Mass-Media: The Oil

Fatih Birol, chief economist of the International Energy Agency expressed his opinion in October 2007 that oil prices will remain high for the foreseeable future. Birol says this is due to rapid increases in demand from the rapidly growing economies of India and China. The ministers of OPEC, meeting in early December 2007, appeared to reach a consensus for high, but stable prices. This price point would deliver consistently high income to the oil producing states, but avoid prices so high that they would depress the economies of the oil consuming nations. A range of 70-80 dollars a barrel was suggested by some analysts to be OPEC's goal. Major oil exporting countries are rapidly developing and are using more oil domestically. Particularly significant are Indonesia, which no longer exports oil, Mexico and Iran, where projected demand will exceed production in about 5 years, and Russia, which is growing rapidly.

(Wikipedia)

Oil for 2016 Delivery Passes $141 on Supply Concern (Update3)
Bloomberg
By Margot Habiby May 21 (Bloomberg) -- Oil prices are heading to more than $141 a barrel in the next eight years, according to futures contracts on the New ...

OPEC daily oil prices surpass $121 per barrel
Xinhua, China
OPEC Secretary-General Abdalla Salem el-Badri, however, insisted the global oil market was well-supplied despite the skyrocketing prices. ...

At the open: $130 oil nixed
Globe and Mail, Canada
Investors appeared to breathe a collective sigh of relief on Wednesday after the price of crude oil retreated from a high of $130.47 (US) a barrel, ...

US STOCKS-Wall St flat at open, oil fans inflation fear
Reuters
NEW YORK, May 21 (Reuters) - US stocks opened little changed on Wednesday as record oil prices heightened fears about inflation and reduced consumer ...

Hong Kong shares close higher, led by oil counters on talk of ...
Forbes, NY
HONG KONG (Thomson Financial) - Hong Kong shares closed a volatile session higher on Wednesday after a late rally in oil counters, sparked by talk the ...

Oil's push toward $130 deflates stock market
Houston Chronicle, United States
By JOE BEL BRUNO AP NEW YORK — Wall Street stumbled Tuesday after oil prices spiked to a new record above $129 a barrel and a government report raised ...

Wall St. heads for lower open as oil passes $130
The Associated Press
NEW YORK (AP) — Wall Street headed for a lower opening Wednesday as crude oil prices shot past $130 a barrel for the first time and elevated investors' ...

Oil tops $130 haunted by future supply worry
Reuters South Africa, South Africa
By Barbara Lewis LONDON, May 21 (Reuters) - Oil climbed to a life-time high above $130 a barrel on Wednesday, driven higher by a combination of long-term ...

Strategic reserve to take oil already en route
Houston Chronicle, United States
The US Energy Department will take delivery of oil for the Strategic Petroleum Reserve that is already in tankers or in pipelines, a spokeswoman said. ...

Oil hits record near $130 as supply fears grow

guardian.co.uk, UK

By Richard Valdmanis NEW YORK, May 20 (Reuters) - Crude oil prices scaled a new peak near $130 a barrel on Tuesday amid deepening worries over tight global ...

Congress Doesn't Quit After Striking Oil
Hartford Courant, United States
They argued the reserve is almost full, and ceasing additions to it would leave more oil on the market and, maybe, reduce prices. ...

Gulf states rise higher on oil boom
The Associated Press
SHARM EL SHEIK, Egypt (AP) — Gulf countries swimming in oil wealth are using the money to build huge industrial cities and gleaming financial centers to ...

Mkts: Oil stocks rule firm
Sify, India
Oil stocks remains the most impressive gainers today. Select consumer durables, capital goods, PSU and FMCG stocks have posted notable gains. ...

Nigeria demands $2bn oil arrears
BBC News, UK
President Umaru Yar'Adua has ordered Nigeria's state-run oil company to demand nearly $2bn in arrears from two major oil companies. The government say Royal ...

DGCX to Launch Cash Settled WTI and Brent Crude Oil Futures on ...
Al-Bawaba, Jordan
The launch of both WTI and Brent Crude Oil futures on DGCX makes the world's two most significant crude oil benchmarks available to both regional and ...

Oil Is Steady After Reaching Record $129.60 on Supply Concerns
Bloomberg
By Christian Schmollinger and Grant Smith May 21 (Bloomberg) -- Crude oil was little changed in New York after rising to a record $129.60 a barrel yesterday ...

Oil executives defend size, profits before Senate

The Associated Press

WASHINGTON (AP) — Senators told oil executives Wednesday that high oil prices cannot be explained by supply and demand and the oil industry's concentration ...

Are Pension Funds Fueling High Oil?
BusinessWeek
That's because speculation by institutional investors pouring money into the commodities market may be largely to blame for spiking oil prices, according to ...