The political uprisings in the oil-rich region of the Middle East and North Africa are pushing oil prices to a dangerous level that threatens to force many still recovering economies into another recession. Wayne Atwell, Managing Director of Casimir Capital, spoke with Oil Investing News, a part of The Resource Investing News Network, about the possible implications for the resource markets.
Oil levels were nearing levels that would likely prompt an increase in supply from the OPEC. Such an action would likely cause oil prices to drop. Furthermore, evidence of a bottoming out of the recession is still a bit patchy. The latest data on industrial production for some of the larger countries continues to remain negative.
Oil pulled back in Asia on Friday as regional stock markets eased and investors awaited a US report on unemployment which could give fresh clues on the health of the recession-hit economy. Victor Shum, senior principal at energy consultancy Purvin and Gertz in Singapore, stated: Oil is retreating a bit and that’s not surprising considering [...]
Total SA, Europe’s third-largest oil producer, declared second-quarter earnings dipped 54 percent as the global recession eroded energy demand, causing crude prices to drop. For full story, click here
BP Plc, Europe’s second-biggest oil company, announced a 53 percent dip in profit as the recession dragged down energy prices and cut demand for fuel. For full story, click here
Crude oil will collapse to $20 a barrel this year as the recession has taken over a deeper toll on fuel demand, as per academic and former U.S. government adviser Philip Verleger. For full story, click here
OPEC declared the world will need less crude oil from the group in 2013 than it did last year as the lingering impact of slump crimps demand and surging biofuels supply makes up for shrinking output elsewhere. For full story, click here
With the economic slump pulling down oil demand, the petroleum refining industry globally has entered a cyclical slump and is expected to remain depressed over next couple of years. Also, the oil marketing companies in India are once again selling fuel at a loss as crude prices have crossed $70 mark. For full story, click [...]
Nippon Oil Corp declared that it was likely to refine around 6 percent less crude oil in May than it did a year earlier, marking a seventh straight month of declines, reflecting slow domestic demand amid the recession. For full story, click here
Crude oil declined, retreating from its highest level in four months, as signs of a deepening global recession dimmed the outlook for a recovery in fuel consumption. For full story,click here
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