OPEC spare capacity in the first quarter of 2012 at lowest level since 2008:  EIA

OPEC’s view of the world:  Oil Price.  OPEC’s Monthly Oil Market Report:  OPEC

Gregor:  OPEC has lost the power to lower the price of oil.  Chris Martenson

The dumb chart of the day arrives from the Oil drum.  Projected is for US petrodollars exported to double over the next decade.  Umm…the number is more likely to go to zero with horizontal drilling.

“With Midwest refineries saturated by light sweet crude, Enbridge Inc. outlined  expansion plans to get oil to the coasts at the Williston Basin Petroleum  Conference on Wednesday.”  Bismarck Tribune with a hat tip to Million Dollar Way.

Canadian Arctic oil:  “The Beaufort-Mackenzie is a world-class play. It has the possibility to change the game when it comes to the world balance of oil and gas reserves.”  Globe and Mail