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World's spare oil capacity grows as Iran sanctions bite

Reuters -- The world's spare oil production capacity outside of Iran rose in last two months as gasoline demand waned in the United States and oil use for power generation fell in the Middle East, the U.S. government said in a bimonthly report.

In September and October, spare oil production capacity was 2 million barrels per day, the EIA said, up from 1.8 million bpd in the previous two months, said the report, which is required by last year's Iran sanctions law.

The slightly larger cushion gives room for the Obama administration to continue pressuring Tehran over its disputed nuclear program through sanctions that target Iran's oil revenues.

The sanctions require global importers to buy less Iranian crude or risk being cut off from the U.S. financial system. Tehran has said its nuclear prog

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Submitted Oct 26, 2012 By: MidNJ

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52MPG Champion Author Dayton Posts:7,277 Points:1,744,630 Joined:Apr 2006	Message Posted: Oct 28, 2012 9:55:17 AM Ignore 52MPG Report Abuse I wonder if these are real numbers.
DanMtz Champion Author Oakland Posts:3,370 Points:1,246,350 Joined:Oct 2009	Message Posted: Oct 28, 2012 9:22:04 AM Ignore DanMtz Report Abuse Iran is ready to boot its leader.
jrs4125 Champion Author Indiana Posts:2,773 Points:594,670 Joined:Sep 2011	Message Posted: Oct 28, 2012 8:11:07 AM Ignore jrs4125 Report Abuse Fossil fuel is a finite resource.
fullcirclethink Champion Author Washington Posts:2,008 Points:159,340 Joined:Jun 2009	Message Posted: Oct 26, 2012 9:34:42 PM Ignore fullcirclethink Report Abuse Works for me!
HorizonChaser Champion Author Montgomery Posts:1,994 Points:457,460 Joined:Dec 2011	Message Posted: Oct 26, 2012 9:06:24 PM Ignore HorizonChaser Report Abuse I'm sorry for the suffering and persecuted Christians in Iran. The rest of the citizens there need to get rid of their current leadership. (Just like we do here.)
Tucker16 Champion Author Ottawa Posts:1,160 Points:545,500 Joined:Jul 2006	Message Posted: Oct 26, 2012 12:54:44 PM Ignore Tucker16 Report Abuse Good.
orphancarguyPE Champion Author PEI Posts:3,865 Points:737,915 Joined:Jan 2011	Message Posted: Oct 26, 2012 12:08:48 PM Ignore orphancarguyPE Report Abuse The spare is only 2%. You do realize that Iran produces this and more. There might be a zero spare if Iran is locked out...
Discovery02 Champion Author Colorado Springs Posts:2,590 Points:313,590 Joined:May 2012	Message Posted: Oct 26, 2012 11:34:30 AM Ignore Discovery02 Report Abuse US allies and partners working together to keep nukes out of the hands of mad men.
merlinCO Champion Author Colorado Posts:1,655 Points:344,320 Joined:Mar 2012	Message Posted: Oct 26, 2012 11:00:59 AM Ignore merlinCO Report Abuse When can we say that about OPEC?
7SPEEDY7 Champion Author Flint Posts:1,301 Points:608,375 Joined:May 2011	Message Posted: Oct 26, 2012 10:54:23 AM Ignore 7SPEEDY7 Report Abuse Key Words: ENERGY INDEPENDENCE FROM THE MIDDLE EAST!!!
Jeffro61 Champion Author Cleveland Posts:2,287 Points:2,288,795 Joined:Oct 2005	Message Posted: Oct 26, 2012 10:10:06 AM Ignore Jeffro61 Report Abuse Goes to show nobody need Iran.
ciimike Champion Author Nevada Posts:4,638 Points:1,062,060 Joined:Aug 2005	Message Posted: Oct 26, 2012 10:05:39 AM Ignore ciimike Report Abuse Politics will be the end of us!
fedupMN Champion Author Twin Cities Posts:2,969 Points:576,380 Joined:Mar 2011	Message Posted: Oct 26, 2012 10:01:43 AM Ignore fedupMN Report Abuse ok
fuel2use Champion Author Seattle Posts:3,497 Points:734,555 Joined:Dec 2010	Message Posted: Oct 26, 2012 9:34:37 AM Ignore fuel2use Report Abuse Okay.
