Replies to post #9987 on The Rising Influence of Rising Affluence

[mr_o]

That would be a welcomed opportunity in my eyes.

[OakesCS]

Me too. OPEC production highest in 2 yrs

[DocLevi]

They are pulling a fast one on us and storing in wells ... http://www.cbc.ca/news/business/oil-industry-searching-for-storage-options-1.3042550 and week or so ago heard on CNBC Cushing was at 90% of capacity , now see 80% articles in Google and one CNBC show video tried saying 70%on outsider.

Either way they've realize they have to avoid full notice which makes it bogus as all kinds of oil is waiting to be dumped (and heard 12 months on Iran to get to 700k export/day but didn't say if that included the oil they've been selling at big discounts illegally during sanctions).

Already facing a storage crisis, some oil producers are being creative in how they hold on to their crude until prices rebound.

Fracklog is an increasingly popular method. Companies continue to drill wells, but stop just short of pumping out the oil. It's a way of storing the oil in the ground for the time being.

U.S. supplies of oil hit their highest level in 80 years this spring. Tank farms, such as the ones in Cushing, Okla, are nearing capacity. Cushing is one transit point for oil that is exported from Canada and likely destined for refineries in the Gulf Coast. Storage at Cushing is now at 78 per cent, according to Genscape, an energy data analysis firm.

http://www.eia.gov/dnav/pet/pet_stoc_wstk_dcu_ycuok_w.htm