I’m being interviewed on crude oil today. First, a radio interview on CNN Radio from 10:40-10:50 am EST with Bill Caiaccio. Then I’ll be talking to Mark Schenk at Bloomberg News for an interview he’s going to post on the web at the Bloomberg News website.
Here is the latest chart of crude oil …
If you want to follow the price of oil at home, the United States Oil Fund ETF (USO: 39.42 -0.24 -0.61%) is a good but not great proxy to track oil prices.
Here are some points we might talk about on the radio show and interview …
The Organization of the Petroleum Exporting Countries, which next meets on May 28, has announced output quota reductions of 4.2 million barrels a day since September.
Still, output remains more than 700,000 bpd above the cartel’s stated target of 24.845 million bpd, excluding Iraq.
Worsening the problem for OPEC (and helping American drivers) — Current estimates of demand destruction may still prove too optimistic. In its April oil report, the International Energy Agency (IEA) posted a huge reduction of 1.1 million b/d in its estimate for world oil demand in 2009, which it said would contract by 2.4 million b/d this year.
As shipments declined, deliveries from exporters that aren’t in OPEC rose by 670,000 barrels a day in January. Russian overall exports climbed 6.3 percent in February and 2.2 percent in March, according to the Energy Ministry. Brazilian total exports more than doubled in both February and March, according to Brazil’s Trade Ministry.
Now then, the U.S. Department of Energy budgetary request for fiscal 2010 is $65 billion, including nearly $40 billion from the National Economic Recovery Act. The 2010 Toyota Prius will probably come in at around $23,000 when prices are announced later this spring. Since we’ve got the federal checkbook open, what if we took $46 billion and bought Priuses? Would that help? Why yes, yes it would.By my calculations, $46 billion would buy about 2 million Priuses. Assuming we use them to replace cars that get 15 mpg and assuming an average driving year of 15,000 miles — and assuming the junkers are retired out of the fleet — these 2 million Priuses would save about 700 gallons of gas per car, or 1.4 billion gallons a year.
Mexico Oil Output Falls 7.8% in 1st Quarter
MEXICO CITY, April 21 (Reuters) - Mexican oil production fell 7.8 percent in the first quarter of 2009 to 2.667 million barrels per day as output from the aging Cantarell field slid further, state oil company Pemex said on Tuesday. Mexico produced 2.652 million bpd in March, down 6.6 percent from the same month in 2008.
Cantarell, which has been losing about a third of its production capacity at annualized rates in recent months, produced 754,063 barrels per day in March, down 34 percent from a year ago.
As shipments declined, deliveries from exporters that aren’t in OPEC rose by 670,000 barrels a day in January. Russian overall exports climbed 6.3 percent in February and 2.2 percent in March, according to the Energy Ministry. Brazilian total exports more than doubled in both February and March, according to Brazil’s Trade Ministry.
As shipments declined, deliveries from exporters that aren’t in OPEC rose by 670,000 barrels a day in January. Russian overall exports climbed 6.3 percent in February and 2.2 percent in March, according to the Energy Ministry. Brazilian total exports more than doubled in both February and March, according to Brazil’s Trade Ministry.
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Great post!