Organization of Petroleum Exporting Countries (OPEC) is prepared the next few weeks a drastic drop in oil prices due to the large number of petroleum-based fuels continues to increase reserves and storage of these fuels will be finished consumption. U.S. diesel fuel inventories and civilian for 24 years at the highest level, as from the industry and by the global economic downturn hit consumer demand strong enough. Futures market traders make very profitable storage of these fuels.
So far, OPEC cut production by large-scale to prevent the continued drop in oil prices, the United States has ignored the over-supply of oil, but from the rising stock market and investor expectations of economic recovery in the price of finding clues. However, if the expected economic upturn has not materialized for the large number of absorbing the growing supply of these forces, as some OPEC officials are worried that as the supply will be more large-scale growth, then despite the efforts of OPEC will be. However, oil prices will inevitably fall sharply affected.
24, the New York Mercantile Exchange crude oil futures rose 89 cents to 68.05 U.S. dollars / barrel.
A senior OPEC official said, when people realize that the dawn of recovery does not arise, "such a large number of storage will become a drag on fuel prices a major factor." Such concerns are part of OPEC members to consider further production cuts. OPEC has not ruled out the official September 9 at the next policy meeting on the agreement reached in production.
Jul. 25, 2009
China, Ecuador to negotiate again with the "loans-for-oil"
Ecuador Economy Minister Diego Borja policy Monday that negotiations with China is a two-year oil supply contract, Ecuador would receive one billion U.S. dollars in advance.
After the negotiated agreement, it will be the sixth this year to pen "loans-for-oil" agreement. Prior to China one after another with Russia, Venezuela, Angola, Kazakhstan and Brazil, the five countries signed a total of up to 45 billion U.S. dollars of "loans-for-oil" agreement. Under these agreements, the next 15-20 years, China will be the country's oil to provide loans in exchange for about 30 million tons per year of crude oil supply.
Borja said that one billion U.S. dollars is a down payment on the sale of oil. Ecuador plans to level the day of oil daily supply of 96,000 barrels per day in China for a period of 24 months.
Jul. 21, 2009
After the negotiated agreement, it will be the sixth this year to pen "loans-for-oil" agreement. Prior to China one after another with Russia, Venezuela, Angola, Kazakhstan and Brazil, the five countries signed a total of up to 45 billion U.S. dollars of "loans-for-oil" agreement. Under these agreements, the next 15-20 years, China will be the country's oil to provide loans in exchange for about 30 million tons per year of crude oil supply.
Borja said that one billion U.S. dollars is a down payment on the sale of oil. Ecuador plans to level the day of oil daily supply of 96,000 barrels per day in China for a period of 24 months.
Jul. 21, 2009
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