Oil still leaking from grounded cargo ship in New Zealand as more cleaned birds released
Oil is continuing to leak from a cargo ship that grounded on a New Zealand reef almost eight weeks ago, shipping authority officials announced Monday, as more cleaned birds were released into the wild.
Small amounts of oil would continue to leak out of the badly damaged Liberian-flagged Rena, which ran on to the Astrolabe Reef, about 12 nautical miles off the east of the North Island on Oct. 5, Maritime New Zealand (MNZ) national on-scene commander Rob Service said in a statement.
"There is still some residual oil in the fuel tanks, the duct keel and other parts of the ship that the salvors haven't been able to reach. There is a risk that more oil could be lost from those areas if the vessel's condition changes. A sheen of oil was again visible this morning extending from the vessel."
Service said the sheen of oil extending from the vessel was monitored daily by trained observers.
"Our observers look for patches of darker oil which indicate higher volumes of oil in the water. They are also monitoring the direction of the oil to ensure we are ready for any fresh oil reaching the shore."
Service said the sheen had remained around the vessel stretching in an offshore direction for weeks.
"We are reviewing our plans to ensure we are able to maintain the level of equipment and personnel to deal with a whole range of possible scenarios into the next few weeks, and over Christmas."
Also Monday, another 38 cleaned little blue penguins were released, joining 56 other birds released to return to their normal nesting grounds, after being treated in the oiled wildlife center.
National oiled wildlife response team coordinator Kerri Morgan said in a statement from MNZ that about 240 penguins were still at the wildlife center while their habitats were checked to ensure they are clean enough for their return.
"Only a small number of oiled birds have been found in the last few weeks, but we are still looking," she said.
All birds released had passed a six-hour continuous swimming test, as well as having the salt in their swimming pools increased to ensure they could tolerate the return to salt sea water.
Meanwhile, salvors removed another 26 containers from the ship Monday, bringing the total number of containers removed to 145.
Two senior officers of the Rena's Filipino crew have been charged in connection with the vessel's grounding and the subsequent pollution.
Editor: Liu
English.news.cn 2011-11-28 13:45:17 FeedbackPrintRSS
WELLINGTON, Nov. 28 (Xinhua)
Monday, November 28, 2011
Saturday, November 26, 2011
Belarus president expects Russia to cut oil, gas prices
Belarus president expects Russia to cut oil, gas prices
Belarusian President Alexander Lukashenko said Tuesday that he expects Russia to reduce the prices of gas and oil supplied to Belarus in 2012, local media reported.
Most likely the prices for Russia's energy supplies will fall in 2012, Lukashenko said during a working trip to the Minsk Region.
The Belarusian leader noted that even with a reduction of Russian oil and gas prices, Belarusians should not expect a collapse in domestic energy prices.
"The drop in prices is unlikely to be big. The fund we will save on this will be used to support people, pensioners first of all," Lukashenko said.
In Belarus, since the beginning of the year, 95 octane gasoline price has increased by 71 percent, 92 octane gasoline by 79 percent, and diesel fuel by 123 percent.
According to the press office of the Belarusian State Petrochemical Industry Concern, the prices were raised "because of the devaluation of the Belarusian ruble and for the purpose of decreasing the losses the oil refineries incur while selling motor fuel in the domestic market, and reducing the speculative export of fuel, which is taken abroad because of a considerable disparity between motor fuel prices in Belarus and neighboring states."
The Belarusian ruble has been devalued 189 percent since the beginning of the year.
The Belarusian national bank raised its refinancing rate to 40 percent from 35 percent last week in the 11th increase this year. Consumer prices rose 92.3 percent in October from a year earlier compared with 79.6 percent in September.
Editor: yan
English.news.cn 2011-11-16 05:30:54 FeedbackPrintRSS
MINSK, Nov. 15 (Xinhua)
Belarusian President Alexander Lukashenko said Tuesday that he expects Russia to reduce the prices of gas and oil supplied to Belarus in 2012, local media reported.
Most likely the prices for Russia's energy supplies will fall in 2012, Lukashenko said during a working trip to the Minsk Region.
The Belarusian leader noted that even with a reduction of Russian oil and gas prices, Belarusians should not expect a collapse in domestic energy prices.
"The drop in prices is unlikely to be big. The fund we will save on this will be used to support people, pensioners first of all," Lukashenko said.
In Belarus, since the beginning of the year, 95 octane gasoline price has increased by 71 percent, 92 octane gasoline by 79 percent, and diesel fuel by 123 percent.
