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How OPEC clouds the issue of oil production

The Globe and Mail -- How much oil does OPEC produce? It is a simple question, but the answer has been complicated after the cartel started this month to publish two different sets of data.

According to its monthly oil market report, OPEC either produced about 31.2 million barrels a day in February, or a much higher 32.1 million b/d. The difference in the two estimates is equal to twice the production of its smallest member -- Ecuador.

The dispute about the true level of production is not merely an internal matter for the cartel that controls 40 per cent of the world’s oil supplies. It complicates policymaking and contributes to instability in oil markets as traders are unsure about supply.

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Submitted Apr 14, 2012 By: eromitlab

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CPR54 Champion Author Austin Posts:8,218 Points:1,866,055 Joined:Jul 2006	Message Posted: Apr 16, 2012 9:02:14 AM Ignore CPR54 Report Abuse use i t i
PDQBlues Champion Author San Diego Posts:7,064 Points:1,446,375 Joined:Jan 2009	Message Posted: Apr 15, 2012 9:28:42 PM Ignore PDQBlues Report Abuse Not only OPEC, but the entire oil industry!
dave27johnson Champion Author Chicago Posts:1,787 Points:406,700 Joined:Feb 2012	Message Posted: Apr 15, 2012 11:04:34 AM Ignore dave27johnson Report Abuse Actually, two sets of data are good. It gives researchers more to look at and compare. It shouldn't take long for analysts to get a clearer picture of real production. Discrepancies will generate investigation and a better understanding of OPEC's behavior.
bwatchingu Champion Author Arkansas Posts:1,735 Points:599,670 Joined:Jan 2009	Message Posted: Apr 15, 2012 10:41:36 AM Ignore bwatchingu Report Abuse How about "How Obama clouds the issue of oil production"
nurdco Champion Author Colorado Springs Posts:9,222 Points:1,693,435 Joined:Apr 2008	Message Posted: Apr 15, 2012 1:01:02 AM Ignore nurdco Report Abuse Mix a Qt of synthetic oil and keep speed below 70mph
tjc09f Veteran Author Tallahassee Posts:468 Points:668,920 Joined:Mar 2011	Message Posted: Apr 14, 2012 11:34:48 PM Ignore tjc09f Report Abuse Shady
Meowmy Champion Author Florida Posts:1,293 Points:348,105 Joined:Jan 2011	Message Posted: Apr 14, 2012 4:57:54 PM Ignore Meowmy Report Abuse It's not OPEC we have to worry about, it's the speculators! They'll bankrupt us all if not regulated, and soon!
ktbaeohana Champion Author Las Vegas Posts:2,301 Points:421,775 Joined:Mar 2010	Message Posted: Apr 14, 2012 4:22:06 PM Ignore ktbaeohana Report Abuse This is not good.
bwatchingu Champion Author Arkansas Posts:1,735 Points:599,670 Joined:Jan 2009	Message Posted: Apr 14, 2012 3:43:52 PM Ignore bwatchingu Report Abuse hmmm
HedgeCat Rookie Author Virginia Beach Posts:30 Points:21,595 Joined:Mar 2012	Message Posted: Apr 14, 2012 12:59:57 PM Ignore HedgeCat Report Abuse I agree with gasokie
car253 Champion Author Ohio Posts:6,288 Points:1,467,645 Joined:Oct 2008	Message Posted: Apr 14, 2012 12:31:21 PM Ignore car253 Report Abuse Develop domestic oil supply and forget about OPEC.
DanMtz Champion Author Oakland Posts:3,345 Points:1,241,375 Joined:Oct 2009	Message Posted: Apr 14, 2012 12:20:39 PM Ignore DanMtz Report Abuse If you are counting on getting facts from OPEC, you are in trouble.
Lugi1967 Champion Author Ohio Posts:4,778 Points:1,000,295 Joined:Jun 2010	Message Posted: Apr 14, 2012 12:17:06 PM Ignore Lugi1967 Report Abuse Making as much money as they can
dgerst Champion Author South Carolina Posts:2,696 Points:554,075 Joined:Aug 2008	Message Posted: Apr 14, 2012 12:10:52 PM Ignore dgerst Report Abuse Supply and demand markets need full transparency.
