May 29 New York news, the depreciation of the dollar and a number of countries in support of positive economic data, international oil prices on the 29th consecutive trading days up fifth.
As the market economy growing optimism, some investors began to seek a number of high-risk high-return investment products, the dollar was therefore reduction. In the foreign exchange market, the U.S. dollar against the euro this year, the 1.41:1 ratio fell to its lowest level, which eventually led to including crude oil and other dollar-denominated commodity futures prices rose.
In addition, the United States, India and Japan, released the same day a series of economic data are better than market expectations, which allows investors to believe that the global economy during the worst has passed and the demand for crude oil would hope that with the economic recovery in the second half growth .
To the day when the market closed, the New York Mercantile Exchange for delivery in July the price of light crude oil futures rose 1.23 U.S. dollars to close at 66.31 U.S. dollars a barrel. London Brent crude-oil futures rose 1.13 U.S. dollars to close at 65.52 U.S. dollars a barrel.
So far this year, international oil prices in May rose by almost 30%, in March 1999 for the largest single month since the rise.
Source: www.in-en.com May. 30, 2009
Arctic Oil & Gas proven reserves
The latest survey reported that the Arctic is not the world's oil reserves account for 13 percent of oil and natural gas accounted for 30 percent worldwide. Canadian media to comment on the 28th that this data will be strengthened, including Canada, the Arctic Ocean between the Arctic nations scramble for sovereignty.
The latest report by the U.S. Geological Survey made, published in this month "Science" magazine. The report claimed that this is "the natural resources of the region carried out a detailed article, after peer review, based on a geological assessment."
Reported that the Arctic region has 80 billion barrels of crude oil production, the next several decades to supply the needs of the world market. Although this is not enough to change the world balance of oil exploitation, but "may affect the economic territory, especially in the area of people's way of life." Moreover, the natural gas resources in the Arctic even more impressive, the number is nearly three times the oil resources.
In recent years, Canada, Russia, the United States and Denmark have in a positive measure of the Arctic region in order to find support for its territorial integrity and sovereignty of the evidence to meet the provisions of the United Nations Law of the Sea.
Source: www.in-en.com May. 29, 2009
The latest report by the U.S. Geological Survey made, published in this month "Science" magazine. The report claimed that this is "the natural resources of the region carried out a detailed article, after peer review, based on a geological assessment."
Reported that the Arctic region has 80 billion barrels of crude oil production, the next several decades to supply the needs of the world market. Although this is not enough to change the world balance of oil exploitation, but "may affect the economic territory, especially in the area of people's way of life." Moreover, the natural gas resources in the Arctic even more impressive, the number is nearly three times the oil resources.
In recent years, Canada, Russia, the United States and Denmark have in a positive measure of the Arctic region in order to find support for its territorial integrity and sovereignty of the evidence to meet the provisions of the United Nations Law of the Sea.
Source: www.in-en.com May. 29, 2009
Saudi Oil Minister: the global economy can withstand oil prices 75-80 USD
Saudi Oil Minister Naimi said in Vienna on the 27th, the global economy should be able to withstand 75 to 80 U.S. dollars per barrel of crude oil prices.
Naimi has repeatedly stressed that the 75 ~ 80 U.S. dollars / barrel of crude oil prices is to ensure that investment in new energy supply standards. He pointed out that despite the current global economy is very weak, but as the oil-producing countries of Saudi Arabia were able to cope with oil prices near 50 U.S. dollars a barrel.
The recent rise in crude oil prices, Naimi believes that this is reflected in the optimism of the future is expected to improve the situation.
Source: www.in-en.com May. 28, 2009
Naimi has repeatedly stressed that the 75 ~ 80 U.S. dollars / barrel of crude oil prices is to ensure that investment in new energy supply standards. He pointed out that despite the current global economy is very weak, but as the oil-producing countries of Saudi Arabia were able to cope with oil prices near 50 U.S. dollars a barrel.
The recent rise in crude oil prices, Naimi believes that this is reflected in the optimism of the future is expected to improve the situation.
Source: www.in-en.com May. 28, 2009
Libyan National Oil Company: OPEC will agree to any decision
Libyan National Oil Company chairman Shokri Ghanem said Tuesday that he would agree that Organization of Petroleum Exporting Countries (OPEC) meeting on Thursday to make any decision.
Ghanem said: "I will work with OPEC consensus to maintain the same views, I do not have to make a decision. When I read the report of OPEC and other members to hear the views of oil minister, I am able to put forward some views more effectively . "
Ghanem pointed out that last weekend, OPEC is still likely to cut production, despite the major oil-exporting countries in Saudi Arabia has said OPEC will maintain output unchanged, but also Algeria's oil minister also said that all members of OPEC oil ministers have agreed to the need to change the output.
Source: www.in-en.com May. 27, 2009
Ghanem said: "I will work with OPEC consensus to maintain the same views, I do not have to make a decision. When I read the report of OPEC and other members to hear the views of oil minister, I am able to put forward some views more effectively . "
Ghanem pointed out that last weekend, OPEC is still likely to cut production, despite the major oil-exporting countries in Saudi Arabia has said OPEC will maintain output unchanged, but also Algeria's oil minister also said that all members of OPEC oil ministers have agreed to the need to change the output.
Source: www.in-en.com May. 27, 2009
Iraqi crude oil prices lower than the international average price of USD 8-10
MENAFN and Iraq, according to Aswat Al-Iraq news agency on May 25 in Baghdad reported that the Government of Iraq Oil Ministry spokesman Assem Jihad Joachim May 24 here that since the value of a barrel of Iraqi crude oil a little more than 50 U.S. dollars, and the international the average price of crude oil in the 62 U.S. dollars a barrel, the price of a barrel of Iraqi crude oil prices lower than the international average of 8-10 U.S. dollars.
Jihad said that the Iraqi government is based on 50 U.S. dollars per barrel of oil to the formulation of the budget in 2009. 8-10 U.S. dollars per barrel for Iraqi crude oil price will increase the income of the Iraqi treasury.
Jihad added: "We hope Iraq can be based on a maximum price of the sale of its oil."
Source: www.in-en.com May. 26, 2009
Jihad said that the Iraqi government is based on 50 U.S. dollars per barrel of oil to the formulation of the budget in 2009. 8-10 U.S. dollars per barrel for Iraqi crude oil price will increase the income of the Iraqi treasury.
Jihad added: "We hope Iraq can be based on a maximum price of the sale of its oil."
Source: www.in-en.com May. 26, 2009
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