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 Now online (2)big Monoid ...and 302 guests Last 5 registered Oplandisks nothingstar N_loop yipe foxtrotromeo Browse members... |
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Oil: Prices break US$30 barrier on Iraq fears 21.08.2002 9.00am NEW YORK - Oil prices topped the US$30 a barrel mark for the first time in 15 months on Tuesday, entering the danger zone for Western consumer nations as concerns grew over possible military conflict between the United States and Iraq. The move beyond US$30 -- clearing peaks struck in the immediate aftermath of last September's terror attacks on New York and Washington -- extended a nine-day surge that has added 13 per cent to oil prices. September crude futures on the New York Mercantile Exchange, rose to US$30.32 a barrel, the highest price for prompt crude since February 2001, before closing at US$29.95. Oil prices have steadily strengthened on fears of potential supply disruption in the Middle East, home to two thirds of world oil reserves, as Washington mulls military action to oust Iraqi leader Saddam Hussein. The Organisation of the Petroleum Exporting Countries has held its official production at the lowest level for a decade this year, helping to push crude prices up almost 50 per cent despite sluggish fuel demand in a downbeat economy. NYMEX October crude, which takes over as the prompt month on Wednesday was down 10 cents at US$28.70 while international benchmark Brent crude oil in London was down 16 cents at US$27.10 a barrel. Oil traders expect Opec ministers meeting in Japan next month to loosen tough production limits as US crude stocks have fallen to their lowest level in 17 months and fuel demand normally balloons in the last quarter of the year. But Kuwait's acting oil minister Sheik Ahmad al-Fahd al-Sabah this week warned that he did not expect the Middle East-dominated Opec to raise output unless the price of its basket of crudes went above US$28 per barrel. Opec's export price stood at US$26.82 on Monday. "It's not clear who the target audience was for al-Sabah's remark, but in our opinion, a quota hike in the near future seems more likely than not," said Michael Rothman, energy marke |
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, energy market analyst at Merrill Lynch. The United States, the world's largest oil consumer, has called on Opec to raise flows by one million barrels a day (bpd) from October to avoid a price spike this winter. Consumer governments, led by the White House, fear that prices above US$30 for US crude could hit growth and endanger a fragile global recovery. Opec is cautious about raising supply too soon and jeopardising a three-year oil price boom that has generated windfall revenues to its governments. The oil cartel itself said in a report on Monday that it overshot formal production limits by 1.8 million bpd in July. The Kuwaiti oil minister said in an interview published on Tuesday that the cartel was ready to increase crude supplies to world markets if the United States decided to go ahead with a military strike on Iraq. "If a war starts, Opec countries are ready to fill any possible supply disruption," the acting oil minister told Russia's Vremya Novostei daily. Analysts expect strong gasoline demand to make another dent in US crude stocks when the industry group American Petroleum Institute releases its inventory report later on Tuesday. - REUTERS |
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why the fuck does are govt. insist on using this basic means of enregy? when we have others that surpass that shit. |
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good question |
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