Famous Quotes & Sayings

Five, six years ago, Venezuela was producing 3 million barrels a day. Now, it's closer to 2 million.

Before Katrina, the system was already so tight that the worst-case scenario was for a disruption that took 250,000 barrels of capacity out of the picture. That would have been considered a major jolt,

John McCallum

Beyond the 450,000 barrels of (crude) oil per day is the much more important point that this is the future of the global economy and it's fundamentally in our interests that we become a part of it,

We will start pumping oil by the end of 2007, with production of at least 30,000 barrels per day (bpd).

Samuel Bodman

To meet our obligations as a member of the International Energy Agency, the United States will release 30 million barrels of crude oil from the Strategic Petroleum Reserve, ... We will offer the oil for bid.

Cosmetic? You are talking about quotas. But when it comes to production, OPEC responds to the market. We are producing 2 million barrels a day more.

There's less crude being run now through refineries than there is loss in production in the Gulf. We're estimating refinery runs are down about 2 million barrels a day while crude out of the Gulf is down a million and a half.

I mean, I believe very strongly in the fundamental of oil drilling, and the oil drillers are perhaps the most spectacular stocks of this year. They're still up; they were up yesterday, and they're near their all-time highs, and that's because the world uses 200 million barrels of oil more than it drills. The companies that own the equipment to drill are going to be utilized more and the rates are going up.

It was refiners in the Midwest and on the East Coast that stepped up, while crude runs on the Gulf Coast continued to slide, losing another 52,000 barrels daily to stand 1.565 million barrels lower than before the storm.

It's less than 30,000 barrels a day in a country that consumes 21 million. That's not even rearranging a single deck chair on the Titanic. But psychologically, it has some effect.

Gary Miller

In the United States, oil demand is projected to grow by 340,000 barrels per day this year and gasoline demand is projected to grow nearly two percent, averaging 9.3 million barrels per day for the summer.

In the wet-barrel market - the real barrels that are stored and traded - there is no shortage of oil. But the paper barrels - the futures market - react like a lightning rod in a volatile market. That's their role.

Instead, we get up to 50 million barrels of oil.

Bill Richardson

In our meetings with oil producing countries, we simply and forcefully made our case that increased production is in the interest in both producing and consuming nations, ... We made the point that the world is consuming 75 million barrels per day, and it is producing 73.

Iran and Nigeria have got people extremely nervous. There's a concern that around two and a half million barrels per day of Iranian exports could be removed.

If you're talking about a 400,000 barrels per day refinery next to a French Chateau in the Loire valley, the timeline is infinite. If you're looking at an industrialized part that already includes an oil refinery, it's much less of a big deal.

By June we should be looking at modestly another half a million barrels of capacity a day.

Certainly this is saying that Shell is going to miss some deliveries after the explosion. It's a question of how long the delays will last, but 180,000 barrels per day is not that big.

After each heat, we're able to quickly turn the barrels up and dump the debris, filling them up and setting them down for the next round,

David Robinson

This acquisition represents an exceptional opportunity for us to increase shareholder value. We are starting with around 40 barrels of output a day, but with considerable potential to boost production.

With oil prices over 60.0 dollars, it is not necessary, particularly with Nigeria losing about 500,000 barrels per day.

With the completion of this acquisition, Black Dragon is poised for rapid revenue growth in 2006. With 1200 company well bores, including 413 producing wells currently in our portfolio, it is our goal to be on target by year end to produce over 30,000 barrels of oil per month.

Production in the Gulf has yet to recover and the trouble in Nigeria shows no signs of easing. We are missing about 1 million barrels of output.

The simple announcement by U.S. authorities to place one million barrels a day ... will provoke a strong descent (in oil prices) on Monday.

The market looks well supplied, in fact oversupplied, by 2 million barrels a day. We believe OPEC has to be ready to cut, maybe now in this meeting, maybe at the next meeting.

The market is reacting to Richardson's announcement. By putting more barrels on the market, it immediately alters U.S. crude oil inventories.

The market is overstressed ... this means we have to cut around 500 000 barrels a day.

The IEA have only predicted losses in refined crude production for September, and the reality is that 4 major US refineries with a total output of 900,000 barrels are still down, and they are expected to be for the next 2-3 months.

The gasoline draw is a bullish number, without doubt. The decline was much bigger than the 1.1 million barrels draw the Street was anticipating,

The gasoline barrels from Europe might take two weeks to get here. Things will get worse before they get better because stocks will be tighter.

Michael Fitzpatrick

The effects of Katrina will be felt throughout the economy, reducing demand and keeping a lid on energy prices. The federal government is ready to release barrels from the Strategic Petroleum Reserve and there is significant help coming from abroad.

The market expects bearish inventories, with crude up by 1.5 million barrels, distillates down 1.7 million barrels and gasoline supplies unchanged.

The initial question is where is the 2 million barrels going to come from.