June 22nd, 2008
Saudi Arabia, the world’s biggest oil exporter, plans to raise production for a third-straight month in July and make further increases as needed to curb record prices.
This is a great news for the whole world. The more production, the lesser the cost. Saudi should lift up their production so that it will bring back to normal. I don’t know the reason behind a low production of oil.
All I know is that the demand and consumption have increase that the supply cannot produce what the world needs.
June 19th, 2008
China, one of the second oil consumer nation, seen unexpectedly petrol and diesel prices by at least 17 per cent and more power tariffs trains action energy, potentially at the origin of inflation.
The record price increase, the first since November, may facilitate the loss of refining in China Petroleum & Chemical Corp. and China Petrochemical Co. were forced to sell at a loss fuels. The company has increased shares in Hong Kong on trade.
June 19th, 2008
It’s really devastating for me not to drive most of the time anymore. I am saving money from gasoline and I can’t do what I am doing before. I would rather stay home because of the soaring prices of gas.
Hopefully they will give solutions. Hopefully they will produce more oil and our country will find a way to find an alternative for oil. Will there any be chance?
June 16th, 2008
Could turning on the oil spigot put an end to the huge run in the price of oil? Don’t bet on it.
Oil-producing countries are already pumping at full throttle, and there isn’t a lot of spare production capacity that could meaningfully affect global prices.
Over the weekend, Saudi Arabia said it will boost its oil output by 200,000 barrels a day. Despite the promise of more supply, the price of oil spiked higher Monday morning.
The main reason: The added supply won’t be very great, and demand, especially from China and India, has shown little sign of slowing.
June 10th, 2008
Crude-oil futures climbed Tuesday to reclaim the $135-a-barrel level, rebounding after a steep decline in the previous session as traders weighed concerns about global production against expectations for a slowdown in demand.
“The familiar divide — higher on supply worries, lower on demand concerns — is setting the tone again,” said Michael Fitzpatrick, an analyst at MF Global, in a note to clients.
Crude oil for July delivery climbed as high as $137.98 a barrel in electronic trading on Globex. It’s pulled back a bit to trade at $135.34, up 99 cents on the New York Mercantile Exchange.
The secretary general of the Organization of the Petroleum Exporting Countries, Abdalla Salem el-Badri, told Reuters Tuesday at the Reuters Global Energy Summit that the record-high oil price was “unbearable” and “there is no shortage now and in the future.”
June 9th, 2008
U.S. investment bank Lehman Brothers Holdings (LEH.N: Quote, Profile, Research) raised $6 billion (3 billion pounds) to shore up capital and warned of a much steeper than expected quarterly loss, rattling investors, just as a rival completed a record fund-raising.
Lehman said it expects a loss of $2.8 billion for its second quarter after losses on trading and hedging. It plans to rebuild capital by offering shares and convertible preferred stock through public offerings, diluting the stakes of existing shareholders.
Shares in Wall Street’s smallest major investment bank tumbled nearly 13 percent, hitting a new intraday low since their plunge in mid-March on the day JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) announced plans for an emergency rescue of Bear Stearns Cos Inc.