May 9, The Algerian Oil mister was quoted as saying "Even if OPEC pumps at full capacity it may not be able to meet strong fourth quarter demand without sufficient inventories being built up beforehand. ... People are still worried that despite that we will be producing at full (capacity) we are not going to meet (demand), that’s what people are worried about and they are also worried about what will come next year ... They have to be concerned because we are not going to have any surplus capacity available ... What’s the use of having a lot of oil if you can’t refine it or cannot stock enough products to be used in the winter time ... Saudi Arabia, and others, including Libya and ourselves have taken decisions so you are going to see a lot of new refinery capacity but not within the next two to three years"
More proof of the continuing saga.
Technocrati tag: peak oil
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