Oil prices have been pushed up again by several factors
Published:
4 July 2004 y., Sunday
Oil prices have been pushed up again by several factors. Buyers are worried about falling reserves in the US and the possibility that world oil supplies could tighten again.
OPEC oil cartel members Saudi Arabia and Nigeria have hinted the organisation might not follow through on its vow to boost output.
In London Brent crude shot up $1.57 on Thursday going as high as $36.10 a barrel.
Nigeria's top oil official has cautioned OPEC about releasing too much supply at current prices and Saudi Arabian oil minister Ali al-Naimi said OPEC will wait until its 21st July meeting before deciding on increasing production. That was due to happen on 1st July.
Another factor that is worrying the markets is the warning from the biggest Russian oil firm YUKOS that it might have to halt production as Russian officials seeking billions in back taxes have frozen their bank accounts.
In addition reserves in the US have fallen as refineries have concentrated on producing petrol to match demand from motorists during the summer holiday period which is fueling fears of low heating oil supplies later in the year.
Šaltinis:
euronews.net
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
President of the Republic of Lithuania Dalia Grybauskaitė welcomed the decision taken by the U.S. Government to transport shipments for the international mission in Afghanistan by transit via the Klaipėda Seaport.
more »
EU Solidarity Fund aid to repair storm damage in France and Portugal was approved by the Budgets Committee on Thursday.
more »
The European Investment Bank and the Government of Samoa formally agreed to support the rehabilitation and upgrade of independent water schemes in the Pacific island state under a EUR 250,000 technical assistance programme.
more »
Steps to overhaul the European Union's flagship single market were discussed on Tuesday (9 November) by MEPs and interested parties.
more »
Strategy to secure a sustainable EU energy supply and support economic growth over the next decade.
more »
EU funding to help 850 former workers in the aircraft maintenance industry around Dublin find new jobs was approved by the European Parliament on Thursday.
more »
Saffron farmers in western Afghanistan hope to oust opium as a harvest crop.
more »
The European Commission has approved an application from Poland for assistance from the European Globalisation adjustment Fund (EGF).
more »
New plans for EU industry to create jobs while keeping manufacturing in Europe.
more »
The European Commission has approved two applications from Spain for assistance from the EU Globalisation Adjustment Fund (EGF).
more »