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GasBuddy News Article

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UPDATE 1-OPEC lifts 2013 world oil demand growth forecast

Reuters Middle East -- * Boosts global demand growth forecast by 80,000 bpd

* Points to narrower H1 supply surplus of 1.12 million bpd

* EIA report due later on Tuesday, IEA on Wednesday

(Adds details, quote)

LONDON, Feb 12 (Reuters) - World oil demand will grow faster

than previously thought in 2013, producer group OPEC said on

Tuesday, citing signs of a recovery in the world economy.

Consumption of oil will expand by 840,000 barrels per day

(bpd) this year, the 12-member Organization of the Petroleum

Exporting Countries said in its monthly report, 80,000 bpd more

than previously expected.

The report adds to signs that oil demand is outstripping

expectations in early 2013, and supporting prices. Oil

hit a nine-month high above $119 a barrel on Friday, supported



Read the Full Article

Submitted Feb 12, 2013 By: WxVette
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: UPDATE 1-OPEC lifts 2013 world oil demand growth forecast Back to Topics
REPLIES (newest first) Post a Reply
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 17, 2013 4:44:27 AM

lots of speculation of what's going to happen in the future.
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 16, 2013 2:44:21 AM

Fun: it's still around $100, but the pump prices have doubled.
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FunMyster
All-Star Author Indiana

Posts:909
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Message Posted: Feb 13, 2013 6:32:51 AM

Remember when $100/bbl was a benchmark? Now it's a wish list.
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SkooterG
Champion Author Phoenix

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Message Posted: Feb 12, 2013 11:14:32 PM

Not good.
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mstearno
Champion Author Dayton

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Message Posted: Feb 12, 2013 9:41:15 PM

I guess we walk according to your logic?
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Aviator_Rob
Champion Author New York

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Message Posted: Feb 12, 2013 9:13:42 PM

You can drill all the wells you want, @mstearno, but if the oil field is in decline, you won't get nearly as much production as when the field was first tapped. Saudi Arabia's oil fields are beyond mature by this point. The Saudi royal family always says they have decades of oil production capacity left but they never allow third party verification, preferring to keep that a national secret.

Some oil production experts have quietly accused the Saudis of using desperate measures to keep production up such as pumping seawater into the depleted wells, in order to maintain pressure on the productive wells.

Saudi Arabia is operating on borrowed time. The royal family may jet set around on private planes but their grandchildren will be back to riding camels by the time they get into power.
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boatfloyd
Champion Author Jacksonville

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Message Posted: Feb 12, 2013 9:12:58 PM

Maybe they will pump up some more oil?
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craigsf38
Champion Author Rochester

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Message Posted: Feb 12, 2013 9:11:03 PM

OPEC needs to go
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mfeldstein
Champion Author Ottawa

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Message Posted: Feb 12, 2013 9:10:57 PM

Who's going to remember they were wrong?
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melvindale
Champion Author Michigan

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Message Posted: Feb 12, 2013 9:10:52 PM

Pure guesswork.
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rahcat
Champion Author Grand Rapids

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Message Posted: Feb 12, 2013 9:09:12 PM

Screw OPEC
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N5EXY
Champion Author Austin

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Message Posted: Feb 12, 2013 9:08:14 PM

Forecasts and foreplay. Hard work and horseplay.
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naspa
Champion Author Cleveland

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Message Posted: Feb 12, 2013 9:06:00 PM

OPEC never set the price. It was the US.
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DrZNY
Champion Author Albany

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Message Posted: Feb 12, 2013 9:04:59 PM

Speculators must be in bed with OPEC!
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joel27nc
Champion Author Raleigh

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Message Posted: Feb 12, 2013 9:04:56 PM

I wonder if the world economy will be good enough to support higher prices.
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ManOfLeisureII
Champion Author Philadelphia

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Message Posted: Feb 12, 2013 9:04:30 PM

More useless information.
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PrinceLH
Champion Author Ontario

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Message Posted: Feb 12, 2013 9:04:16 PM

Rife for manipulation.
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mstearno
Champion Author Dayton

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Message Posted: Feb 12, 2013 9:03:06 PM

Aviator Rob you are right excess supply and excess capacity are two different things
and reserves are yet another
show me where they couldn't increase capacity by increasing drilling!
They may be at capacity with a current well but drill 4 more and GEE They increase capacity!
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arb0526
Champion Author Greensboro

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Message Posted: Feb 12, 2013 9:02:47 PM

ok
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bonzoonfmb
Champion Author Florida

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Message Posted: Feb 12, 2013 9:02:31 PM

Ok.
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clermont40miles
Champion Author Cincinnati

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Message Posted: Feb 12, 2013 9:00:23 PM

Forecasts are just educated guesses.

Try your own guess.
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WIWalt
Champion Author Wisconsin

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Message Posted: Feb 12, 2013 9:00:13 PM

ok
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Ahking
Champion Author Orange County

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Message Posted: Feb 12, 2013 8:58:26 PM

hope that translates into more jobs.
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Gas4Gore
Champion Author Detroit

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Message Posted: Feb 12, 2013 8:56:12 PM

Okay
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GigHarborHound
Champion Author Tacoma

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Message Posted: Feb 12, 2013 8:54:29 PM

And I care what they why?
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Aviator_Rob
Champion Author New York

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Message Posted: Feb 12, 2013 8:54:12 PM

Excess supply and excess capacity are too very different things, @mstearno.

