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OPEC Slashes Oil Demand View For 2012 But Still Pumps More

Dow Jones Newswires -- LONDON – OPEC Thursday scissored its demand numbers for 2012 again as Asian growth slows, but the group still pumped at levels not seen in three years as Iranian disruptions fears continues.

In its closely-watched monthly report, the Organization of Petroleum Exporting Countries knocked off about 120,000 barrels a day out of its global oil growth demand estimate for 2012, to about 940,000 barrels a day.

So far, OPEC has slashed near a third of the amount it initially expected consumers to add to their 2012 needs.

"Waning [developed] economies are negatively affecting the oil market and imposing a considerable range of uncertainty over the short term," the group said. It cited question marks over Europe's ability to survive its debt crisis and fizzling appetite for gasoline among

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Submitted Feb 09, 2012 By: WxVette

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honda0105 Champion Author Tallahassee Posts:15,984 Points:1,249,100 Joined:Nov 2008	Message Posted: Feb 12, 2012 7:45:14 AM Ignore honda0105 Report Abuse greed is good, b/c cheepo, it kills the economy. That's what drove the economy into the pits in 2008 in the first place. Having high diesel costs is a hidden cost that cost everyone a lot of money even if they don't drive a diesel vehicle.
Cheepo Champion Author Tampa Posts:8,123 Points:2,778,790 Joined:Apr 2003	Message Posted: Feb 11, 2012 10:37:26 AM Ignore Cheepo Report Abuse Greed is good!!! Big oil makes less profit in % than mcdonald!!!!!
honda0105 Champion Author Tallahassee Posts:15,984 Points:1,249,100 Joined:Nov 2008	Message Posted: Feb 11, 2012 7:44:04 AM Ignore honda0105 Report Abuse gasrat: not exactly. There's the Pig Oil greed factor...
gasrat6083 Champion Author Long Island Posts:1,694 Points:839,855 Joined:Sep 2005	Message Posted: Feb 10, 2012 10:18:15 AM Ignore gasrat6083 Report Abuse Which means our prices should go down... LOL!
Gas_Buzzer Champion Author South Carolina Posts:12,393 Points:2,271,525 Joined:Sep 2005	Message Posted: Feb 10, 2012 10:03:27 AM Ignore Gas_Buzzer Report Abuse Simple...it's ALL about the money.
GasPriceHelp4u All-Star Author Dayton Posts:864 Points:209,675 Joined:Jul 2008	Message Posted: Feb 10, 2012 5:25:02 AM Ignore GasPriceHelp4u Report Abuse OPEC has to interfere and offset any decline in oil supply due to Iran's threat of interrupting oil supplies to the world. OPEC is strong and most times makes smart decisions in the wake of Iran's threat.
nb52 Champion Author Grand Rapids Posts:5,962 Points:1,187,445 Joined:Nov 2008	Message Posted: Feb 10, 2012 5:18:03 AM Ignore nb52 Report Abuse Nice use of the word "scissored".
abacus44 Champion Author Toms River Posts:1,951 Points:424,395 Joined:Jan 2011	Message Posted: Feb 9, 2012 11:45:10 PM Ignore abacus44 Report Abuse That's not a decrease in demand but a decrease in the rate of growth of demand. Doesn't sound like prices will be coming down anytime soon.
rawdog1313 Champion Author Lexington Posts:1,510 Points:1,283,485 Joined:May 2008	Message Posted: Feb 9, 2012 11:22:52 PM Ignore rawdog1313 Report Abuse Screw em........
danreino Champion Author Twin Cities Posts:6,812 Points:1,244,240 Joined:Mar 2008	Message Posted: Feb 9, 2012 11:22:18 PM Ignore danreino Report Abuse TERMINATE (literally); the off shore traitors/speckulators/manipulators in places like The Bahamas, The Cayman Islands, Monaco & Malta.
CdnLynx Veteran Author Ontario Posts:349 Points:226,175 Joined:May 2008	Message Posted: Feb 9, 2012 11:22:15 PM Ignore CdnLynx Report Abuse They know it! They know they have us by the short and curleys; the price balloon will never, ever, come back down!
danny999 Champion Author Florida Posts:6,896 Points:1,278,960 Joined:Oct 2008	Message Posted: Feb 9, 2012 11:20:25 PM Ignore danny999 Report Abuse Can't put in print what they should do.
