Higher fuel prices ahead?greenspun.com : LUSENET : TB2K spinoff uncensored : One Thread
I found this report posted on another forum, thought it might be of interest here. It appears that the Arabs are learning it's better to sell a little for a lot than a lot for a little. No mention of non-Arab oil producers, altho previous reports have noted that Norway, Columbia, and Venz are all having trouble meeting current quotas, much less higher ones. Fair use and all that. Cash
Riyadh, May 22 (Bloomberg) -- The U.S. has told Arab oil producers that the Organization of Petroleum Exporting Countries must increase output by as much as 1.5 million barrels a day from July in order to keep crude oil in New York at under $25 a barrel during the second half of the year, the Middle East Economic Survey reported, without citing sources. U.S. Energy Secretary Bill Richardson's deputy David Goldwyn, who was in the Persian Gulf last week to meet with some of the region's producers, including Saudi Arabia, told the OPEC members that the exporters group should consider boosting their existing production ceiling by 1.3 to 1.5 million barrels a day when the group meets on June 21. Saudi Arabia, OPEC's biggest producer, has since said there's no justification for the exporters' group to boost their current production ceiling, which stands at 24.7 million barrels a day and excludes Iraq, as current oil prices are satisfactory, MEES reported.
U.S., along with other consumers, including Japan and Korea, is concerned that oil prices, which rose above $30 a barrel last week in New York, could boost inflation and stunt economic growth in their respective economies.
Kuwait's Oil Minister Sheikh Saud Nasser al-Sabah, said, ``The present price of oil on the international market is fair,'' and added, that he hoped ``they would continue at current levels,'' Kuwait's official KUNA news agency reported.
Crude oil for June delivery closed at $29.89 a barrel Friday on the New York Mercantile Exchange, after closing at $30.33 on Thursday, the highest since March 17. Prices rose as high as $34.37 in March.
-- Cash (email@example.com), May 22, 2000
Today gas and oil in freefall! FREE GAS this summer w/ coupon .
-- justin (firstname.lastname@example.org), May 22, 2000.
If you are into petroleum, you should follow dowenstreamer's fourm...
pub3.ezboard/fdownstreamerspetroleummarkets I'm not going to try a link for this.
More info on cracks, global politics and prices than you will probably want to know.
-- Todd (email@example.com), May 22, 2000.