{"id":384,"date":"2005-08-11T11:20:44","date_gmt":"2005-08-11T05:50:44","guid":{"rendered":"http:\/\/www.ravikiran.com\/2005\/08\/11\/oil-prices-watch\/"},"modified":"2005-08-11T11:20:44","modified_gmt":"2005-08-11T05:50:44","slug":"oil-prices-watch","status":"publish","type":"post","link":"https:\/\/www.ravikiran.com\/blog\/classic\/200508\/oil-prices-watch\/","title":{"rendered":"Oil prices watch"},"content":{"rendered":"<blockquote><p>\nSo why hasn\u00e2\u20ac\u2122t OPEC done more to lower prices, which have risen by 50% since the start of the year? The answer is that, in the short term at least, the cartel seems to have lost control over the market. With the exception of Saudi Arabia, its producers are pumping as much as they can\u00e2\u20ac\u201dand Saudi excess capacity is in heavy crude that is harder to refine into the cleaner fuels demanded by rich countries. OPEC made a great show of raising its members\u00e2\u20ac\u2122 combined quotas to 28m barrels per day (bpd) in June. But thanks to rampant cheating, they were already pumping at least that much, and possibly as much as 30m bpd, making OPEC\u00e2\u20ac\u2122s promises little more than a carefully staged bit of public relations. (<a href=\"http:\/\/www.economist.com\/agenda\/displayStory.cfm?story_id=4268274\" class =\"cite\">Perils at the pump | Economist.com<\/a>)<\/p><\/blockquote>\n<p>I hope the libertarian cartel is more disciplined. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>So why hasn\u00e2\u20ac\u2122t OPEC done more to lower prices, which have risen by 50% since the start of the year? The answer is that, in the short term at least, the cartel seems to have lost control over the market. With the exception of Saudi Arabia, its producers are pumping as much as they can\u00e2\u20ac\u201dand [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/posts\/384"}],"collection":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/comments?post=384"}],"version-history":[{"count":0,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/posts\/384\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/media?parent=384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/categories?post=384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/tags?post=384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}