Famous Quotes & Sayings

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.

There's less crude being run now through refineries than there is loss in production in the Gulf. We're estimating refinery runs are down about 2 million barrels a day while crude out of the Gulf is down a million and a half.

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

I mean, I believe very strongly in the fundamental of oil drilling, and the oil drillers are perhaps the most spectacular stocks of this year. They're still up; they were up yesterday, and they're near their all-time highs, and that's because the world uses 200 million barrels of oil more than it drills. The companies that own the equipment to drill are going to be utilized more and the rates are going up.

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.

E. B. White

It's not strictly true to say there was only minor damage to refineries. When you sit down you can see about four million barrels per day of refining capacity is down as a result of Rita and Katrina.

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

Oil resources and supplies are plentiful and OPEC has been producing 1.5 million more barrels per day than its quotas in the third quarter of 2005,

Dave Allen

No matter if we're counting days, work-hours or barrels refined, our truest measure of safety is that everyone goes home safely at the end of the day. We are proud of our employees who are dedicated and vigilant when it comes to safety.

Gary Miller

In the United States, oil demand is projected to grow by 340,000 barrels per day this year and gasoline demand is projected to grow nearly two percent, averaging 9.3 million barrels per day for the summer.

In the wet-barrel market - the real barrels that are stored and traded - there is no shortage of oil. But the paper barrels - the futures market - react like a lightning rod in a volatile market. That's their role.

Instead, we get up to 50 million barrels of oil.

Bill Richardson

In our meetings with oil producing countries, we simply and forcefully made our case that increased production is in the interest in both producing and consuming nations, ... We made the point that the world is consuming 75 million barrels per day, and it is producing 73.

Iran and Nigeria have got people extremely nervous. There's a concern that around two and a half million barrels per day of Iranian exports could be removed.

If you're talking about a 400,000 barrels per day refinery next to a French Chateau in the Loire valley, the timeline is infinite. If you're looking at an industrialized part that already includes an oil refinery, it's much less of a big deal.

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.

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.

The world produces about 85 million barrels a day. That's where demand is now, too. And I've seen forecasts that demand is going to be higher than that by the end of the year.

The warm weather in the U.S. may be cutting demand for oil by 1 million barrels per day.

They are going to have surplus production as the domestic oil consumption is 25,000 barrels a day.

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,

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.

By June we should be looking at modestly another half a million barrels of capacity a day.

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 IEA have only predicted losses in refined crude production for September, and the reality is that 4 major US refineries with a total output of 900,000 barrels are still down, and they are expected to be for the next 2-3 months.

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

The initial question is where is the 2 million barrels going to come from.