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.
http://aaronandmoses.blogspot.com/2008/05/opec-on-oil.html

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.
http://online.wsj.com/article/SB121200725158327151.html

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