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Newmont Mining Corporation Message Board

  • zeno451 zeno451 Jan 27, 2004 2:47 AM Flag

    Wheres Da Goddamned Oil Donny?

    CGES: "Oil prices reflect a genuine shortage of oil CGES: "Oil prices reflect a genuine
    shortage of oil in the market"

    By Elio Ohep of Petroleumworld
    CARACAS 27 01 04
    Petroleumworld.com


    Energy think tank the Center for Global Energy Studies or CGES said Monday on its monthly report, that high oil prices derive from an actual shortage of oil crude and not not speculators.

    "Oil prices reflect a genuine shortage of oil in the market," said the CGES monthly report.

    The report cited high oil prices as a result from 30-year-low U.S. commercial petroleum stock levels, high shipping costs, indicating high demand and political uncertainty in the Middle East is adding to the prices, the CGES report said.

    "The oil market is signaling in no uncertain terms that the world is short of oil," CGES said.

    The CGES prtedicted that year-on-year demand could grow 1.5 million barrels a day.

    No production cuts are needed from the OPEC because demand grew more than expected in 2003 and will continue to grow this year, the report said.

    The groups said prices for the U.S. benchmark West Texas Intermediate at $35 mirror prices a year ago when a strike in Venezuela and war on Iraq threatened to cut 2 million b/d from world oil supplies.

    The strong global economic recovery in 2003 has led to consumption that was higher "than has generally been assumed," CGES said.

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    • Your lefty friend Chavez has screwed up production and your islamic buddies have cut production and of course your cheerleading for the saddamites as they cut down iraqi production...so that`s where the oil is... in the ground.

      So is the beer truck charging you an extra WHOLE PENNY a bottle or something BIG like that? You have your chicken little suit on again...

      Yep! Your arab islamacommie buddies sure are porking you, no wonder you`re cryin for "Donny" again!!! LOL!

      Repeat after me commieZ it`s PENNIES they`re not even copper anymore. Your fat cells could stand to miss quite a few beers anyway.

    • Zeno, check out the long term oil chart at www.wtrg.com/oil_graphs/oilprices1869.gif and see if you can discern a trend . I wont put any ideas in your head right now . I would like to hear your thoughts first .

      • 2 Replies to masterofmandalas
      • Website not found. Bullbeard et al has previously said oil should be $60 per barrel in real dollars today. Thus i would conclude the benefits of Empire have kept the oil prices down. As the dollar loses its mojo in the rest of the world a $60 oil price target would only be part of the great $$$ currency shock realignment. As such a price would bring the economy to a stop there an frenetic act ending finale will most probably ensue...

      • Jan 27, 2004 (Knight Ridder Washington Bureau - Knight Ridder/Tribune Business News via COMTEX) -- BEIJING -- China's hopes for bringing huge amounts of oil from Russia's Far East to its energy-thirsty populace may end up being a pipe dream.

        A decade ago, China and Russia began studying the feasibility of building a large oil pipeline from Anagarsk in Russia to Daqing in northeast China.

        The project received high-level support in Beijing and Moscow and looked like it might cement a new energy relationship between the two wary neighbors. Few people live in Russia's Far East, while China has a huge population.

        But a combination of Japanese "dollar diplomacy" and the sudden jailing last fall of a Russian oil tycoon has put the project on hold, perhaps permanently.

        Just eight months ago, China's state oil company and a Russian counterpart, Yukos, signed an agreement for oil sales, contingent on the building of the 600,000 barrel-per-day pipeline.

        Since then, however, Japan has offered Russia a counterproposal. It calls for an even larger pipeline to be built from Siberia to the Pacific coast port of Nakhodka, skirting China entirely, but giving Russia access to markets in Japan, South Korea and elsewhere in East Asia.

        To sweeten the deal, Japan said it would finance the project with a $7.5 billion loan. It also held out the prospect of development funds for Russia's Far East.

        "The Japanese can practice 'money diplomacy.' They are richer. They can throw money at the Russians," said a Chinese government oil analyst, speaking on condition of anonymity.

        To complicate matters, Russian President Vladimir Putin jailed the president of Yukos, Mikhail Khodorkovsky, last October, charging him with tax evasion and fraud.

        Since then, Russia and China have been silent on the pipeline's prospects.

        "This signals a rethinking of the Russian-Chinese strategic relationship," said Ilan Berman, vice president of the American Foreign Policy Council, a Washington policy group. Berman said Putin might have grown wary because he believes "China is rising and that China will inevitably become a strategic competitor."

        China is still waiting for a definite answer from the Kremlin.

        "The deadline is always postponed. I think the Russians don't want to make China unhappy," the Chinese analyst said.

        *http://futures.tradingcharts.com/chart/BC/W

    • do you think the hawks really want lower oil prices? puh-leaze. it was called "camp exxon" for a reason. i can hear the lamentations about $6 gas and $35 crude all the way from houston... crying all the way to the bank... all those sheiks will need to buy another dozen swiss chalets just to ease the sorrow.

 
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