HailstormCA Champion Author San Diego Posts:7,865 Points:1,473,970 Joined:Nov 2008	Message Posted: Oct 26, 2012 8:58:07 AM Ignore HailstormCA Report Abuse Wow! Spare? I'll store some of that for ya, like in my tank.
NanookAK Champion Author Anchorage Posts:7,271 Points:1,443,940 Joined:Nov 2007	Message Posted: Oct 26, 2012 8:51:28 AM Ignore NanookAK Report Abuse Iran as well as the U.S. needs a change in leadership.
gbs1 Champion Author Minnesota Posts:2,016 Points:745,525 Joined:Mar 2011	Message Posted: Oct 26, 2012 8:51:15 AM Ignore gbs1 Report Abuse Good news for world consumers
bullseye100 Champion Author New Jersey Posts:2,439 Points:587,130 Joined:Aug 2011	Message Posted: Oct 26, 2012 8:47:25 AM Ignore bullseye100 Report Abuse Hopefully the sanction will work and gas prices can continue to come down if the world has excess oil stockpiled.
reeneedan Champion Author San Jose Posts:1,200 Points:385,845 Joined:May 2011	Message Posted: Oct 26, 2012 8:46:56 AM Ignore reeneedan Report Abuse same old story
DatThao All-Star Author Wilmington Posts:737 Points:143,690 Joined:Oct 2012	Message Posted: Oct 26, 2012 8:43:34 AM Ignore DatThao Report Abuse Good to know.
treehood Champion Author San Diego Posts:2,059 Points:399,685 Joined:May 2011	Message Posted: Oct 26, 2012 8:10:28 AM Ignore treehood Report Abuse I do not necessarily believe our spare oil capacity is growing. I believe it is less than before. Our true needs are being hidden by the current world recession. When we begin producing and all the world begins demanding more products, we will see how little oil reserve we have. think about it.
peakkeller Champion Author Colorado Springs Posts:1,696 Points:779,075 Joined:Dec 2009	Message Posted: Oct 26, 2012 7:54:43 AM Ignore peakkeller Report Abuse Sanctions are working.
Norm10 Champion Author British Columbia Posts:3,342 Points:163,050 Joined:Dec 2010	Message Posted: Oct 26, 2012 7:44:55 AM Ignore Norm10 Report Abuse But the USA wants to buy oil from their best friends in Iran rather than have a pipeline to bring in oil from their neighbours in Canada.
mitt4prez Champion Author Tacoma Posts:1,762 Points:1,249,125 Joined:Nov 2007	Message Posted: Oct 26, 2012 7:21:20 AM Ignore mitt4prez Report Abuse The spare capacity is coming from a slowing world economy and sluggishly increased production. Get rid of The Won and see that spare oil capacity stop growing.
torch347 Champion Author Indianapolis Posts:1,065 Points:1,034,375 Joined:Jul 2007	Message Posted: Oct 26, 2012 7:15:38 AM Ignore torch347 Report Abuse I agree that anything that hurts Iran is good for the rest of the world.
werich44 Champion Author California Posts:1,872 Points:471,130 Joined:Jun 2011	Message Posted: Oct 26, 2012 7:03:51 AM Ignore werich44 Report Abuse Anything that hurts Iran is good for the rest of the world.
Don20 Champion Author Oklahoma City Posts:9,687 Points:2,622,555 Joined:Mar 2005	Message Posted: Oct 26, 2012 6:53:53 AM Ignore Don20 Report Abuse World's spare oil capacity grows as Iran sanctions bite.. If we lift the sanctions they will flood the market, just out of spite...
lindact Champion Author New Haven Posts:8,751 Points:1,719,895 Joined:May 2008	Message Posted: Oct 26, 2012 6:44:28 AM Ignore lindact Report Abuse No correlation to how it affects our pump prices.
bigsranch Champion Author Houston Posts:3,161 Points:1,008,405 Joined:Apr 2007	Message Posted: Oct 26, 2012 6:41:21 AM Ignore bigsranch Report Abuse The global recession has more to do with the "spare oil capacity" than Iran sanctions. Sanctions alone would have the opposite effect if demand were constant.
jony Champion Author Florida Posts:7,341 Points:1,635,490 Joined:May 2006	Message Posted: Oct 26, 2012 6:41:11 AM Ignore jony Report Abuse just quit buying oil from Iran and Venezuela permanently
StrangeLuv Champion Author Kansas City Posts:3,699 Points:903,850 Joined:Jul 2008	Message Posted: Oct 26, 2012 6:39:43 AM Ignore StrangeLuv Report Abuse Hmmm.
