Fears of tighter supplies increase cost of oil

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.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Commission approves Latvian support scheme for banks

The European Commission has approved under EC Treaty state aid rules a Latvian support scheme to stabilise financial markets by providing guarantees to eligible banks to ensure their access to financing. more »

China celebrates 30 years of reform

Gathering in Beijing, China's political elite gather to celebrate three decades of China's economic reform and market liberalisation. more »

Deals on climate and economy sealed in Brussels

After two days of intense negotiations, European leaders reached agreement on how to achieve the EU’s ambitious climate change goals and endorsed a €200bn plan to revive the flagging EU economy. more »

U.S. Senate blocks auto rescue

Detroit won't get its bailout, as the U.S. Senate blocked the measure to rescue America's big three car makers. more »

MEPs probe reasons behind world food crisis

The world is facing “an acute food crisis”. That was the verdict of a report adopted by MEPs in the Agriculture Committee on 8 December. more »

Commission proposes ways to deliver cheaper and more competitive food prices in Europe

The European Commission has agreed a Communication that aims to improve the functioning of the food supply chain in order to lower prices for consumers. more »

World Bank: 2009 will be grim

The World Bank's 2009 Global Economic Prospects report is projecting world growth will shrink to 0.9 percent next year. more »

Democrats submit auto loan plan

Prospects for a federal aid package to help the US auto industry advanced on Monday. more »

More regulation on the way in shadow of declining economy

A new report from Aite Group LLC explores possible regulatory and legislative responses to the current financial crisis, with particular attention paid to three key topics: consumer lending, risk management and deposit relationships. more »

Market, economic changes make this significant time for ATMs

A new report from Mercator Advisory Group's Retail Banking Practice focuses on the ATM and the multifaceted role it plays in the retail banking market. more »