WORLD: INCREASE IN THE PRICE OF CRUDE OIL
Article Abstract:
The price of crude oil reached its highest level since the Gulf War 19 January 2000 when prices for Brent crude futures closed at US$ 26.15 a barrel. The price of oil has now recovered strongly from the low of December 1998 when prices stood at US$ 9. The main factors driving the increase included US cold weather forecasts and also speculation that production curbs would be extended by Opec.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2000
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WORLD: DECLINE IN CRUDE OIL PRICE
Article Abstract:
US government indications that emergency reserves could be introduced to ease the oil supply shortage caused the price of crude oil to decline on 31 January 2000 by nearly 2% compared with the previous week's closing price. Over the past 12 months, oil prices have virtually tripled. The US's Strategic Petroleum Reserve is able to provide a maximum of 4mn barrels per day.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2000
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WORLD: WARNING OVER OIL PRICES
Article Abstract:
The price of oil could increase later in 2000, warned the International Energy Agency (IEA) on 11 May 2000, on the back of a shortage of crude over the latter half of the year amounting to 200,000 barrels per day (bpd). The energy watchdog believes that the Organisation of Petroleum Exporting Countries' (OPEC) agreement to raise supply by 6%, or an additional 1.45bn bpd, would be insufficient to cope with growth in demand. OPEC plans to review the arrangement in mid-2000 but stresses that given that stocks remain high, there is no chance of any additional increases in output. However, the IEA believes that during the second quarter of 2000, which is normally a time of low demand, 1.2bn bpd would be added. Asia and Europe's economic revival coupled with solid demand in the US are regarded as key factors, with experts saying that prices are being driven up more by the rapid rise in demand that OPEC production.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2000
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