Rohölpreis sinkt

verfasst von KEEP-COOL, 21.05.2004, 19:25

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Saudis Up Stakes on OPEC Oil Output Hike




By Richard Mably and Peg Mackey

AMSTERDAM (Reuters) - Leading OPEC (news - web sites) producer Saudi Arabia Friday raised the stakes in cartel efforts to calm overheated world oil markets, proposing a bigger-than-expected output increase.



Saudi Oil Minister Ali al-Naimi said he would ask OPEC to lift production quotas by more than two million barrels per day, 8.5 percent, from existing limits of 23.5 million barrels daily.


Riyadh wants prices down from $40 a barrel to prevent long-term damage to world fuel demand and to soothe an outcry from the world's big petroleum importers, including the United States.


Naimi released a statement in Amsterdam saying Saudi was already committed to pumping nine million bpd in June, up sharply from independent estimates of 8.6 million this month and 8.2 million in April.


The Saudi call came on the eve of a conference between oil producers and consumer nations who want the Organization of the Petroleum Exporting Countries to open the taps on its spare production capacity.


Naimi's statement saw prices drop but hold above $40 a barrel. U.S. crude was down 77 cents at $40.03 having peaked at $41.85 a week ago.


OPEC holds informal talks in Amsterdam Saturday to consider the Saudi proposal but a final decision will not come until a full meeting in Beirut on June 3.


OPEC's most influential member, Saudi Arabia holds the only significant volumes of spare capacity in the 11-member group.



But analysts say extra Saudi capacity above the nine million bpd it says it will pump in June is of its extra heavy grade -- no use to refiners who need to maximize supplies of light oil products like gasoline.


Many in OPEC feel there is little they can do to contain a market driven by factors outside their control.


"I don't think that control is in OPEC's hands," UAE Oil Minister Obaid bin Saif al-Nasseri told Reuters on his arrival in Amsterdam."There are many factors behind these prices."


U.S. refinery bottlenecks, Middle East security worries and heavy speculation on crude futures by investment hedge funds have all helped drive up oil prices.


And latest estimates are that OPEC is already pumping what it may agree to deliver on paper in any new production agreement.


Tanker-tracking consultancy Petrologistics released a report Friday estimating supplies at 26.38 million bpd in May, up 640,000 bpd on the month, or 2.88 million above existing official OPEC limits.


Beyond OPEC's next move on output, say traders, oil price direction is largely in the hands of the big investment funds, mostly U.S. based, who have taken oil markets by storm this year.


"The price can go higher," Ed Buckley, portfolio manager at Vizor Investment Management, told Reuters this week."In the next three to six months $50 a barrel is not out of the question."



Consumer nations have made clear they have no intention of tapping emergency reserves to calm prices.

"It is out of the question," a spokesman for the Paris-based International Energy Agency, stockpile coordinator for 26 industrialized nations, told Reuters.

"In governments nobody is seriously thinking about using these stocks because they are strategic stocks. We use them when there is any physical disruption in oil supply. We do not use them to try to influence the market."



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gesamter Thread:

• Rohölpreis sinkt - KEEP-COOL, 21.05.2004, 19:25
  • Re: Rohölpreis sinkt - Charts - KEEP-COOL, 21.05.2004, 20:50
    • Re: Rohölpreis sinkt - Charts - MC Muffin, 22.05.2004, 00:14