opec raising production

in an effort to flood the market and drive prices into the twenties opec is reaching new records in production limits.

current reserves now at historic highs opec is hitting new record production. in effort to achieve larger market share of world energy needs.

okay were are they going to put the extra oil. the world is using 20 million a day they are currently pumping 30 million and forcast 31.5 million.

oil is on a road to 10 dollars a barrel if this truley a year long quest.

only so much can be stored. and holding facilities are topped off so many tankers cant even unload the cargo and been sittting in dock for about a month. 

sorry this was misinformation opec never agreed to any level and all partners are allowed to pump as much oil as possible.

current capability if all opec nations begin to pump max allowed capacity can easily reach 50 million brrls in light sweet crude

Oil production is a worldwide commodity that is sourced throughout the world.

I could not care less what OPEC decides to do.

opec I would understand as America was nearing 95% self efficient of energy and Europe quickly moving to green energy 100% by 2025 cobase eu instating larger amounts of renewable energy. china moving to Russian pipelines and india its only real customer left would need to start reducing price to gain shares of the market but I am a little giddy as Saudi arabia starts it slow descent to vaccum its creating by removing the oil.

I understand what happened in ninevah they depleted the spring and built so much over it the crust collapsed and sent the city to the sand.

I wonder if this is what is instore for that region as the quickly remove the oil lake under it. it would solve so many many problems if that area was made part of the desert 1200 feet below where it stands.