MN1 Champion Author Twin Cities Posts:3,349 Points:648,640 Joined:Jun 2011	Message Posted: Apr 14, 2012 11:57:09 AM Ignore MN1 Report Abuse Just playin' with the numbers like most big corporations.
gasokie Champion Author Oklahoma Posts:3,442 Points:1,323,805 Joined:May 2007	Message Posted: Apr 14, 2012 11:29:51 AM Ignore gasokie Report Abuse Oh well....unless Obama gets reelected and shut down domestic production we have a chance to be energy independent by 2020. Maybe sooner. We can then tell 'em to shove off. And take Europe with them.
Donatelo Champion Author Dayton Posts:1,118 Points:291,825 Joined:Apr 2011	Message Posted: Apr 14, 2012 11:27:30 AM Ignore Donatelo Report Abuse k
Nicoalbum Champion Author Ottawa Posts:6,013 Points:1,187,260 Joined:Jan 2010	Message Posted: Apr 14, 2012 11:26:49 AM Ignore Nicoalbum Report Abuse OPEC must be put under control.
gbs1 Champion Author Minnesota Posts:1,991 Points:740,650 Joined:Mar 2011	Message Posted: Apr 14, 2012 10:44:54 AM Ignore gbs1 Report Abuse They are out to milk us for as many billions of $ as they can possibly get.
bullfrog42 All-Star Author Texas Posts:841 Points:169,890 Joined:May 2011	Message Posted: Apr 14, 2012 10:33:02 AM Ignore bullfrog42 Report Abuse You do not trust them??? Why???
yardslave Champion Author Oklahoma City Posts:2,544 Points:594,755 Joined:Dec 2005	Message Posted: Apr 14, 2012 10:09:14 AM Ignore yardslave Report Abuse You mean they can make up numbers and stories too? I'm shocked!
AriesMMD Champion Author Sacramento Posts:1,481 Points:410,265 Joined:Dec 2011	Message Posted: Apr 14, 2012 9:36:01 AM Ignore AriesMMD Report Abuse instability is one of the forces that drive up oil prices. Could this be a manufactured boo boo?
portlandcat Champion Author Tennessee Posts:1,918 Points:346,210 Joined:Apr 2011	Message Posted: Apr 14, 2012 9:09:32 AM Ignore portlandcat Report Abuse How 3rd world is this? spotters? really? so if they fall asleep from boredom do you think they "might" fudge the number of trucks leaving the facility or maybe they are "coerced" or given "incentive's" to beef up the numbers? "a network of individual spotters watching, binoculars in hand, the movement of tankers in and out of the world’s biggest export terminals to estimate production levels. According to these secondary sources, which the market considers to be the most reliable,"
uglytom Champion Author Florida Posts:7,464 Points:1,542,015 Joined:Jul 2007	Message Posted: Apr 14, 2012 9:02:13 AM Ignore uglytom Report Abuse OPEC is most of the cause of this price spike in gas prices.
imcheep Champion Author New Mexico Posts:2,482 Points:647,880 Joined:Apr 2005	Message Posted: Apr 14, 2012 8:50:56 AM Ignore imcheep Report Abuse Break OPEC produce more at home.....
YaBassa Champion Author Michigan Posts:2,420 Points:515,150 Joined:Nov 2011	Message Posted: Apr 14, 2012 8:40:21 AM Ignore YaBassa Report Abuse All of Big Oil, not just OPEC are crooks.
scu227 Champion Author New Haven Posts:4,141 Points:769,930 Joined:Feb 2011	Message Posted: Apr 14, 2012 8:39:41 AM Ignore scu227 Report Abuse They only tell you what will keep prices high
grandpadon28110 Champion Author Charlotte Posts:4,706 Points:1,140,360 Joined:Sep 2008	Message Posted: Apr 14, 2012 8:27:24 AM Ignore grandpadon28110 Report Abuse Figures do not lie but liars figure.
carpenter4u Champion Author Virginia Posts:2,436 Points:614,895 Joined:Jul 2011	Message Posted: Apr 14, 2012 8:17:04 AM Ignore carpenter4u Report Abuse 2 sets of books??/ Hmmm, sounds criminal
reb4 Champion Author Chicago Posts:19,092 Points:1,820,175 Joined:Sep 2004	Message Posted: Apr 14, 2012 8:11:57 AM Ignore reb4 Report Abuse different sets of books are common... probably the higher number is more realistic.
Evilmaddog Champion Author British Columbia Posts:3,312 Points:955,600 Joined:Aug 2010	Message Posted: Apr 14, 2012 8:06:45 AM Ignore Evilmaddog Report Abuse more speculation
