America's top oil suppliers to slash exports by 2012: CIBC World Markets

I was carpooling with one of my co-workers at work, Bob Turner, the oil man at Rich Dad's. We were listening to the news and heard that the oil barrel has gone up to $83.50 per barrel! Then he saw this article:

America's top oil suppliers to slash exports by 2012: CIBC World Markets

Global supply gap, surging prices will shift attention to oil deposits north of border

September 27, 2007: 08:20 AM EST

NEW YORK, Sept. 27 /PRNewswire-FirstCall/ - CIBC - Six of the largest oil suppliers to the U.S. are poised to significantly cut exports by 2012, ramping up pressure on supply and price, and intensifying the focus on one of the last great deposits open to private investment: Canada's oil sands.

The forecasted cuts by Mexico, Saudi Arabia, Venezuela, Nigeria, Algeria and Russia are the subject of a keynote address that Jeff Rubin, chief market strategist and chief economist at CIBC World Markets will deliver at the firm's Industrial Conference Oct. 2 in New York City. In his remarks, Mr. Rubin will share his latest research on the global oil supply/demand balance, with specific focus on the size and scope of the oil supply crunch facing the U.S. over the next five years.

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