpg)
Featured Posts
Archived
This topic is now archived and is closed to further replies.