Rift widens between producers, consumers(oil)

[4dsc]

There will come a day within the next decade I believe, in which oil producing countries will not export THEIR oil to other countries(why hsould they).. Its already happening in a small way as net exports are going down..

http://www.gulf-times.com/site/topics/article.aspx?cu_no=2&item_no=106515&version=1&template_id=48&parent_id=28

High crude prices have widened the rift between consuming nations, hungry for oil now, and producers who argue they must manage their reserves for the future.

Britain used the latest technology to pump as much North Sea oil as possible and now its fields are declining at the fastest rate in the world.

At the other extreme, under-explored Libya, whose oil development was hobbled by years of international sanctions, has rising production rates and great potential.

Libya and other fellow Opec members hold most of the cards as major oil companies struggle to find new areas to operate profitably.
Although the Organisation of the Petroleum Exporting Countries is pumping at near capacity, high prices that touched a record of $78.65 in August mean it is earning enough to feel it can switch the discourse to the longer term.

“A man with a mortgage has to go to work. A man without a mortgage has the choice. Opec suddenly has so much money it can make that choice,” said Chris Skrebowski of London’s Energy Institute.
“The West is rapidly losing the levers to make Opec pump.”

[FloridaPat]

1. Just 5 years ago they were crying about how little money they

were getting from their oil. Now the price is up 300%. And most of the people supposidly on those planes on 9-11 were Saudis.