Peak Oil? Who Gives a Flying F&$k!
Presented without comment. Seriously. None. Not a peep. I swear.
The Organization of Petroleum Exporting Countries early Thursday decided to keep its crude-oil production steady, as expected, but behind the scenes cartel members were pledging to redouble their efforts to abide by existing production cuts to reel in excess supply.
Gathering for the first time since May, OPEC ministers agreed to stick with their output target set last December of 24.845 million barrels a day for the 11 members in OPEC's output quota system.
It is the third time this year OPEC has left its quota target unchanged, highlighting the group's relative confidence that output reductions the past year have turned the world oil market in its favor.
OPEC's 11 quota-bound members are now pumping about 6% to 7%, or 1.4 million to 1.5 million barrels a day, above target, according to various industry estimates.
Crude futures ended higher Wednesday as investors abandoned the U.S. dollar for oil and other assets seen benefiting from improving economic conditions. Light, sweet crude for October delivery settled 21 cents, or 0.3%, higher at $71.31 a barrel on the New York Mercantile Exchange. Crude prices are up about 60% so far this year.
"Light, sweet crude".... oh I love it when the oil cartel talks dirty.