.... refineries currently running @ 96.7% of capacity.
OPEC ministers also authorized the organization's president, Sheikh Ahmad al-Fahd al-Sabah, to boost production by an additional 500,000 barrels a day sometime in July or August, Reuters reported. "We have to prepare for the fourth quarter. Demands on OPEC will increase to 30.5-31 (million bpd) and we have to prepare ourselves to continue increasing our production just to reach the call on OPEC," Sheikh Ahmad said.
Still, OPEC has repeated that there is currently more supply than demand for oil and that the bottleneck remains in the refining segment, as world refineries struggle to produce enough diesel, heating oil and jet fuel to satisfy the markets.
SO WHO BELIEVES PRICES WILL BE LOWER COME NOV '05 ?
