Petroleum: Crude takes a little height in Asia
Singapore (awp / afp) – Oil has appreciated significantly Monday in Asia after a strong rebound this weekend in New York even though monarchies Gulf reiterated their refusal to cut production.
The price of a barrel of “light sweet crude” (WTI) for February delivery took 58 cents to $ 57.71, while the price of Brent Sea North for delivery to the same maturity increased from 79 cents to $ 62.17.
Neither the WTI or Brent “should know new record lows this week,” in a context of low water of transactions due to the holiday season, noted Daniel Ang, analyst at Phillip Futures in Singapore. “On the contrary, we believe they will change their levels at the mercy of short-term hedging speculators” who buy and sell downward upward in shorter time, has he said.
During the black gold lost about 50% of their value since mid-June, charged by the abundance of supply, the strengthening dollar and weak demand in a context of slowdown in the global economy.
Pressed by other members of the Organization of Petroleum Exporting Countries (OPEC) to cut production to support prices, the Gulf states reaffirmed their refusal Sunday to cut production even if outside of OPEC countries decreased their own.
“If they decide to reduce their production, they will be welcome. (…) Saudi Arabia is not certainly not reduce “his, said Saudi Oil Minister Ali al-Nuaimi, on the sidelines of an Arab energy forum in Abu Dhabi.
Saudi Arabia, Kuwait, the United Arab Emirates and Iraq are pumping some 20 million barrels (bpd), or two-thirds of the production of the twelve members of OPEC.
The cartel decided in late November in Vienna maintained at 30 mbd its production ceiling, contributing to the price collapses.
Iran, a member of OPEC, and Russia, whose economies depend largely on oil revenues, evoked a conspiracy designed to keep prices low in the oil markets.
The impact of the current slump will be severe for the six Gulf monarchies (Saudi Arabia, Bahrain, UAE, Kuwait, Qatar and Oman), which pump 17.5 million barrels per day (bpd).
At current prices, they would lose half their petrodollars, some 350 billion USD per year.
Friday, a barrel of “light sweet crude” took $ 2.41 on the New York Mercantile Exchange (Nymex) to settle at $ 56.52, completely erasing his fall the day before at levels unprecedented close since early May 2009. In London, Brent had gained $ 2.11, passing above the $ 60 to $ 61.38 on the Intercontinental Exchange (ICE).
afp / en
(AWP / 12/22/2014 6:22)
(AWP / 22/12/2014 6:22) ^ ->
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