http://online.wsj.com/article/SB122461947159855391.html   Africa’s Potential to Sate World’s Oil Demand Dims By PETER FRITSCH Cape Town, South Africa The petroleum potential of Africa, a key contributor of oil barrels to thirsty markets, is beginning to look dimmer because of the credit crunch and a host of endemic challenges. Certainly, Big Oil’s continental land grab will continue. Countries such as Angola and those around the Gulf of Guinea continue to lease tantalizing exploration blocks in the deep waters off the Atlantic coast. That region has been …

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According to the report posted below from Reuters, OPEC production may be running nearly 1mb/d above their target.  A Geneva consultancy that tracks tanker shipments estimates August OPEC production at nearly 33 mb/d, up almost 500 kb/d compared with July due to increases from Angola and Iran.  If true, the increased production would support claims by Iran that the market is being over-supplied and might help explain recently lower oil prices. OPEC output rising in August - petrologistics Fri 22 Aug 2008, 10:15 GMT By Alex Lawler LONDON …

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