Famous Quotes & Sayings

Bob Woodward

over the summer, or as we get closer to the election, they could increase production several million barrels a day and the price would drop significantly.

Guy Ritchie

Lock, Stock and Two Smoking Barrels ... Snatch

Let me give you a number that is pretty shocking when you hear it. The world uses 30 billion barrels of oil a year. There is no way we're replacing 30 billion barrels of oil. Just a million barrels a day is 1,000 wells producing 1,000 barrels. That's big.

Our position is that we must evaluate a cut of between 500,000 and one million barrels per day (bpd).

World producers need to bring another 1 1/2 million barrels per day on line every year to meet rising demand. So even a minor supply disruption is going to have a disproportionate impact on oil prices.

Today there is a very thin layer of insulation in the oil market amounting to approximately one million barrels a day, meaning that every small disruption, be it a hurricane in the Gulf of Mexico or riots in Nigeria or instability in the Middle East, immediately creates a rise in prices. This situation will be with us for a long time because there is no new spare capacity. Building spare capacity requires an investment of billions of dollars to create infrastructure that may sit idle most of the time. Nobody will invest on those terms,

Kyle Cooper

We've lost 450,000 barrels a day of production, which is significant. Shell hasn't given us much of an idea of when they will be able to restore output. This is a pretty reasonable reaction given that we don't know how long it will be before the production is back to normal.

Charles Schumer

We have more oil in the Strategic Petroleum Reserve than we've ever had. It's full. And using about 30 or 40 million barrels for a few months to get the prices down will not hurt us strategically,

We're working to put those barrels in place in the shortest time possible

We estimate that 1.8 million barrels per day of consumption must be squeezed out next year through the impacts of higher prices.

We are trying and we continue to try. We have increased oil production to over 10 million barrels a day.

Eric Williams

We provide 50,000 barrels of oil a day to the region and it is unclear how Trinidad and Tobago will fit into this agreement. We have been having cordial discussions with other member states and will continue these discussions at the meeting.

The market looks well supplied, in fact oversupplied, by 2 million barrels a day. We believe OPEC has to be ready to cut, maybe now in this meeting, maybe at the next meeting.

The market is reacting to Richardson's announcement. By putting more barrels on the market, it immediately alters U.S. crude oil inventories.

The market is overstressed ... this means we have to cut around 500 000 barrels a day.

Our decision is in place, up until now we will still increase by 500,000 barrels a day from August. This decision is still valid.

After each heat, we're able to quickly turn the barrels up and dump the debris, filling them up and setting them down for the next round,

Jim Carter

Each truck carries about 400 tons of material and we get about 200 barrels of oil from that.

Five, six years ago, Venezuela was producing 3 million barrels a day. Now, it's closer to 2 million.

Production in the Gulf has yet to recover and the trouble in Nigeria shows no signs of easing. We are missing about 1 million barrels of output.

Cosmetic? You are talking about quotas. But when it comes to production, OPEC responds to the market. We are producing 2 million barrels a day more.

Crude stocks fell by 0.749 million barrels per day, which disappointed some traders who were looking for the SPR releases to have a positive impact on inventories.

Crude stocks are misleading. Yes, they are the highest since 1999 but keep in mind that we are now producing 1 million barrels a day less in the U.S. and refinery runs are up by 1.2 million barrels a day. In that context crude stocks are not high.

Crude stocks are expected to have fallen by 600,000 barrels over the week while distillate stocks are expected to be up by 1.7 million barrels.

David Robinson

This acquisition represents an exceptional opportunity for us to increase shareholder value. We are starting with around 40 barrels of output a day, but with considerable potential to boost production.

They are extracting 500,000 barrels per day, but plan on reaching 2 million barrels in 2008.

This move will not solve the real problem - the oil cannot be refined. Even before the loss of 1.8 million barrels per day of output refineries were struggling to keep up with demand. So increasing the crude supply will not overcome this bottleneck.

There isn't the spare capacity to make up for the missing production in the Gulf of Mexico. OPEC used to have 4 to 5 million barrels of spare capacity. That's down to about 1.5 million barrels a day this year.

Before Katrina, the system was already so tight that the worst-case scenario was for a disruption that took 250,000 barrels of capacity out of the picture. That would have been considered a major jolt,

John McCallum

Beyond the 450,000 barrels of (crude) oil per day is the much more important point that this is the future of the global economy and it's fundamentally in our interests that we become a part of it,

Oil prices are high at $30 a barrel. The U.S. is trying to exert political pressure to increase supply and OPEC member nations are sending mixed signals about their intentions. We have a very volatile market here. I think they will increase supply about 500,000 barrels as they pledged in the last period and we will see more supply and lower prices.

The simple announcement by U.S. authorities to place one million barrels a day ... will provoke a strong descent (in oil prices) on Monday.

As long as the prospect of sanctioning 4 million barrels per day of Iranian oil is out there, the Iranian situation, in our view, will be the front and center issue that will command market attention.