Opec may raise the oil supply!

Interesting piece here from the Torygraph.                                                                                                              How the oil price has moved: in charts

Members of Opec, the oil cartel, are seriously considering raising supply for the first time since 2007 in order to dampen prices that are currently above $100 per barrel.

Ahead of a key meeting next week, an Opec official said the world could do with an extra 1m barrels of oil per day to reduce volatility in the market.

The 12-member group of oil-producing countries had not been expected to raise output, despite the fact that London prices went above $125 per barrel during tensions in the Middle East.

However, a number of officials appear to be increasingly open to a rise in output.

Ali Al-Naimi, the Saudi oil minister, said on Thursday that the cartel was prepared to act if necessary. “We have to wait and see the data. If there is a need for an increase, we would decide accordingly,” he said.

His comments came as oil prices unexpectedly fell below $100 per barrel in the US, as supplies continue to build up and demand has begun to fall

Paul Spedding, an analyst from HSBC, also estimated that speculation had added $30 per barrel to the oil price from October to May.

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  1. k mk says:

    another nail into the coffin of all the small oil exploration companies to get finance for( test) drilling?!! And if QE3 doesn’t happen because it is felt that savers have to be protected- money get’s more expensive. But I believe it is only temporarily. Liquidiy has to be maintained, but it will be a bumpy ride.

  2. The Dude says:

    Opec is a cartel in name only most would be surprised to know that OPEC control only 44% of the worlds production, generally speaking any action taken results in a short term move in the prices of WTI and Brent rarther than any medium term corrections and price adjustments


    Hi Dan one of the posters on iii is trying to blame you for him being accused of being a basher any comments? I know he’s full of poo but I’d like to hear it from you. He goes by the name of Spikeydt

    • Brokerman says:

      He’s one of many online loonerticks Banned from our Blog and Twitter account. Best to just ignore him as we here do.


  4. robert says:

    Dan thanks for the mail regarding myself being one of the first to sign for your new blog, ie do you think RRL are a good buy at the price now ,and what is your take on them for the near future,regards robert.

    • Brokerman says:

      Yeah it was really nice to see that some people had tried to join before we go live Thanks Put a smile on my face.
      Regarding RRL Robert I really can’t give out any advice one way or another you’ll have to make the decision. What I will say is that there’s huge interest in the company that could come to the fore over the next few weeks/drills obviously if they hit a major find then they’ll go into orbit. What you have to do is decide your level of risk. I am hopeful of sourcing further research but had hoped to use this when the new site goes live just to give it a boost so to speak. I’ve got your email now and I will obviously keep you in the loop with quite a few others who are now known to be joining. If I get any news before the site goes live I will personally email it to you before.

      Can’t say fairer than that for my new site subscribers.


  5. Angela says:


    Dan have you read this confession……..is this why when mta drop on lse so many new nick were telling to sell as mta will drop more and more????
    Spike was always posting password online and insoulting you and your blog,as I told you I’m new to all this aim Market and I think you and your team make a great job to help people like me.please make sure you are not one of them.
    Best regards

    • Brokerman says:

      I don’t read interactive it is populated by idiots using different ID’s I can spot fake accounts a mile off. spikedt is just one of the many no-marks plying his trade. Best to put them on ignore or block them
      Don’t get involved leave them to it.


      • Angela says:

        Thanks Super Dan I will hold in to mta anyway.

        Have a good Sunday