Oil Price Depends Less on Supply & Demand Says OAPEC Chief

Press Release
Tuesday, March 27, 2012

Supply & demand no longer most influential factors determining oil prices, other factors predominate

The selling price of crude oil is more likely to be determined by geopolitical considerations, speculations, status of global oil reserves, rate of the US dollar, conditions at global financial markets, major shares, weather forecast and production and exports, opined Secretary General of OAPEC Abbas Al-Naqqi.

Al-Naqqi whose remarks came in a statement issued before the Gulf Petroleum Conference and Exhibition (2012) expressed his belief that events that had prevailed across the Arab world over the past months did not result in significant effects on the prices of oil.

Price of crude oil rose from USD 90 per barrel in at the end of 2010 to become USD 12 by the end of April 2011, due to noticeable intervention by speculators in the market, unfounded jitters and concern toward events that occured in the Middle East and Africa that acquire more than 60% of global oil reserves and control more than 40% of the global oil trade.

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

Finance

Brazil Presidential Candidate Silva Moots Price on Carbon

Brazilian presidential candidate Marina Silva plans to put a price on greenhouse gas emissions and implement a national carbon market if elected, according to policy proposals released on Friday.

SBM Offshore Completes Real Estate Divestment

SBM Offshore is pleased to announce that is has completed the sale and lease back of its Monaco real estate portfolio.  The last of the three buildings was sold

Athabasca Completes Dover Stake Sale to PetroChina

Canada's Athabasca Oil Corp said it had closed the sale of its 40 percent interest in the Dover oil sands project to a unit of PertroChina Co Ltd for $1.18 billion.

Energy

Brazil Presidential Candidate Silva Moots Price on Carbon

Brazilian presidential candidate Marina Silva plans to put a price on greenhouse gas emissions and implement a national carbon market if elected, according to policy proposals released on Friday.

SBM Offshore Completes Real Estate Divestment

SBM Offshore is pleased to announce that is has completed the sale and lease back of its Monaco real estate portfolio.  The last of the three buildings was sold

Athabasca Completes Dover Stake Sale to PetroChina

Canada's Athabasca Oil Corp said it had closed the sale of its 40 percent interest in the Dover oil sands project to a unit of PertroChina Co Ltd for $1.18 billion.

Fuels & Lubes

Iraqi Kurdistan Oil Shipments Reach 8.8m Barrels

Iraqi Kurdistan has shipped 8.8 million barrels of oil from the Turkish port of Ceyhan since May, Turkish Energy Minister Taner Yildiz said, as the autonomous region

Rosneft and AVTOVAZ Strengthen Strategic Cooperation

Rosneft President, Chairman of the Management Board Igor Sechin and AVTOVAZ President Bo Inge Andersson signed an Agreement of development of strategic cooperation,

Ecospeed Fuel and Cost Saving Solutions at SMM

Ecospeed announced it will exhibit its line of fuel and cost saving solutions at SMM in Hamburg. Ecospeed and fuel savings Routine in-water cleaning results

Middle East

Iraqi Kurdistan Oil Shipments Reach 8.8m Barrels

Iraqi Kurdistan has shipped 8.8 million barrels of oil from the Turkish port of Ceyhan since May, Turkish Energy Minister Taner Yildiz said, as the autonomous region

ISS Celebrates ISO Accreditation in M.East and Africa

Inchcape Shipping Services (ISS), the world’s leading maritime services provider, is celebrating the awards of ISO 22000:2005 – Food Safety Management System and

SBI Offshore Negotiating Contract for Rig Builds

SBI Offshore Limited has announced that the Middle East-Chinese consortium, which recently awarded its subsidiary a contract to provide design and engineering services for a jack-up drilling rig,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.1262 sec (8 req/sec)