Crude Oil prices have fallen sharply, dropping below $65 a barrel today despite OPEC's decision to cut production quotas.
Weakening global demand for crude amid the world's financial woes has softened the impact of OPEC's announcement that it's cutting production by 1.5 million barrels a day, starting next month.
Light, sweet crude for December delivery fell $3.44 to $64.40 a barrel in electronic trading in Europe.
Friday, October 24, 2008
Oil prices plunge, gas prices follow
Crude prices have now fallen 56 percent from the highs reached in July, and more than $41 per barrel in just the last month.
Gathered in Vienna, Austria, on Friday to stanch plunging oil prices, OPEC announced it would slash oil production by 1.5 million barrels a day.
Oil prices plunged 5 percent.
Investors paid little heed to OPEC's attempts to limit supply, instead focusing on global demand as financial markets spiraled downward in Asia, Europe and the United States.
Light, sweet crude for December delivery fell $3.69 to settle at $64.15 a barrel on the New York Mercantile Exchange. Prices had fallen as low as $62.85 earlier in the day.
Gathered in Vienna, Austria, on Friday to stanch plunging oil prices, OPEC announced it would slash oil production by 1.5 million barrels a day.
Oil prices plunged 5 percent.
Investors paid little heed to OPEC's attempts to limit supply, instead focusing on global demand as financial markets spiraled downward in Asia, Europe and the United States.
Light, sweet crude for December delivery fell $3.69 to settle at $64.15 a barrel on the New York Mercantile Exchange. Prices had fallen as low as $62.85 earlier in the day.
Crude oil plummets to $61 a barrel
Crude oil prices today tumbled to 61 dollars a barrel level as fears spread about recession soon gripping the leading economies like the US and the UK and a proposed production cut by OPEC also failed to halt the slide. the oil producing countries' group OPEC saying it would cut the output by 1.5 million barrels per day -- the first cut in nearly two years. Hitting its lowest level in about one-and-a-half years, the Brent Crude price today fell to a low of 61.07 dollars a barrel, before recovering partially to 62.5 dollars here.
The plunge in crude prices came on the back of reports that economic recession is imminent in the US and the UK.
The plunge in crude prices came on the back of reports that economic recession is imminent in the US and the UK.
Sunday, September 7, 2008
Crude Oil $106.70
The USA are responsible for a quarter of the worldwide crude oil demand. The petrol and fuel supplies, of which an increase with 1.2 million barrels was forecasted, ended up stronger than expected with an increase of 1.6 million barrels up to 202.2 million barrels of crude oil. Analysts counted here on an increase of 300,000 barrels. There by the refining capacity decreased with 0.6 percent point up to 88.8%. The supply stock of heating oil and diesel - decreased with 800,000 barrels up to 131.5 million barrels. The latest interest decision of the Fed will probably not have much influence on the price of crude oil. Analysts counted on an increase with 0.1 percent point. All this rolled up together results in oil price above $95 a barrel in afternoon trade. According to analysts lower interest rates can prevent that the US economy heads up for a recession which stimulates the demand for crude oil.
Crude Oil breached
Crude oil breached $90 a barrel in New York for the first time as the dollar traded near a record low against the euro, Oil futures set records the past four days on concern supplies from northern Iraq may be disrupted if Turkey takes military action against Kurdish rebels. enhancing the appeal of commodities as an investment. Investors purchased oil on speculation the Federal Reserve will cut borrowing costs to bolster the U.S. economy when policy makers meet on Oct. 31.
Americas Oil and Gas
The Americas Oil and Gas Insight service provides subscribers with analysis, forecasts and company profiles on a country-by-country basis, covering the key trends impacting oil and gas markets across the Americas. The top sources of US crude oil imports for June were Canada (1.883 million barrels per day) The service includes online access to the very latest analysis, a 24-month searchable archive of articles and data, and PDF access to the monthly Insight reports.
Crude Oil, Petroleum Imports
Crude Oil and Total Petroleum Imports Top 15 Countries
Monthly data on the origins of crude oil imports in June 2008 has been released and it shows that two countries exported more than 1.40 million barrels per day to the United States.
Including those countries, four countries exported over 1.00 million barrels per day of crude oil to the United State s (see table below).
The top five exporting countries accounted for 65 percent of United States crude oil imports in June while the top ten sources accounted for approximately 86 percent of all U.S. crude oil imports. The top sources of US crude oil imports for June were Canada (1.883 million barrels per day), Saudi Arabia (1.479 million barrels per day), Mexico (1.124 million barrels per day), Venezuela (1.085 million barrels per day), and Nigeria (0.946 million barrels per day). The rest of the top ten sources, in order, were Iraq (0.693 million barrels per day), Angola (0.636 million barrels per day), Brazil (0.280 million barrels per day), Algeria (0.269 million barrels per day), and Russia (0.228 million barrels per day). Total crude oil imports averaged 9.994 million barrels per day in June, which is a increase of (0.337) million barrels per day from May 2008. Canada remained the largest exporter of total petroleum in June, exporting 2.359 million barrels per day to the United States, which is an increase from last month (2.346 thousand barrels per day). The second largest exporter of total petroleum was Saudi Arabia with 1.493 million barrels per day.
Monthly data on the origins of crude oil imports in June 2008 has been released and it shows that two countries exported more than 1.40 million barrels per day to the United States.
Including those countries, four countries exported over 1.00 million barrels per day of crude oil to the United State s (see table below).
The top five exporting countries accounted for 65 percent of United States crude oil imports in June while the top ten sources accounted for approximately 86 percent of all U.S. crude oil imports. The top sources of US crude oil imports for June were Canada (1.883 million barrels per day), Saudi Arabia (1.479 million barrels per day), Mexico (1.124 million barrels per day), Venezuela (1.085 million barrels per day), and Nigeria (0.946 million barrels per day). The rest of the top ten sources, in order, were Iraq (0.693 million barrels per day), Angola (0.636 million barrels per day), Brazil (0.280 million barrels per day), Algeria (0.269 million barrels per day), and Russia (0.228 million barrels per day). Total crude oil imports averaged 9.994 million barrels per day in June, which is a increase of (0.337) million barrels per day from May 2008. Canada remained the largest exporter of total petroleum in June, exporting 2.359 million barrels per day to the United States, which is an increase from last month (2.346 thousand barrels per day). The second largest exporter of total petroleum was Saudi Arabia with 1.493 million barrels per day.
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