Laptop Battery OPEC's president called yesterday for a special meeting later this month to discuss the recent slide in oil prices, which have fallen almost 20 percent since just before the war with Iraq began.
oil production could plateau, some industry leaders believe, setting the ne yellestage for a period marked by energy shortages and high prices. OPEC's Divisions Rise to Surface As high crude prices fuel the economic boom in oil capitals, they're reigniting old divisions within OPEC, stirring doubts about the cartel's role
Thinkpad Speaking to reporters in Paris after meeting with French government officials, the OPEC leader, Abdullah al-Attiyah, who is Qatar's oil minister, said: "My main worry is how to deal with the dramatic price drop. The market is full of oil. It's facing a glut, not a shortage." He suggested a meeting on April 24 at the group's headquarters in Vienna.
the world' exporting countries, particularly OPEC, the Organization of the Petroleum Exporting Countries. The amount of crude oil that these countries produce determines the price per barrel of oil. The next factor that effects gas prices is the cost of refining the crude oil. This makes up about 10% of the total price of gas. The third factor is the cost of transporting the crude oil to a refinery, then the refined gas to a distribution point
Microsoft Since the beginning of the year, the Organization of the Petroleum Exporting Countries has gradually increased output above its official quotas to provide extra oil for global markets in the wake of a national strike in Venezuela and in anticipation of war in Iraq. Oil prices remained stubbornly high for most of the winter, despite OPEC's efforts, until the recent decline, caused largely by the expectation that a swift victory by United States-led forces would quickly revive Iraqi oil exports.
Also yesterday, the Crude Oil Inventories data was published. The oil inventories fell as low as 1.6M from 6.9M, but not surprisingly, Oil prices jumped over 1%. Crude prices are standing now $1 shy of its 9 month high.
Laptop Computers To halt the fall in crude oil prices on world markets, OPEC may decide to rein in production, holding it at its official quota levels, industry analysts said. "They're worried about a price slide," said Leonidas P. Drollas, chief economist with the Center for Global Energy Studies, a London research group. "They will tell each other: `We must go down to our quotas. The crisis is over, prices are at $23 a barrel and we must act.' "
The OPEC would stick to its targets of increasing daily output capacity to 3 million bpd by June this year, and to 4 million bpd by the end of 2007. Crude oil closed up $2.37 a barrel at $62.91 in New York Friday, a 3.91% rise in price. In London, Brent crude oil closed at $62.58, an increase of $2.05 perbarrel. Presidentsaid Nigeria
Laptop Computer Mr. Drollas was referring to the cost of Brent crude oil on the International Petroleum Exchange in London, which fell as low as $23.40 a barrel yesterday. On the New York Mercantile Exchange, the price of crude oil for May delivery closed at $27.96, down 66 cents.
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Desktop Computer Retail prices, particularly for gasoline, though still at relatively high levels, eased for the third consecutive week. The Energy Department said the average price at the pump for regular unleaded gasoline fell 1.9 cents, to $1.63 a gallon, in the week ended yesterday. That was down from a record $1.728 in the week of March 17. Prices are higher in some parts of the country, notably California and sections of the New York metropolitan area.
Notebooks Industry analysts said that crude oil prices might remain somewhat volatile for some time, given the political instability in several major exporting countries.
Lenovo "How stable is the Venezuelan recovery?" said Vera de Ladoucette, senior director for Middle East research at Cambridge Energy Research Associates, expressing a worry that still vexes the market. "When will Nigeria be back? And when will Iraq will be back? We know there is no damage to Iraqi oil installations, but it takes time to bring that all back on stream."
Hard Drive As OPEC countries have increased production over the last few months to compensate for these problems, Ms. de Ladoucette said, OPEC has worried that it could be creating a glut. Nearly all members of the group are producing at their capacities, pumping a total of about three million barrels a day more than their official quotas, Mr. Drollas said.
Travelstar Any change in output would probably not take effect until June or even July, said Lawrence J. Goldstein, president of the Petroleum Industry Research Foundation, mainly because OPEC members already have contracts with buyers for next month's oil sales.
Gateway "You're not talking about a faucet they will turn on or off," Mr. Goldstein said.
Laptop Parts In the meantime, the extra OPEC production is replenishing supplies of crude oil in the United States that were badly depleted by the fall in exports from Venezuela and the cold winter. Wholesale oil prices had been much more volatile until extra OPEC exports began arriving in the United States a few weeks ago and were then counted in Energy Department estimates of oil inventories around the country.
Software Mr. Goldstein said, "We think that the worst is over as far as crude oil supplies go."
Hard Drives By Neela Banerjee
New York Times - 4/8/2003
Topic: Petroleum Industry
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