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Mix-Ansicht- schlechte zeiten fuer oel-preis optimisten - leibovitz, 13.11.2001, 10:36
- Oder Schönbeterei? - Heller, 13.11.2001, 11:18
schlechte zeiten fuer oel-preis optimisten
Russia Pays Lip Service To Output Cuts
The energy markets got excited on Friday when Saudi Oil Minister Naimi announced that he was going to Moscow to elicit Russia's support in reducing output. What Naimi got was a pledge of around 30,000 barrels per day, or 0.4% of Russia's daily oil production of nearly 7 million barrels. Big whoop. As one analyst put it, that covers just 34 seconds of daily global oil demand. Russia's got its own agenda, and $20 a barrel oil still sounds good to them. It also sounds good to Mexico, which was noncommittal in a surprise meeting on Sunday in Madrid, and to Norway, which has already said it won't reduce output at this time. OPEC meets on Wednesday in Vienna to discuss reducing output by 1.5 million b/d. But even that won't be easy with Iran threatening not to reduce output without non-OPEC cooperation. Without a pickup in demand, the risk is to the downside for oil prices. / www.ndr.com
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