Fadel Gheit
Fadel Gheit
advantage barrel cake eat high holding marginal producer producing wants
Every producer around the world is producing the marginal barrel to take advantage of high prices. Right now, OPEC is not holding back. But OPEC wants to have its cake and eat it, too.
arrive barrels carrying million tomorrow vessel
One million barrels is nothing, it's like a rounding error, ... One vessel could arrive tomorrow carrying one or two million barrels of crude.
barrels cutting demand million oil per warm weather
The warm weather in the U.S. may be cutting demand for oil by 1 million barrels per day.
barrels environment exporter increase investment iraq largest million next oil production year
With the right investment environment and under the right government, Iraq could increase production by a million barrels a day every year for the next 10 years, ... It could be the largest oil exporter in the world, eclipsing Saudi Arabia.
additional barrels cost currently disposable eating income inflated million oil people prices tax uses
The U.S. uses 20 million barrels of oil a day. Prices are currently inflated by about $15 a barrel, and that additional cost is effectively a $300 million dollar-a-day tax on Americans, eating away at disposable income for people in this country,
adding barrels billion discovery elephant reason trouble
Part of the reason (companies are having trouble adding real reserves) is that there has not been an elephant discovery -- one over a billion barrels -- for 15 years.
crude gasoline high hope hopes lower might people prices reflection
We might see some reflection on crude prices as well as gasoline prices going forward, but not by much. I hope that people do not have high hopes for much lower crude prices or gasoline prices, because that is not in the cards.
higher reflecting stocks support
These stocks are not reflecting $50 or $60 oil. They are probably reflecting $40 oil. But this is not realistic. The fundamentals support a higher price.
emotion field playing
The speculators are going to have a field day playing with emotion and rumor.
dependence economic hit inflation less oil
Our economic dependence on oil is much less than it was even 10 years ago. If inflation comes, it won't be as big a hit as it was in the '80s.
exceeded production terms volume year
Operationally they exceeded expectations in terms of production; their production volume was up significantly from year ago.
created empty foot higher iraq measures moving necessary panic plenty prepared prices reading situation stops threats
We created a panic situation by reading too much into the empty threats, and when these threats started moving prices higher in anticipation, then the U.S. put its foot down and said even if Iraq stops world export, we are prepared to take all the necessary measures to make sure there is plenty of supply.
bring oil prices suddenly weaker
We could suddenly have oversupply and weaker demand, and that will probably bring oil prices down on their own,
cold event market tight
We could see the market getting tight in the event that we have a really cold winter.