Going Price of Fossil Fuel (OIL)

IEA criticizes OPEC target price
Thu, 30 Aug 2007 22:49:51
Source: AFP Head of the IEA Claude Mandil has lashed out at the Organization of Petroleum Exporting Countries for its target price of $70 per barrel.

The Director-General of the International Energy Agency said in an interview with Arab Oil and Gas Review that the target price would have a negative impact on the world economy.

He believes that this could undermine the global economic boom and be a burden on the world's poorest people and countries.

The Organization of Petroleum Exporting Countries (OPEC), which is scheduled to meet in Vienna on September 11, is not expected to adjust its production ceiling.


Crude price in NY rises above $73
Fri, 31 Aug 2007 06:39:41
Source: Agencies

drop in US oil production

After the unexpected drop in the US recent oil and gasoline inventories, crude price in New York has surged to its highest, $73 per barrel.

According to Bloomberg, a report by the US energy department said reported that the US oil stockpiles fell to 333.6 million barrels in the week ending Aug 24.

A survey by Bloomberg News shows that 13 analysts said that the inventories were forecast to drop by 600,000 barrels.

The price reduction during the month has been 6 percent which has been caused by the concern over the decline in fuel demand associated with the shortage of credit.

Meanwhile, gasoline supplies dropped to the lowest level in New York over the past two years, namely 192.6 million barrels.

The Energy Department report said that refineries operated at 90.3 percent of their capacity last week and the imports of crude dropped.


source : Press TV