Geopolitics key to oil price control
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OPEC production levels are increasing to meet escalating demand but over-inflated prices can only be brought down by resolving global conflicts, the organisation&#39;s president has said.
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World oil prices are on the rise, as Hurricane Ivan threatens to disrupt oil flow in the Gulf of Mexico.
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JAKARTA, Indonesia -- The Organization of Petroleum Exporting Countries wants oil prices that traded near $50 a barrel last week before retreating this week to fall faster, and will discuss whether to increase production at a meeting next month, the
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American consumers watching the dollars rack up as they pump gas at stations across the country usually blame the high prices on the war in Iraq. But China's galloping fuel consumption could destabilize global energy markets and security even more profoundly, energy specialists say.
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The threat of $50 a barrel for the New York price seemed very real last month, but in the end it turned out to be a near miss. Still, there is plenty for Opec to think about as the group&#39;s energy ministers gather in Vienna.
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Recent developments in Russia all point in one direction: The Kremlin&#39;s energy sector policy has shifted to more aggressive efforts of direct control.
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Gazprom, the natural gas operator, moved closer to a monopoly the on Russian market, which could have far-reaching consequences for the pricing and politics of energy in Asia.
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Asia's insatiable appetite for oil coupled with tight supplies has triggered the start of a global bidding war for oil from the Middle East, the head of ChevronTexaco Corp. said on Tuesday.
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Asian giants and economic rivals India and China are locked in battle to secure stakes in oil fields and blocks in the new energy haven of West Africa, officials and analysts here say.
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WASHINGTON -- Oil futures retreated below $50 a barrel yesterday, though analysts said there is enough uncertainty about geopolitics and weather -- and the industry's ability to quickly boost crude output -- to keep prices from plummeting any time soon.
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Supplies of crude oil continue to swell in the United States, but don't expect that to translate into lower gas prices any time soon, one expert says.
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The absolute price of oil has reached a new high. The growth     of the economies in China, India and the rest of Asia are increasing the demand     for oil. There are production problems in Venezuela (strikes and sabotage), Norway (strikes), Nigeria (civil war), Iraq (sabotage) and Russia (internal politics). Hurricane Ivan and other hurricanes this year disrupted     production in the Gulf of Mexico and transportation of oil in the Atlantic.     In the next decade Eastern Europe will also require more oil to feed its growing economies. The price of crude oil has led to     prices of above $55 a barrel and lifted heating oil to a record and     natural gas to a 20-month high. Though prices may eventually fall a bit, they are likely to remain higher than we were once     accustomed.    However, all is not gloom and doom.
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The president of the Organization of Petroleum Exporting Countries, Purnomo Yusgiantoro, said global political uncertainties and concerns likely account for US$10 to $15 per barrel, or up to one third, of current world oil prices.
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Oil&#39;s days at $50 per barrel look numbered, former Saudi oil minister Sheikh Ahmed Zaki Yamani says, predicting that prices should ease unless politics or a tough winter get in the way.
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Where does the volatility in oil prices come from and is it likely to persist?
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Uncertainty ahead of the U.S.  presidential election is playing some role in high oil prices,  but don't expect a big energy sell-off after the ballots are  counted, oil experts said on Tuesday.
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Tripoli sets outs transparent bidding process for foreign firms to woo investment for sanctions-hit oil sector. By Hassen Zenati - TRIPOLI.