Phew, that's all right then.Saudi Arabian oil minister Ali Naimi said Thursday that there was more supply than demand for crude oil in the world market and high oil prices were not due to a shortage of supply.
Naimi, addressing delegates at the 9th International Oil Summit in Paris, said stocks were in "good standing" and there was enough oil supply.
"The world is producing more oil than is being consumed," Naimi said in response to a question as to what Saudi Arabia, the world's biggest oil
exporter, could do to bring down oil prices.
"Saudi Arabia is not in the business of managing oil prices," he replied. There was, he said, "no single reason" for current high oil prices, which traded at a new record of $112.21/barrel in New York on Wednesday. However, he said, current price levels were "not due to short supply."
Current Oil Price
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biffvernon
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From Platts
Don't ask me why the oil price is so high, how should I know?
Andy Hunt
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mikepepler
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emordnilap
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emordnilap
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emordnilap
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Tapis $118.77 15 April 2008 11:20 GMT according to upstreamonline
I experience pleasure and pains, and pursue goals in service of them, so I cannot reasonably deny the right of other sentient agents to do the same - Steven Pinker
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emordnilap
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More money looking for a safe haven from dodgy equities and terrible housing markets... Commodities are a safe bet while Asia is sucking up all the extra oil that the west can't afford any more. [disclaimer: not a solicitation for business etc, just my personal view, not that of my employer]
There were some helpful fundamentals as well, pipeline leak in the US, pipeline explosion in Nigeria, China dropping VAT on petrol and diesel to permit increased imports leading up to the olympics.
There were some helpful fundamentals as well, pipeline leak in the US, pipeline explosion in Nigeria, China dropping VAT on petrol and diesel to permit increased imports leading up to the olympics.
The FT reckon that the news from Russia has contributed to this price rise too.Tess wrote:More money looking for a safe haven from dodgy equities and terrible housing markets... Commodities are a safe bet while Asia is sucking up all the extra oil that the west can't afford any more. [disclaimer: not a solicitation for business etc, just my personal view, not that of my employer]
There were some helpful fundamentals as well, pipeline leak in the US, pipeline explosion in Nigeria, China dropping VAT on petrol and diesel to permit increased imports leading up to the olympics.
Fears emerge over Russia?s oil output
Russian oil production has peaked and may never return to current levels, one of the country?s top energy executives has warned, fuelling concerns that the world?s biggest oil producers cannot keep up with rampant Asian demand.
The warning helped on Tuesday to push crude oil prices to a fresh all-time high above $112 a barrel, threatening to stoke inflation in many countries.
"If we don't change our direction, we are likely to wind up where we are headed" (Chinese Proverb)
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biffvernon
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