ENERGY | Rebound
Crude Oil Price Over The Current Year
($/bbl)
41.12
37.9
36.76
36.34
33.62
31.41
30.02
4-Jan
32.19
11-Jan 18-Jan 22-Jan
29.69
29-Jan 8-Feb
barrels a day of crude from Iraqi Kurdistan for the past two weeks, with reports
suggesting the line may not be back until
the March end. The leakage in the pipeline
of Nigeria Royal Dutch Shale Company
has been described as ‘force majeure’ and
the production of daily 250,000 barrels
Forcados crude has been suspended. Nobody knows when this production would
resume.
Brent crude may witness monthly
price increase, first time since October,
as 850,000 barrels per day production of
above two countries would be out of the
market which constitutes less than 1% of
the total global demand. Talks are being
held between Russia, the biggest exporter
country outside OPEC cartel and Saudi
Arabia, the biggest oil producing country
in the OPEC to reach at an agreement for
production freeze, though it is yet to win
the support of all OPEC members. During
a major industry gathering in Houston
last month Ali al-Naimi, Saudi Arabia’s
oil minister, ruled out the possibility of
cutting output, damping hopes of more
aggressive action to curb a glut estimated
by some traders to be as large as 2m b/d.
However, Eulogio Del Pino, Venezuela’s
oil minister said that Qatar, Russia and
Saudi Arabia will hold a meeting in March
to discuss efforts to stab