us4usa Champion Author Missouri Posts:4,432 Points:784,445 Joined:May 2008	Message Posted: Feb 9, 2012 11:19:49 PM Ignore us4usa Report Abuse OPEC needs money too they will pump as much as they can sell...
jetskijerry Champion Author North Carolina Posts:2,110 Points:420,295 Joined:Mar 2011	Message Posted: Feb 9, 2012 11:17:02 PM Ignore jetskijerry Report Abuse quit buying gas until the price goes down!!!!
jetskijerry Champion Author North Carolina Posts:2,110 Points:420,295 Joined:Mar 2011	Message Posted: Feb 9, 2012 11:16:16 PM Ignore jetskijerry Report Abuse I refuse to continue to buy gas at high prices. I USED to drive over 1000 miles a week. I now drive 25 miles a week.
jetskijerry Champion Author North Carolina Posts:2,110 Points:420,295 Joined:Mar 2011	Message Posted: Feb 9, 2012 11:15:14 PM Ignore jetskijerry Report Abuse Now wait a minute...They're pumping more than ever, demand is going down and is predicted to go lower. WHY DO PRICES CONTINUE TO GO UP??? Could it be because idiots CONTINUE TO BUY AT RECORD HIGH PRICES???????Ehhhhh could be.....
southrob Champion Author Tucson Posts:1,870 Points:345,020 Joined:Mar 2011	Message Posted: Feb 9, 2012 11:14:23 PM Ignore southrob Report Abuse drill here and now and let opec worry about opec
billk44077 Champion Author Cleveland Posts:1,353 Points:273,405 Joined:Aug 2011	Message Posted: Feb 9, 2012 11:14:08 PM Ignore billk44077 Report Abuse Keeping prices high.
Raider44 Champion Author Allentown Posts:1,059 Points:1,281,300 Joined:Apr 2008	Message Posted: Feb 9, 2012 11:13:32 PM Ignore Raider44 Report Abuse Refinery output decreases will keep prices high. Any problem in the supply chain - from OPEC to natural disasters - will affect prices.
tedjm1 Champion Author New York Posts:4,085 Points:497,440 Joined:Dec 2006	Message Posted: Feb 9, 2012 11:13:28 PM Ignore tedjm1 Report Abuse Action to ensure that the price does not go down.
tampacrvdriver Champion Author Tampa Posts:1,731 Points:362,350 Joined:May 2011	Message Posted: Feb 9, 2012 11:12:03 PM Ignore tampacrvdriver Report Abuse Crazy.
joel27nc Champion Author Raleigh Posts:8,712 Points:1,500,220 Joined:Mar 2008	Message Posted: Feb 9, 2012 11:11:55 PM Ignore joel27nc Report Abuse Here it comes!
Blue_Cruzer Champion Author Lexington Posts:5,702 Points:1,310,480 Joined:Mar 2007	Message Posted: Feb 9, 2012 11:09:46 PM Ignore Blue_Cruzer Report Abuse More lame excuses to charge whatever they want.
jkpsr Champion Author New Jersey Posts:2,540 Points:762,040 Joined:Jun 2005	Message Posted: Feb 9, 2012 11:09:38 PM Ignore jkpsr Report Abuse This should depress the price of their oil.
judgemobile Champion Author Ohio Posts:5,777 Points:2,088,255 Joined:Nov 2005	Message Posted: Feb 9, 2012 11:09:15 PM Ignore judgemobile Report Abuse where is the PRICE DROP when demand slackens ??
gocatgo Champion Author South Carolina Posts:13,319 Points:2,171,165 Joined:Apr 2006	Message Posted: Feb 9, 2012 11:08:51 PM Ignore gocatgo Report Abuse Pumping more is good.
bobdec Champion Author Florida Posts:7,263 Points:1,432,390 Joined:May 2008	Message Posted: Feb 9, 2012 11:07:14 PM Ignore bobdec Report Abuse The games they play to raise the prices
nztyraider Champion Author Nevada Posts:1,027 Points:371,480 Joined:Apr 2009	Message Posted: Feb 9, 2012 11:06:16 PM Ignore nztyraider Report Abuse Government mumbo jumbo.
LoneGuy Champion Author Lansing Posts:6,676 Points:1,960,840 Joined:Aug 2005	Message Posted: Feb 9, 2012 11:04:49 PM Ignore LoneGuy Report Abuse We need to get into productive work that will drive the economy. Jobs are the fuel for prosperity not more government aid.
txkrb All-Star Author Texas Posts:866 Points:316,575 Joined:May 2011	Message Posted: Feb 9, 2012 10:57:15 PM Ignore txkrb Report Abuse If their forecast is true and demand drops or does not increase much, and supply remains adequate could we have drop in price for 2012 Hell I will be happy if it just returns to average prices like second half of 2011