k2kipp Champion Author Minnesota Posts:3,175 Points:1,129,990 Joined:Sep 2005	Message Posted: Oct 26, 2012 6:38:59 AM Ignore k2kipp Report Abuse Should hit 2 bucks I say.... fun to dream.
swepson Champion Author Greensboro Posts:5,483 Points:1,554,600 Joined:Jul 2008	Message Posted: Oct 26, 2012 6:38:26 AM Ignore swepson Report Abuse Part of a big picture. But of what?
Point__man Champion Author Raleigh Posts:4,350 Points:880,620 Joined:Oct 2010	Message Posted: Oct 26, 2012 6:35:25 AM Ignore Point__man Report Abuse Keep the sanctions in place ;) Increase production everywhere else. Keep demand low globally even when the economy springs back and THEN we will gain independence globally from the petroleum industry.
cupboy Champion Author Salt Lake City Posts:2,797 Points:1,124,860 Joined:Nov 2005	Message Posted: Oct 26, 2012 6:35:06 AM Ignore cupboy Report Abuse Looks like a good opportunity to permanently exclude Iran oil.
snky2k Champion Author Indianapolis Posts:1,413 Points:306,490 Joined:Mar 2012	Message Posted: Oct 26, 2012 6:34:26 AM Ignore snky2k Report Abuse Uh....ok.
WTLITNG Champion Author Virginia Posts:1,868 Points:1,018,035 Joined:Dec 2008	Message Posted: Oct 26, 2012 6:34:05 AM Ignore WTLITNG Report Abuse That is of little consequence if you don't have employment and can't pay for gas.
scrossi Champion Author Indiana Posts:3,899 Points:1,051,415 Joined:Dec 2008	Message Posted: Oct 26, 2012 6:34:04 AM Ignore scrossi Report Abuse Good.
mberg Champion Author Houston Posts:3,822 Points:963,305 Joined:Aug 2010	Message Posted: Oct 26, 2012 6:34:04 AM Ignore mberg Report Abuse This should help us turn the screws a little tighter on Iran.
TBecker1415 Champion Author Missouri Posts:1,670 Points:349,690 Joined:Nov 2011	Message Posted: Oct 26, 2012 6:32:53 AM Ignore TBecker1415 Report Abuse ok
slgas Champion Author Houston Posts:6,045 Points:1,565,465 Joined:Oct 2008	Message Posted: Oct 26, 2012 6:32:38 AM Ignore slgas Report Abuse Great news!
MightyDude Champion Author Minnesota Posts:10,365 Points:2,651,670 Joined:Mar 2003	Message Posted: Oct 26, 2012 6:32:09 AM Ignore MightyDude Report Abuse but, but experts in the 70’s said that we would run out of crude in twenty years, me cornfused ;)
EXTREMESNOW Champion Author Medford Posts:8,910 Points:1,821,540 Joined:Jul 2006	Message Posted: Oct 26, 2012 6:31:56 AM Ignore EXTREMESNOW Report Abuse Like our financial system is something everyone wants to be a part of. We give billions away and yet we are broke....????
Bus936 Champion Author Lexington Posts:16,459 Points:3,222,930 Joined:May 2004	Message Posted: Oct 26, 2012 6:30:23 AM Ignore Bus936 Report Abuse Our prices are currently coming down somewhat, and they also need to stabilize at lower prices.
sparkie951 Champion Author Roanoke Posts:4,190 Points:854,660 Joined:Dec 2010	Message Posted: Oct 26, 2012 6:29:55 AM Ignore sparkie951 Report Abuse Keep Producing.. Keep the price coming down.
werv4fun All-Star Author Arkansas Posts:597 Points:300,535 Joined:Aug 2008	Message Posted: Oct 26, 2012 6:29:42 AM Ignore werv4fun Report Abuse Prices will continue to drop until November 6.
liao Champion Author Montreal Posts:3,462 Points:1,431,160 Joined:Sep 2008	Message Posted: Oct 26, 2012 6:28:26 AM Ignore liao Report Abuse Are we going to have cheaper price at the pump sooner?
mnbeancounter Champion Author Minnesota Posts:4,764 Points:1,065,740 Joined:Oct 2009	Message Posted: Oct 26, 2012 6:28:15 AM Ignore mnbeancounter Report Abuse When people don't have jobs they don't need gas. We need JOBS!
Eagle3236 Champion Author Missouri Posts:1,163 Points:212,100 Joined:Oct 2012	Message Posted: Oct 26, 2012 6:27:05 AM Ignore Eagle3236 Report Abuse We still need to do all that we can do to become less dependent on foreign oil.
GoLancer4 Champion Author Ohio Posts:1,787 Points:441,615 Joined:Sep 2011	Message Posted: Oct 26, 2012 6:26:55 AM Ignore GoLancer4 Report Abuse alright