[TRMP]

http://www.breitbart.com/article.php?id=080910015417.g2ck3v2z&show_article=1

My entire argument against Lindsey Williams alleged talk with his elite oil friend was that Indonesia was in OPEC, and OPEC would not allow a field to be opened that would flood the market.

Now it looks like Indonesia can do whatever they want to do...

"Two new (currently secret) very large oil fields will be opened up; Indonesia and North of Russia..."

Link to Lindsey Williams interview

 

[mongoose]

the biggest problem with his theories is that indonesia is a net oil importer. the new fields estimated at bringing total production up by 2009. and present oil production is falling at a little over 1% per year.
OPECs recent decision to reduce by 500,000 bbd is to stabalize prices and keep them over 100 per bbl and maybe as high as 115

http://www.indonesiamatters.com/1010/oil-production/
Oil production is forecast to continue to fall.

Trijana Kartoatmodjo, the Deputy Head of the Upstream Oil and Gas Executing Body (BP Migas), says that daily oil production in Indonesia will continue falling unless new fields are developed. Currently oil production is at 1.1 million barrels per day while demand is at 1.3 million barrels.

Trijana says that oil production is falling by 1.2% a year while oil demand is rising by 1.5%. In 2007 it is estimated that daily production will be at 995,000 barrels, falling in 2008 to 982,000 barrels and falling again in 2009 to 971,000 barrels, while daily consumption of oil in 2007 will likely be at 1,365 million barrels per day, rising in 2008 to 1,443 million barrels and in 2009 to 1,505 million barrels.