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Supply Worries Lift Crude To Yet Another New High
Gregory Meyer, Wall Street Journal
Crude-oil futures marched to a new record Tuesday amid continued uncertainty over supply in a period of growing world consumption.
Light, sweet crude for June delivery was recently up $1.80 at $128.85 a barrel on the New York Mercantile Exchange, after notching an all-time high of $129.31. …
Crude retained strength this week after the president of the Organization of Petroleum Exporting Countries said that the producer group will make no decisions on output levels before its next scheduled meeting in September. On Tuesday, high-profile oilman T. Boone Pickens told CNBC he expects crude prices will continue to rise, possibly to as high as $150 this year.
… “The market just doesn’t want to stop,” said Tom Bentz, a broker and analyst at BNP Paribas Commodity Futures in New York. “It just finds any slightly bullish news to hang its hat on, while bearish news gets swept under the rug.”
(20 May 2008)
Iraq could have largest oil reserves in the world
Sonia Verma, UK TImes
Iraq dramatically increased the official size of its oil reserves yesterday after new data suggested that they could exceed Saudi Arabia’s and be the largest in the world.
The Iraqi Deputy Prime Minister told The Times that new exploration showed that his country has the world’s largest proven oil reserves, with as much as 350 billion barrels. The figure is triple the country’s present proven reserves and exceeds that of Saudi Arabia’s estimated 264 billion barrels of oil. Barham Salih said that the new estimate had been based on recent geological surveys and seismic data compiled by “reputable, international oil companies . . . This is a serious figure from credible sources.”
The Iraqi Government has yet to approve a national oil law that would allow foreign companies to invest. Mr Salih said that the delay was damaging Iraq’s ability to profit from oil output, robbing the country of potentially huge revenues.
(20 May 2008)
First comment at the original article: “Treat this report very sceptically is my advice.”
Kazakhstan bans export of oil products amid soaring fuel costs
Associated Press via IHT
Kazakhstan on Monday banned the export of all refined oil products, news agencies reported, as the energy-rich Central Asian nation grapples with soaring fuel costs.
The announcement, made by Prime Minister Karim Masimov at a government meeting, comes just days after opposition parties called on his government to resign amid what they call a worsening economic climate.
Kazakhstan has huge oil and gas resources, but soaring prices for consumer products like diesel and other fuel are having a knock-on effect on the country’s agricultural sector.
(20 May 2008)
