Trick or treat with oil prices

Article Abstract:

Petroleum prices have risen in the three months to Oct 1996 and its is unclear whether this marks a long term trend toward higher prices. Demand from developing economies has been stronger than forecast while supply has been less than forecast. Stocks in Europe and the US are low, partly due to a colder start to winter 1996 than expected. Prices could rise fast enough to pose an inflationary risk in 1997 NatWest Securities sees a short-term drop in prices but longer term rises could result from instability in the Middle East, stronger demand and slower growth in supply from producers outside Opec. Share prices of petroleum companies could also perform well over the short term.

Economic aspects

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To the rescue

Article Abstract:

The Organization of Petroleum Exporting Countries (Opec) and some non Opec petroleum producers have reached an agreement to reduce output which has led to a rise in petroleum prices. Prices had dropped by some 25% in the first three months of 1998, but rose by $2 per barrel after the agreement was announced. The drop in price was due to oversupply worldwide. There is disagreement over forecasts for petroleum prices, with HSBC Markets seeing a floor at some $12 per barrel, and Merrill Lynch seeing prices as likely to be higher.

Management, Prices and rates, Organization of the Petroleum Exporting Countries

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State oil monopoly to end

Article Abstract:

Ghana has to import petroleum and is liberalizing its crude petroleum imports and ending a monopoly held by Ghana National Petroleum Corp (GNPC). This will allow the Tema Oil Refinery (TOR) to purchase its own supplies. GNPC is setting up subsidiaries to promote investment and is carrying out oil exploration with Hunt Oil, in addition to setting up a gas link with Nigeria. Meanwhile. TOR is negotiating an investment to modernise its refinery with a consortium from Japan and South Korea.

Petroleum Refineries, Petroleum refining, Energy policy, Ghana

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