Famous Quotes & Sayings

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.

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.

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.

Claude Mandil

We have 4 billion barrels in strategic stocks.

To get to those last few barrels out there is more expensive than the easy ones. They're all looking for the giant fields because mature fields are declining.

Samuel Bodman

To meet our obligations as a member of the International Energy Agency, the United States will release 30 million barrels of crude oil from the Strategic Petroleum Reserve, ... We will offer the oil for bid.

The organization is now producing 2 million barrels a day over its official production ceiling of 28 million b/d.

We will start pumping oil by the end of 2007, with production of at least 30,000 barrels per day (bpd).

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

Van Wyck Brooks

Longfellow is to poetry what the barrel-organ is to music.

The Nigerians indicated capacity could be back on line next week. That's could, not will, and the reality is we could be missing those half million barrels for some time yet.

It was refiners in the Midwest and on the East Coast that stepped up, while crude runs on the Gulf Coast continued to slide, losing another 52,000 barrels daily to stand 1.565 million barrels lower than before the storm.

Everyone is building inventories, Japan, the U.S., and that is very dangerous. There is an oversupply of one million barrels a day.

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.

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,

It's less than 30,000 barrels a day in a country that consumes 21 million. That's not even rearranging a single deck chair on the Titanic. But psychologically, it has some effect.

I can only say we've got 1,335 barrels of liquid, and I can't tell you how is much is oil and water.

Certainly this is saying that Shell is going to miss some deliveries after the explosion. It's a question of how long the delays will last, but 180,000 barrels per day is not that big.

Joseph Stanislaw

The figure depends on how the cuts are delivered. No one is really expecting the full 2 million barrels per day to be delivered, but somewhere around three-quarters of those cuts is what the market is looking for.

The market expects bearish inventories, with crude up by 1.5 million barrels, distillates down 1.7 million barrels and gasoline supplies unchanged.

Gary Ross

They have to get compliance in order. With six million barrels a day of spare capacity they don't have any credibility in the market unless they can control spare capacity,

They would have to raise production by more than a million barrels a day to get it down to $25,

There's talk that OPEC might raise quotas at the meeting next week. I'm not sure this will actually mean more barrels though.

The gasoline draw is a bullish number, without doubt. The decline was much bigger than the 1.1 million barrels draw the Street was anticipating,

The gasoline barrels from Europe might take two weeks to get here. Things will get worse before they get better because stocks will be tighter.

Michael Fitzpatrick

The effects of Katrina will be felt throughout the economy, reducing demand and keeping a lid on energy prices. The federal government is ready to release barrels from the Strategic Petroleum Reserve and there is significant help coming from abroad.

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.