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
The financial and economic crisis has shown that reckless behaviour of banks and other financial institutions can have serious and costly consequences for Europe's economy and its people.
more »
Local services that create jobs and improve energy efficiency received a boost Thursday (2 September) when MEPs on the Industry, Research and Energy Committee approved plans for more investment.
more »
The European Commission approved the first financing decisions under the EUR 264 million 2010 allocation for the so-called Vulnerability FLEX mechanism to help the most vulnerable African, Caribbean and Pacific countries cope with the impact of the global financial crisis and economic downturn.
more »
The European Commission has today updated the list of airlines banned in the European Union to impose an operating ban on one air carrier from Ghana and to place operating restrictions on another air carrier from that country.
more »
The European Commission today approved an application from Denmark for assistance under the European Globalisation adjustment Fund (EGF).
more »
Algirdas Šemeta, EU Commissioner for Taxation, Customs Union, Anti-Fraud and Audit, will open tomorrow an international conference at the Shanghai World Expo 2010 on building bridges to facilitate trade between China and the EU.
more »
Moldova is set to receive an EU grant of up to €90 million to help it through the financial crisis, following a vote at Parliament's Committee on International Trade on Monday.
more »
Important notice: since May 2010 business surveys data are classified in accordance with an updated version of the Nomenclature of Economic Activities (NACE rev. 2) causing a potential break in series at this date.
more »
75% of Europeans think that stronger coordination of economic and financial policies among EU Member States would be effective in fighting the economic crisis, according to the Spring 2010 Eurobarometer, the bi-annual opinion poll organised by the EU.
more »
The European Commission has extended until the end of the year the liquidity support scheme for banks in Slovenia.
more »