U.S. Oil Prices March Forward

Monday, January 08, 2001
U.S. oil prices resumed their upward climb on Monday, egged on by word from OPEC that the cartel had a consensus to slash output output by next week, Reuters reported By early afternoon, crude oil for February delivery on the New York Mercantile Exchange was trading at $28.30 a barrel, a 35-cent rise, taking total gains in the last six trading sessions to $2.50 a barrel, or ten percent. A statement by OPEC Secretary-General Ali Rodriguez on Sunday spurred the day's advance. Rodriguez, the former energy minister of Venezuela said on Sunday that the 11-member producers' cartel had a consensus to cut crude oil supplies but had not decided by how much. "For the time being there is a consensus to cut but how much we don't know," Rodriguez said. Rodriguez's remarks came after the former Venezuelan energy minister met with departing U.S. Energy Secretary Richardson in Vienna. Richardson, in probably his last mission for the Clinton Administration, which bows out next week, warned against what he called precipitous action to cut output. "We would like to see no production cuts but we recognize that there are realities," he said. OPEC convenes its ministerial meeting to assess market conditions on January 17. Many cartel members have recently pressed for cartel action to curb production to prevent prices from sliding, as world demand is expected to fall in the second quarter. Despite Rodriguez' silence on OPEC's possible reduction volume, Kuwaiti Oil Minister Sheikh Saud Nasser al-Sabah had said on Saturday he understood from Rodriguez there already was a cartel consensus for a cut of between 1.5-2.0 million barrels per day (bpd). Price hawk Kuwait favors the higher figure. Strong backing for slashing OPEC output by at least two million came from Mideast producer Qatar on Monday. Qatari Oil Minister Abdullah bin Hamad al-Attiyah reasoned that the bigger cut would be "more effective in guaranteeing that prices remain within the $22-$28 range set by OPEC."
Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Norwegian Epic Drydocks at Damen Shiprepair

On Sunday, 27 September, Norwegian Cruise Line’scruise vessel,Norwegian Epic, entered Damen Shiprepair Brest for a scheduled refit and maintenance programme.

Billions of Juvenile Fish under Arctic Ice

Using a new net, marine biologists from the Alfred Wegener Institute have, for the first time, been able to catch polar cod directly beneath the Arctic sea ice with a trawl,

Dredging in Gulf of Finland in Controversy

The massive dredging project, which is under-way on the bottom of the Gulf of Finland in Russia, reportedly a threat to the environment.   But federal environmental protection agency of Russia,


Egypt Picks 7 Winners in Tender for 55 LNG Cargoes

Seven companies reportedly met with Egyptian Natural Gas Holding Co. (EGAS) to discuss an  liquified natural gas (LNG) tender, including: Vitol, Noble Group, Trafigura,

Floating Tidal Energy Platform Up and Running

The first months of operating the BlueTEC tidal energy platform have been a success, according to the BlueTEC Texel Tidal partnership: with every tidal flow, the

Gas Carrier Concept Stems from Bulker Design

Deltamarin Ltd and Brevik Technology AS, a VARD affiliate, have joined forces to develop a novel multigas carrier design concept that combines the design of Deltamarin’s B.

Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1746 sec (6 req/sec)