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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Environmental

Maine Port City Bans Oil Loading

City councilors in South Portland, Maine, voted late Monday night to ban the loading of crude oil onto tankers along its waterfront, throwing up yet another roadblock

Pier Damaged at Port Canaveral

Undergoing Repairs While Coast Guard Investigates   The U.S. Coast Guard is investigating a weekend incident that caused pier damage and scattered concrete debris in the harbor on Sunday.

OSRO: The Child of Necessity

Most people in the maritime industry in the United States are familiar with the concept of the Oil Spill Removal Organization (OSRO).  It is one of the many quiet

Energy

Maine Port City Bans Oil Loading

City councilors in South Portland, Maine, voted late Monday night to ban the loading of crude oil onto tankers along its waterfront, throwing up yet another roadblock

Editorial: Gas ... It's Both the Question & the Answer

When the time comes to pull an edition together, sometimes the content simply takes on a life of its own, as is the case with the July 2014 edition and the proliferation of ‘gas’ throughout.

Oil Products Flow to Primorsk Resumed

Russia resumed oil products shipments to Primorsk after a halt following "criminal tapping" of pipeline, a subsidiary of Russian oil pipeline monopoly Transneft said.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1257 sec (8 req/sec)