8.755 Minutes Of "Extra" Oil From OPEC

According to Bloomberg :
OPEC Raises Output 500,000 Barrels/Day to Ease Prices (Update4)

Sept. 11 (Bloomberg) -- OPEC agreed to increase oil production for the first time in more than a year, concerned that near-record prices would damage a world economy already suffering from weakness in the U.S. housing industry.

Saudi Arabia, the largest member of the Organization of Petroleum Exporting Countries, led the group to add 500,000 barrels a day to its current production level, starting in November. The new target will be 27.2 million barrels a day, Kuwait's acting Oil Minister Mohammed Abdullah al-Aleem said in an interview.

Let's examine the figures, at first glance it looks rather huge numbers with all the zeros added with the special effects team of the news agency.

500,000 barrels per day = 500 thousands barrels.

World Oil Consumption per day = 82,234,918 bbl/day (According to NationMaster)

Let's calculate how much the world uses per second

82,234,918 divided by 24 hours divided by 60 minutes divided by 60 seconds = 951.79303 barrels per second!!

So how long does this output boost of 500,000 bbl/day can help the world?

500,000 / 951.79303 = 525.32429 seconds = 8.7554048 Minutes (8.755 Minutes in short)

Those who view OPEC is the hero for boosting the "modest" oil output will see otherwise after doing their own calculation.

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