Saudi Arabian Oil Co. (Aramco) told the Japanese oil distributors that it will cut crude oil supplies to Japan by about five percent in December. For full story, click here For company’s website, click here
OPEC president Chakib Khelil said last week that in the face of the constant fall in prices, the cartel would cut production by a big margin to restore the market supply-demand balance. For full story, click here
Several experts revived earlier predictions about peak oil prices and fall in output as the justification for higher prices in anticipation of supply shortages in the future. Then in the middle of the summer sell-off started. Was peak oil just a multi-billion dollar hoax? For full story, click here
OPEC’s meeting tomorrow will almost certainly result in talk of cutting production, but not much in the way of concerted action. Member nations’ motivations are not synchronized, so consensus is exceedingly unlikely. Iran wants to impose OPEC-wide decreases, but the UAE thinks current levels are appropriate. Although OPEC will not move together on this issue, some countries (notably Saudi Arabia) are likely to retrench significant volumes.
Oil jumped for a third straight session on Wednesday to near $117 a barrel on growing supply concerns over Tropical Storm Gustav. Tetsu Emori, a fund manager at Astmax Co in Tokyo, said: I’m afraid (Gustav) could potentially cause an impact similar to hurricanes Katrina and Rita, although I certainly do not wish such things. For more [...]
Oil prices declined on Monday as demand worries due to rising fuel costs outweighed supply concerns caused by a tropical depression in the Caribbean. James Crandell, analyst for Lehman Brothers, said; All the factors that have motivated the price down are still intact. For full news, click here
Barrel prices were pushed gently northward in early trading on Monday, as a confluence of factors threatened supply and made it an attractive alternative investment. The dollar’s decline relative to the euro increased anti-inflation hedging activities in commodities.
Crude oil was steady after gaining yesterday as a government report showed decline in U.S. gasoline inventories for a fourth week. Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said: It looks like wholesalers are finally taking deliveries of gasoline after putting them off because of the record prices last month. For more information, [...]
Crude oil gained by approximately $3 on Wednesday after a weekly government report sparked concern about declining supplies. The Energy Department report showed: Crude supplies fell by 400,000 barrels for the week ended 8 August while gasoline supplies dropped by 6.4m. Distillates, used to make diesel fuel, declined by 1.7m barrels. For more information, click here
Large oil companies and OPEC purposely keeping oil supplies low to drive up crude oil prices. Read here for full information.
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