International Oil production changes
Posted: Tue 05 Aug 2008, 18:11:56
Iran and Saudi Arabia Halt Fuel Oil Exports
The very fact this news didn't roil the oil markets makes me wonder whether or not oil traders are actually looking at the wrong metrics.
Perhaps its the availibility of finished product they should be looking at rather than crude oil per see.
Also the export numbers from Russia are quite startling: Russian OIl Production Down 1% year over year
OPEC is also considering oil rationing .
Reading all this news I think the markets have become too complacent and we are actually setting the groundwork for a huge spike in oil prices.
Iran, a regular exporter of fuel oil to Asia, will halt shipments of the heavy fuel from August
Iran's decision came on the heels of Saudi Arabia's move to not resume spot fuel oil exports after its peak summer demand season, due to persistently strong requirements from domestic power plants and new secondary refining units.
The very fact this news didn't roil the oil markets makes me wonder whether or not oil traders are actually looking at the wrong metrics.
Perhaps its the availibility of finished product they should be looking at rather than crude oil per see.
Also the export numbers from Russia are quite startling: Russian OIl Production Down 1% year over year
In the first seven months of the year, output was 9.76 million bpd, also down by 1 percent versus the same period of last year.
OPEC is also considering oil rationing .
TEHRAN, Aug. 2 (Xinhua) -- Iranian Oil Minister Gholam Hussein Nozari has revealed that the Organization of Petroleum Exporting Countries (OPEC) will seriously consider rationing its oil production, the semi-official FARS news agency reported.
Reading all this news I think the markets have become too complacent and we are actually setting the groundwork for a huge spike in oil prices.