Thursday, May 29, 2008

Oil's missing 800,000 barrels

Monday I said there was a discrepancy of 800,000 barrels between the 31.8 million barrels of oil that OPEC says it produces, and the 31 million barrels that are actually shipped.

In today's WSJ it looks like we found the missing 800,000 barrels .

For all the attention paid to China's increasing energy thirst, rising energy demand in the Middle East may pose the greater challenge. Last year, the region's six largest petroleum exporters -- Saudi Arabia, United Arab Emirates, Iran, Kuwait, Iraq and Qatar -- curbed their output by 544,000 barrels a day. At the same time, their domestic demand increased by 318,000 barrels a day, leading to a loss in net exports of 862,000 barrels a day, according to the U.S. Energy Information Administration.

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