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
On 30th April this year, AB Bank SNORAS business loan portfolio, in comparison to 31st December 2008, i.e. during the first four months of this year, grew by 74 million Litas or 3.8 per cent, while the business loan portfolio of the most banks operating in Lithuania was decreasing.
more »
London's financial district, Canary Wharf is transformed into a giant car showroom. Dozens of manufacturers and dealers have flocked to this part of the city to show off their latest models.
more »
In the latest edition of its 2009 survey, "ATMs and Cash Dispensers Central and Eastern Europe," Retail Banking Research Ltd. says the 15 countries it has tracked in CEE have once again shown exceptional growth.
more »
During the draw another five winners of the Danske Bankas monthly Scholarship award (a one off payment to the amount of 250 litas) were announced.
more »
The European Commission has authorised, under the EC Treaty’s rules on state aid, plans notified by Sweden to provide guarantees that would enable Volvo Personvagnar to access loans from the European Investment Bank.
more »
The European Union signed an interim Economic Partnership Agreement (EPA) today with Botswana, Lesotho and Swaziland.
more »
Commission proposes to immediately free up €19bn in earmarked funds to fight unemployment as recession takes its toll.
more »
Danske Bankas would like to inform all present and future customers that, as of 1 July 2009, the cash withdrawing fee from Danske Bankas' ATM network in Lithuania is to change.
more »
One day not so far in the future, Europeans may be able to buy a loaf of bread knowing where the flour came from.
more »
General Motors is getting closer to filing what would be the largest industrial bankruptcy in US history.
more »