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World Biofuels Symposium
November 13-15, 2005
Beijing, China

2nd Annual Canadian Renewable Fuels Summit
December 13-15, 2005
Toronto, Ontario, Canada
Hosted by:
Candadian Renewable Fuels Association

National Biodiesel Conference & Expo 2006
February 5-8, 200
San Diego, California
National Biodiesel Board

11th Annual National Ethanol Conference: "Policy & Marketing"
February 20-22, 200
Las Vegas, Nevada, USA
Sponsored by:
Renewable Fuels Association

22nd Annual International Fuel Ethanol Workshop & Expo
June 20-23, 200
Milwaukee, Wisconsin, USA

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Posted on  

July 11, 2000

500,000 Barrels a Day

An OPEC oil output increase of 500,000 barrels a day, proposed by Saudi Arabia, would be the last supply gain needed this year, the group's head of data said.

The increase will be enough to meet demand and keep prices within OPEC's desired $22 to $28 a barrel, unless an unusually cold winter this year caused abnormal demand for heating fuel, said Deyaa Al-Khateeb, head of the Organization of Petroleum Exporting Countries' Data Services department.

``If you want stocks to stabilize this year, probably we don't need to increase more'' beyond the 500,000 barrels-per-day, Al-Khateeb said.

OPEC agreed in June to produce an extra 708,000 barrels-per- day, its second increase this year, after oil prices gained almost 80 percent in a year, prompting concern inflation might slow global economic growth. Saudi Arabia, OPEC's biggest exporter, wants to add another 500,000 barrels a day, or 0.7 percent of world output, to supply.

Global oil production, at 76.84 million barrels a day, will exceed demand by 480,000 barrels from July through September, adding crude to inventories, the International Energy Agency said in its monthly report.

The crude surplus may be greater if Saudi Arabia goes ahead with its plan to boost output, the agency said.


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