May 26, 2008
war of crude
Oil prices were on the upside Monday while a new attack in Nigeria has targeted a site of Shell (London: RDSB.L - news) and that, as the president of OPEC, courts should not fall soon.
The oil company Anglo-Dutch confirmed to AFP Monday that an attack had been carried out the previous night by armed men in southern Nigeria against a pumping station that she had to stop to stop the flow of oil .
Oil wells in North Dakota, USA, in May 2007
Enlarge photo
Shell states also have "stopped a portion of production to avoid the continuation of these flows" after the attack claimed by the Movement of Emancipation of the Niger Delta (MEND), the main armed group in the Niger Delta, the area oil production.
The announcement provoked a new pressure on oil prices even in a volume of electronic transactions very reduced because of public holidays in the USA and Great Britain.
Around 15H00 GMT, the price of a barrel of light sweet crude for delivery in July gained 71 cents to 132.90 dollars per barrel in electronic exchanges morning, having closed at 132.19 dollars a barrel Friday in New York. The barrel of Brent oil for delivery in July rose to 1.12 dollar to 132.69 dollars.
"Today, the market development is limited to not much, so I'm not sure that it is significant much in terms of trend," Frederic Lasserre noted, however, the General Company (Paris: FR0000130809 - News).
A pipeline installation oil Shel to Awoba in southern Nigeria, September 25, 2005
Enlarge photo
The incidents in Nigeria "may explain the 90 cents or dollar increase, it said the news on Nigeria are still recurring, therefore it is not a new + + as such," he said.
Since May 19, prices have gained nearly six dollars for light sweet crude and more than seven dollars for Brent.
The Algerian Minister of Energy and current president of the Organization of the Petroleum Exporting Countries (OPEC), Chakib Khelil, has not hidden Monday he did by relaxing next.
"We are going to see a price increase, particularly if the economic situation the USA is maintained and that the dollar continues to devalue, he said in an interview with Spanish national radio.
Echoing themes known to OPEC, he blamed the increase on the speculators, geopolitical unrest and the weak dollar, all "factors beyond the control of the organization."
"If OPEC decides to increase production, (...) because of speculation, this increase will not really bring down prices," said Algerian Minister.
Oil prices had accelerated their climb last week crossing the symbolic threshold of $ 130, then $ 135 before slightly reflux.
According Nathalie Alazard-Cough, director of economic studies at the Institute french Petroleum (IFP) players in the oil market "anticipate a difficulty to increase production capacity at a rate which increases the demand" but "that does not mean that there are more resources in the basement. "
In the meantime, higher prices affects the price of gasoline at the pump. In France, fuel prices have reached last week to new highs for the seventh consecutive week, including fuel oil crossing the threshold of 1 euro per litre, according to figures of the French Union of Petroleum Industry (Ufip) published Monday.
The Indonesian President Susilo Bambang Yudhoyono has also been forced to postpone a tour of Europe scheduled for early June because of events caused by the decision of his government to reduce subsidies on petrol. This will induce an average increase of nearly 29% in fuel prices. Indonesia is an oil-producing country and belongs to OPEC.
by erectusplus at 10:18 AM |
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