Article

2004-05-20 International-UN-NGOs

OPEC Plan to Increase Production Takes Heat Off Oil Price

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Posted by Mark Espinola 2004-05-20 11:11:54 PM|| || Front Page|| [3 views since 2007-05-07] Top

#1 Also heard at that BBQ about how SA is going to increase oil production just before the election to help GWB get reelected. Boy that made me giggle.

I asked him where he heard that and he said he read it on the web.

But from what I understand, much of the run up of oil prices has been due to speculative buying. I'm not a commodity expert and I'm not sure of the correct terms but it was stated that if up front cost of this speculative buying was increased there wouldn't be this much pressure on prices, among other things.

Posted by Lucky 2004-05-20 12:19:52 PM|| 2004-05-20 12:19:52 PM|| Front Page Top

#2 as of noon today, US crude was back to $41.50 or so.

Posted by mhw 2004-05-20 1:47:24 PM|| 2004-05-20 1:47:24 PM|| Front Page Top

#3 Part of pressure on oil prices is increasing Chinese demand for oil.In a few years China went from oil exporter to huge importer.

BTW,it would be interesting to know if there is any capital flight from Suadi Arabia to Swiss banks.Recently Saudis dumped Euro and insisted OPEC raise production after steadily year of demanding cuts in production.Almost sounds like someone wants some ready cash in near future that is spendable anywhere.

Posted by Stephen 2004-05-20 3:15:35 PM|| 2004-05-20 3:15:35 PM|| Front Page Top

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