OPEC oil market report 05/08
22 mei 2008. Bijdrage geleverd door Siem Vaessen.
Het maandelijkse olierapport van OPEC is weer beschikbaar. Hoogtepunten uit het rapport:
- Lack of refinery flexibility impacting crude oil market – pag. 3;
- Startup of project 500,000-b/d Khursaniyah field in Saudi Arabia;
Press statement by Abdalla Salem El-Badri Secretary General (8 mei 2008)
In recent months, oil prices have become increasingly volatile, mainly driven by financial
market developments and the increased flow of speculative funds into oil futures. The
turmoil in some global equity markets and the considerable depreciation in the US dollar
have encouraged investors to seek better returns in commodities, particularly in the crude
oil futures market. This has driven prices higher.
There is clearly no shortage of oil in the market. OECD commercial oil stocks remain
above the five-year average, with days of forward cover at a comfortable level of more
than 53 days. US crude inventories, meanwhile, rose by almost six million barrels last
week, which is a further indication that oil supplies are plentiful. OPEC Member
Countries continue to produce at more than 32 million barrels a day (mb/d). In addition, a
number of new OPEC crude oil projects have started to come on-stream and OPEC spare
capacity continues to increase, with the figure currently standing above 3 mb/d. At the
same time, crude oil movements indicate that some Member Countries are unable to find
buyers for their additional supply.
OPEC will continue to be proactive and monitor these developments closely. The
Organization stands ready to act if the market shows a need for any further measures.
The Organization will continue to strive for a stable and balanced market, with prices
that reflect fundamentals, and are favourable to both producers and consumers.
Het volledige rapport kunt u bij OPEC downloaden en lezen.
Reactie's
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http://www.themarkettraders.com/content/what-drives-crude-oil-prices-economic-times The Market Traders
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