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Friday January 10, 2003 22:22
by blisset
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Jump To Comment: 1Saudi Oil Minister Ali al-Naimi is in Vienna where the effects of Venezueala´s general strike are beginning to effect the price of a barrel of Brent Crude.
He sent a "strong message" to world oil markets, where prices recently hit a two-year high, above $33 a barrel, for U.S. crude.
last week it was about 32$
so in those terms the Prestige would be worth 125.000$ more this week.
"There is a shortage. It is significant," said Naimi of the Venezuelan outage. "I can assure you that there will be no shortage." He predicted that oil prices "will be lower" after Sunday's meeting.
OPEC is under pressure from the United States to stop prices running out of control ahead of a possible U.S. attack against Baghdad, that some fear could be just weeks away.
Chavez said on the third day of the strike that "anarchy was not an option".
Thankfully anarchists working with trade unionist have provided for food supply throughout the country and we can discount his words as rhetoric. Though they go some way to explaining why anarchists kept silent in the early days of the strike.
Ministers must judge the volume of additional crude required to contain prices inside their preferred $22-$28 target range.
Kuwaiti Oil Minister Sheikh Ahmad al-Fahd al-Sabah has said the group is discussing a rise of 1.0-1.5 million barrels a day, up 4-7 percent on limits now of 23 million bpd.
Saudi Arabia, in control of most of the world's spare production capacity, wants an increase at the top end of the range.
Others including the UAE, Iran, Algeria and Libya are fearful that an end to the Venezuelan strike could push prices sharply lower and prefer just one million barrels daily.
Iran and Libya are also "on the list".
IF OIL CAN BE PUSHED TO 39$
iraq war is off.
so go and ask for Oil at your local shops.
get a sort of run going.
supply and demand isn´t that what capitalism is about.
perhŕps our new found friends the farmers could stock up on lots of oil for the next time they come to Dublin and help the evolving revolution take control.
:-)