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Oil prices slide to five-month lows before OPEC meet
London (AFP) Sept 9, 2008 Oil prices slumped close to 101 dollars on Tuesday, their lowest level since the start of April, as the market waited to see whether OPEC would announce a cut in output levels later in the day. Brent North Sea crude for delivery in October dropped as low as 101.27 dollars a barrel. It later stood at 102.26 dollars, a loss of 1.18 dollars from Monday's close. New York's main contract, light sweet crude for October, shed 1.20 dollars to 105.14 dollars after briefly falling close to 104 dollars. "Market participant are focusing on the all important OPEC meeting in Vienna," said Sucden analyst Andrey Kryuchenkov. "Latest surveys and comments from various member states suggest that OPEC is likely to keep its quota at current levels. Interestingly enough, OPEC has been supplying the market well above its agreed (daily) allocation of 29.67 million barrels." Saudi Arabia expressed satisfaction with recent steep falls in oil prices on Tuesday and appeared in no mood to approve a cut in output by OPEC despite fears among some members of oversupply. "We have worked very hard since June's meeting to bring prices to where they are now. I think everything is in balance," said Saudi Arabia's Oil Minister Ali al-Nuaimi ahead of the OPEC meeting due to start late on Tuesday in Vienna. The Saudi kingdom, the world's biggest crude producer and de facto leader of the Organisation of Petroleum Exporting Countries (OPEC), has come under fierce pressure from the United States and other allies over record crude prices. The country agreed in May and June to pump an extra 500,000 barrels per day to help bring down the then runaway oil market, with prices topping 147 dollars in July. OPEC produces about 40 percent of the world's oil. Some analysts believe Saudi Arabia would be happy to see it fall below 100 dollars to help stimulate global economic growth which has slowed sharply in recent months, in part due to high oil and other commodity prices. Meanwhile, very strong winds hit Havana early Tuesday as Hurricane Ike pummelled Cuba with rains and towering waves that have already killed four people. The storm ploughed across the island as a diminished category one storm on the five-level Saffir-Simpson scale but was expected to regain strength over western Cuba and get even stronger when it reaches the warm waters of the Gulf of Mexico by Wednesday. burs/bcp/bmm Related Links Powering The World in the 21st Century at Energy-Daily.com
Russia's Venezuela gambit a test for US: analysts
Brussels (AFP) Sept 9, 2008Russia's decision to send warships to the Caribbean is not just a riposte to US navy manoeuvres in the Black Sea, but a sign of Moscow's determination to contest American influence, say analysts. |
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