Show me your data that says OPEC has excess capacity. It's been a well known fact that Saudi Arabia has been fudging their oil reserve numbers for years and they're the only ones that have ever turned down their oil production. All the other neighboring Gulf nations cheat left and right, selling their excess production on the down low to countries like China that are willing to look the other way.
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gass12
Champion Author Omaha

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Message Posted: Feb 12, 2013 8:53:32 PM

They wish.
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Rhino8of8
Champion Author Wisconsin

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Message Posted: Feb 12, 2013 8:53:17 PM

wishful thinking to push speculation up
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wayoung56
Champion Author Alabama

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Message Posted: Feb 12, 2013 8:52:27 PM

Hmmm...
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vibdata
Champion Author Massachusetts

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Message Posted: Feb 12, 2013 8:51:54 PM

MMMM HMMMMM. And I bet the peanut growers are predicting peanut demand to soar.
And the egg people. They're predicting massive growth...and LOTS of CRACKS so that will skyrocket those prices. Wow. When will it ever end?
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Liberty2000
Champion Author Indianapolis

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Message Posted: Feb 12, 2013 8:51:27 PM

All based on expectations. Wait and see!
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mstearno
Champion Author Dayton

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Message Posted: Feb 12, 2013 8:47:16 PM

wow
aviator rob
you think opec is at capacity?
ever take an economics course?
you'll see increased production if we (Obama) creates another recession
why?
because the need it to be short, if it's long we purchase less
DUDE really?
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Chris46
Champion Author Dayton

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Message Posted: Feb 12, 2013 8:46:16 PM

Just one organizations opinion.
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boatmen
Champion Author New York

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Message Posted: Feb 12, 2013 8:45:23 PM

More Greedy biches
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abcdMA
Champion Author Worcester

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Message Posted: Feb 12, 2013 8:44:30 PM

doubtful---our demand will go down as our economy moves into further recession
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mstearno
Champion Author Dayton

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Message Posted: Feb 12, 2013 8:44:03 PM

it won't be from us demand
we're about to be labeled a recession again
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Aviator_Rob
Champion Author New York

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Message Posted: Feb 12, 2013 8:42:55 PM

I think we have a new winner of the paranoid delusion award tonight. Congratulations, @NightRider.

Disconnect your Internet and your cable box and go seek mental help.
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tdioiler
All-Star Author Detroit

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Message Posted: Feb 12, 2013 8:42:18 PM

So $119 on one Friday, pump prices up over .20/gal.

Next week prices tank to $97, pump prices still up.....
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wshutton
Champion Author Seattle

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Message Posted: Feb 12, 2013 8:41:28 PM

While I'm not thrilled about current prices, this reads like OPEC is well studied on the generalities of the oil market.

[Edited by: wshutton at 2/12/2013 11:42:44 PM EST]
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drz614
Champion Author Harrisburg

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Message Posted: Feb 12, 2013 8:39:36 PM

hope u.s. sticks by saudi's. besides isreal, our last outpost in ME
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Aviator_Rob
Champion Author New York

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Message Posted: Feb 12, 2013 8:39:27 PM

Nice idea, @AC-302. But here's the problem. Where are you going to plant trees? Everybody in the world who owns land has been cutting down their trees in order to plant crops or to graze their farm animals for meat. This has been happening in the Amazon rainforest for decades along with other jungles like in Indonesia. The result is that global rainforest acreage has been cut by over 25%.

How much will you pay them to plant trees? They certainly won't do it for free.
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gasmack
Champion Author Ventura

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Message Posted: Feb 12, 2013 8:38:46 PM

We'll see.
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jellybelly72
All-Star Author San Bernardino

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Message Posted: Feb 12, 2013 8:38:01 PM

They are just trying to rise prices!
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Aviator_Rob
Champion Author New York

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Points:740,515
Joined:Mar 2012
Message Posted: Feb 12, 2013 8:35:02 PM

Sorry @DrGasPain, OPEC isn't sweating the U.S. as a customer anymore.

China is their new sugar daddy.
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BREW9
Champion Author Tampa

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Message Posted: Feb 12, 2013 8:34:35 PM

ok
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us4usa
Champion Author Missouri

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Message Posted: Feb 12, 2013 8:33:43 PM

OPEC needs to sell oil, they must sell oil... Time to switch to NG and tell OPEC to kiss our A$$...
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Aviator_Rob
Champion Author New York

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Message Posted: Feb 12, 2013 8:33:31 PM

Another useless report. OPEC, and especially Saudi Arabia, is trying to mask the fact that their ability to increase production is very close to being maxed out. All of the OPEC producers, except for Saudi Arabia are already running flat out at full capacity. Whenever OPEC has tried to cut production in the past, almost all of the member countries have secretly pumped over their production quotas.

OPEC is officially toothless.
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HailstormCA
Champion Author San Diego

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Message Posted: Feb 12, 2013 8:30:10 PM

could be wishful thinking. Think?
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jackster111
Champion Author North Carolina

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Message Posted: Feb 12, 2013 8:28:25 PM

okay
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Billrusty
Champion Author Washington

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Message Posted: Feb 12, 2013 8:28:00 PM

lets wait and see.
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