ratboy1968 Champion Author Montreal Posts:2,607 Points:547,075 Joined:Oct 2011	Message Posted: Apr 14, 2012 8:04:41 AM Ignore ratboy1968 Report Abuse ok
TomT2Lee Champion Author Cincinnati Posts:5,352 Points:1,596,255 Joined:Sep 2005	Message Posted: Apr 14, 2012 8:00:34 AM Ignore TomT2Lee Report Abuse Just like the US government clouds their intentions, like the Federal Reserve clouds their intentions. We got lots of clouds, lots of smoke and mirrors but almost no truth and sunshine.
herndonks Champion Author Baltimore Posts:1,116 Points:211,685 Joined:Dec 2011	Message Posted: Apr 14, 2012 7:57:19 AM Ignore herndonks Report Abuse Uncertainty is what OPEC wants
geezrtek Champion Author Michigan Posts:1,896 Points:430,535 Joined:Apr 2011	Message Posted: Apr 14, 2012 7:55:48 AM Ignore geezrtek Report Abuse Hysterical ! These folks can't tell the truth even to each other. We need to do everything we can to reduce then stop doing business with them.
OHMS Champion Author Orange County Posts:13,711 Points:1,690,905 Joined:May 2005	Message Posted: Apr 14, 2012 7:51:24 AM Ignore OHMS Report Abuse Qatar is the exception. According to secondary sources, the small emirate pumped an estimated 800,000 b/d. But Doha officially says it only produced 750,000 b/d.
Dennis783 Champion Author Des Moines Posts:13,584 Points:2,701,935 Joined:Sep 2005	Message Posted: Apr 14, 2012 7:47:56 AM Ignore Dennis783 Report Abuse they want the highest prices
fjkcpa Champion Author Houston Posts:4,493 Points:600,260 Joined:Nov 2005	Message Posted: Apr 14, 2012 7:44:47 AM Ignore fjkcpa Report Abuse Mumbo Jumbo...
farmboyTN Champion Author Tennessee Posts:2,253 Points:447,380 Joined:Feb 2012	Message Posted: Apr 14, 2012 7:43:36 AM Ignore farmboyTN Report Abuse yes.....
tgusa Champion Author Virginia Beach Posts:2,476 Points:439,875 Joined:Jun 2006	Message Posted: Apr 14, 2012 7:41:50 AM Ignore tgusa Report Abuse who knew?
cdrrod Champion Author Wisconsin Posts:4,144 Points:781,825 Joined:Feb 2006	Message Posted: Apr 14, 2012 7:28:38 AM Ignore cdrrod Report Abuse Let's face it: OPEC is in it for one thing: profiteering!
humblepie Champion Author Toledo Posts:34,147 Points:2,369,420 Joined:Mar 2006	Message Posted: Apr 14, 2012 7:10:36 AM Ignore humblepie Report Abuse just like u s jobs reports..........fixed.
xfatman Champion Author Missouri Posts:7,759 Points:2,000,070 Joined:Aug 2006	Message Posted: Apr 14, 2012 6:54:56 AM Ignore xfatman Report Abuse ArmydudeNC you hit it right on the head.... more oil produced means $$$ reporting less keeps the world running out of oil thus prices higher..
FocusST2 Champion Author North Carolina Posts:8,133 Points:1,376,975 Joined:Jul 2009	Message Posted: Apr 14, 2012 6:52:28 AM Ignore FocusST2 Report Abuse More production equals more money but at the same time not report that's what you're doing. This keeps the prices high.
Dphillips720 Champion Author Michigan Posts:1,400 Points:530,125 Joined:Mar 2011	Message Posted: Apr 14, 2012 6:37:55 AM Ignore Dphillips720 Report Abuse ok
WalRus49 Champion Author Boston Posts:4,065 Points:866,915 Joined:Nov 2010	Message Posted: Apr 14, 2012 5:31:40 AM Ignore WalRus49 Report Abuse More organized mayhem and pillage............
Buckeyee Champion Author Maine Posts:4,597 Points:897,805 Joined:May 2010	Message Posted: Apr 14, 2012 4:57:02 AM Ignore Buckeyee Report Abuse Time will tell.
bills299 Champion Author Atlanta Posts:3,356 Points:902,540 Joined:May 2005	Message Posted: Apr 14, 2012 4:52:32 AM Ignore bills299 Report Abuse Really?
djgunrunner Champion Author Salt Lake City Posts:10,087 Points:2,346,655 Joined:Apr 2005	Message Posted: Apr 14, 2012 4:28:23 AM Ignore djgunrunner Report Abuse How can you tell the member of opec are lying? There lips are moving.
2smooth1970 Champion Author California Posts:10,927 Points:1,786,655 Joined:Jun 2008	Message Posted: Apr 14, 2012 3:42:39 AM Ignore 2smooth1970 Report Abuse x