- Oil news - OPEC hält die 'Ã-lpreiswaagschale' in ihren Händen - KEEP-COOL, 22.06.2001, 21:52
Oil news - OPEC hält die 'Ã-lpreiswaagschale' in ihren Händen
Energy News
Kurse Nymex 22.6. close
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news von der OPEC
06/22 11:44
Crude Oil Rises on Signs OPEC Will Not Raise Supplies in July
By Mark Shenk
New York, June 22 (Bloomberg) -- Crude oil rose 2 percent, the biggest gain in nine sessions, after OPEC Secretary-General Ali Rodriguez said the group saw no need to increase production at a meeting in July.
A recent drop in prices signals that ``the fundamentals are in balance,'' Rodriguez said in an interview. The price of a collection of crude oil grades monitored by the Organization of Petroleum Exporting Countries has fallen 8.4 percent over the past month.
``OPEC is not going to increase output quotas with prices at this level,'' said Marianne Kah, chief economist at Conoco Inc., a Houston-based oil producer and refiner with 5,000 retail outlets in North America. ``They will not increase output until the market shows that supply is needed. Higher prices would signal the need.''
Crude oil for August delivery rose as much as 54 cents to $27.10 a barrel on the New York Mercantile Exchange. Prices still are down 5 percent this week and 16 percent from a year ago.
In London, Brent crude oil for August settlement rose as much as 64 cents, or 2.4 percent, to $26.94 a barrel on the International Petroleum Exchange.
OPEC's 11 member nations produce about two-fifths of the world's oil. Iraq is the only member not party to the group's production quotas because of sanctions imposed after the nation's invasion of Kuwait in 1990.
Prices have been falling even though Iraq halted exports early this month in a dispute with the United Nations. Iraq normally supplies about 3.5 percent of the world's oil. Iraq stopped shipments after the Security Council agreed to consider a plan that would crack down on Iraqi weapons imports and oil smuggling.
Iraqi Exports
Iraq sold an average of 2.5 million barrels of oil a day in the last week of May, according to UN figures. The country has an estimated daily capacity of 3 million barrels. Saudi Arabia, the largest oil producer, has said it would be able to increase shipments to make up for any shortfall caused by the absence of Iraqi oil from the world market.
Oil prices will rise in the second half of the year unless producers increase exports, even if Iraq ends its export moratorium, the International Energy Agency said Tuesday.
Demand for oil normally rises in the second half of the year, as refineries increase production of heating fuels for the winter months in the Northern Hemisphere. Crude oil demand will be 1.8 million barrels a day higher in the third quarter than the second, according to the IEA, a forecasting arm of industrialized nations.
World Inventories
Crude oil inventories in April rose 40.4 million barrels, or almost 2 percent, in the member countries of the Organization of Economic Cooperation and Development, the IEA said. Supplies were 99.2 million barrels higher than a year earlier.
``OPEC is hoping that increasing demand for crude oil during the second half of the year will get rid of these high inventories,'' Kah said.
In the U.S., the largest oil consumer, inventories last week totaled 313.6 million barrels, 7.8 percent higher than a year earlier, the American Petroleum Institute reported Tuesday.
The value of the index OPEC uses to assess world oil prices, the so-called basket of seven crude oil grades, fell over the past four days, closing yesterday at $25.06 a barrel. The basket has averaged $26.67 a barrel for the past month, within OPEC's unofficial target range of $22 to $28 a barrel.
``There is no way they will increase output unless they want to see $20 oil, which they don't,'' said Tom Bentz, an analyst and broker at BNP Paribas Futures Inc. in New York. ``OPEC statements have triggered the rebound, but oil will have to rally a lot further before they move to increase the quota.''
Gasoline for July delivery rose as much as 1.16 cents, or 1.5 percent, to 78.25 cents a gallon on the Nymex, the biggest gain this month. Gasoline futures, which represent wholesale prices, have declined 33 percent from a record $1.175 a gallon on May 24 and are down 10 percent for the week.
Average U.S. retail gasoline fell 1 cent to $1.586 a gallon yesterday, the American Automobile Association said today on its Web site. Prices have fallen 8 percent from the record $1.718 reached on May 14 and are 8.1 cents lower than at this time last year.
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