bl626 Veteran Author Toledo Posts:469 Points:148,770 Joined:Feb 2011	Message Posted: Feb 9, 2012 10:55:33 PM Ignore bl626 Report Abuse doesn't seem that 120,000 barrels a day would be that much to make a difference, more an opportunity to play with markets and have a excuse for speculators to keep high gas prices
wwardyota Champion Author Honolulu Posts:1,451 Points:795,210 Joined:May 2008	Message Posted: Feb 9, 2012 10:48:13 PM Ignore wwardyota Report Abuse Though consumers will be relieved to learn OPEC is making a comfortable cushion of oil available, the trend could fuel mounting strife within the group's ranks. and that would not be such a bad thing...
barb2249 Rookie Author Texas Posts:5 Points:108,400 Joined:Aug 2011	Message Posted: Feb 9, 2012 10:46:39 PM Ignore barb2249 Report Abuse Poor OPEC.
Wanda127 Champion Author Florida Posts:1,504 Points:573,740 Joined:May 2010	Message Posted: Feb 9, 2012 10:45:51 PM Ignore Wanda127 Report Abuse We need to be independent of OPEC.
hank1326 Champion Author Los Angeles Posts:7,208 Points:1,385,925 Joined:Jun 2008	Message Posted: Feb 9, 2012 10:40:27 PM Ignore hank1326 Report Abuse We must explore all possible domestic energy options before it is too late for us.
ty58 Sophomore Author Akron Posts:122 Points:206,475 Joined:Jun 2011	Message Posted: Feb 9, 2012 10:37:31 PM Ignore ty58 Report Abuse long as we keep depending on opec we'll give them the upper hand
DrCashFlow Champion Author Massachusetts Posts:5,296 Points:1,274,200 Joined:Jun 2008	Message Posted: Feb 9, 2012 10:37:16 PM Ignore DrCashFlow Report Abuse More supply and less demand is good
BKool Champion Author Michigan Posts:4,863 Points:1,821,600 Joined:Aug 2005	Message Posted: Feb 9, 2012 10:32:47 PM Ignore BKool Report Abuse Global demand will continue to shrink as the world economy tanks.
bif65 All-Star Author Virginia Posts:792 Points:138,075 Joined:Jan 2011	Message Posted: Feb 9, 2012 10:32:16 PM Ignore bif65 Report Abuse ok
suzmar Champion Author Texas Posts:1,040 Points:547,345 Joined:Jun 2006	Message Posted: Feb 9, 2012 10:31:24 PM Ignore suzmar Report Abuse A lot of speculation has always.
seenmany Rookie Author Salt Lake City Posts:24 Points:185,880 Joined:Aug 2011	Message Posted: Feb 9, 2012 10:29:53 PM Ignore seenmany Report Abuse Produce in the U.S.
judgemobile Champion Author Ohio Posts:5,777 Points:2,088,255 Joined:Nov 2005	Message Posted: Feb 9, 2012 10:29:00 PM Ignore judgemobile Report Abuse shrunken demand SHOULD lead to lower prices to stimulate sales. Do they understand how the basic market works...do they even care ?
Jeeputtputt Champion Author Michigan Posts:1,910 Points:443,665 Joined:Aug 2009	Message Posted: Feb 9, 2012 10:24:48 PM Ignore Jeeputtputt Report Abuse don't get it, does anyone?
vibdata Champion Author Massachusetts Posts:2,983 Points:629,710 Joined:Nov 2005	Message Posted: Feb 9, 2012 10:21:37 PM Ignore vibdata Report Abuse Wait. OPEC thinks less oil will be needed, pumps more, and the price SKYROCKETS at the pump? ? ? Who do you think are the crminals here? Yes, the BIG OILERS. Not completely OPEC. Locals.
drobbbb Champion Author Maryland Posts:1,933 Points:476,335 Joined:Dec 2010	Message Posted: Feb 9, 2012 10:21:33 PM Ignore drobbbb Report Abuse ok
skb69sa Champion Author San Antonio Posts:1,669 Points:354,320 Joined:Mar 2011	Message Posted: Feb 9, 2012 10:21:18 PM Ignore skb69sa Report Abuse OPEC is a mess. Looking for the day when we produce oil here for us.
orcar Champion Author Boise Posts:1,864 Points:525,685 Joined:Jun 2010	Message Posted: Feb 9, 2012 10:21:16 PM Ignore orcar Report Abuse In other terms it is call price fixing.
sammy518 Champion Author Austin Posts:2,160 Points:450,135 Joined:Dec 2010	Message Posted: Feb 9, 2012 10:14:48 PM Ignore sammy518 Report Abuse OK
Akcamper Veteran Author Tucson Posts:274 Points:30,555 Joined:Dec 2011	Message Posted: Feb 9, 2012 10:12:52 PM Ignore Akcamper Report Abuse SCREWED AGAIN!
bonzoonfmb All-Star Author Florida Posts:544 Points:358,525 Joined:Feb 2010	Message Posted: Feb 9, 2012 10:10:41 PM Ignore bonzoonfmb Report Abuse Pumping more to provide a cushion in case Iran... May lead to lower prices if they have to dump the excess.