According to the press office of the Belarusian State Petrochemical Industry Concern, the prices were raised "because of the devaluation of the Belarusian ruble and for the purpose of decreasing the losses the oil refineries incur while selling motor fuel in the domestic market, and reducing the speculative export of fuel, which is taken abroad because of a considerable disparity between motor fuel prices in Belarus and neighboring states."
The Belarusian ruble has been devalued 189 percent since the beginning of the year.
The Belarusian national bank raised its refinancing rate to 40 percent from 35 percent last week in the 11th increase this year. Consumer prices rose 92.3 percent in October from a year earlier compared with 79.6 percent in September.
Editor: yan
English.news.cn 2011-11-16 05:30:54 FeedbackPrintRSS
MINSK, Nov. 15 (Xinhua)
Thursday, November 24, 2011
Brazil suspends Chevron's drilling in the country
The Brazilian authorities have suspended all drilling activities of U.S. oil giant Chevron in its territory, following a large oil leak off the southeast coast.
The Brazilian National Petroleum Agency (ANP) announced on Wednesday that the suspension would be in force until an investigation into the offshore oil spill is completed.
The spill started on Nov. 7 at a site about 230 miles (370 km) off the northeastern coast of Rio de Janeiro state. According to the ANP, the size of the slack has already been considerably reduced.
In addition to the suspension, the ANP has also denied authorization for Chevron to drill another well in the area in the pre-salt layer field, which would bring an even bigger risk.
The agency noted that their assessment indicates that Chevron was negligent in the investigation of essential data for drilling in the area as well as in the elaboration and execution of a plan to abandon the well.
Brazil's environmental protection agency said it would fine Chevron nearly 28 million U.S. dollars for the spill. But the company may be punished again if the Brazilian authorities find other malpractices.
Editor: Yamei Wang
English.news.cn 2011-11-24 12:28:39 FeedbackPrintRSS
RIO DE JANEIRO, Nov. 23 (Xinhua)
The Brazilian National Petroleum Agency (ANP) announced on Wednesday that the suspension would be in force until an investigation into the offshore oil spill is completed.
The spill started on Nov. 7 at a site about 230 miles (370 km) off the northeastern coast of Rio de Janeiro state. According to the ANP, the size of the slack has already been considerably reduced.
In addition to the suspension, the ANP has also denied authorization for Chevron to drill another well in the area in the pre-salt layer field, which would bring an even bigger risk.
The agency noted that their assessment indicates that Chevron was negligent in the investigation of essential data for drilling in the area as well as in the elaboration and execution of a plan to abandon the well.
Brazil's environmental protection agency said it would fine Chevron nearly 28 million U.S. dollars for the spill. But the company may be punished again if the Brazilian authorities find other malpractices.
Editor: Yamei Wang
English.news.cn 2011-11-24 12:28:39 FeedbackPrintRSS
RIO DE JANEIRO, Nov. 23 (Xinhua)
Oil slick reduced in Brazil's offshore: National Petroleum Agency
The size of an oil slick off Brazil's southeastern coast has been considerably reduced, National Petroleum Agency said on Tuesday.
The agency released new footage of the leaking well operated by U.S.-based Chevron Corp. off the coast of Rio de Janeiro state, saying the size of the slack, which started on Nov. 7, decreased from 12 to 2 square kilometers in the past few days.
On Monday, Brazil's environmental protection agency said it will fine Chevron 50 million reais (27.8 million U.S. dollars) for the spill, but the company may be punished again if the Brazilian authorities find their response to the accident inadequate or if they use methods that could bring damage to environment to clean the spill.
The new fines may surpass 100 million reais (55 million U.S. dollars), and the company may even lose the license to drill in Brazil. Chevron currently holds a class-A license, which allows it to drill even in the country's pre-salt layer oil fields.
Local daily O Globo reported that President Dilma Rousseff, who used to be energy minister and served on the board of state-owned oil giant Petrobras, was angry over Chevron's tactics, and had requested a full investigation into the accident.
Editor: Wang
English.news.cn 2011-11-23 09:44:00 FeedbackPrintRSS
RIO DE JANEIRO, Nov. 22 (Xinhua)
The agency released new footage of the leaking well operated by U.S.-based Chevron Corp. off the coast of Rio de Janeiro state, saying the size of the slack, which started on Nov. 7, decreased from 12 to 2 square kilometers in the past few days.
On Monday, Brazil's environmental protection agency said it will fine Chevron 50 million reais (27.8 million U.S. dollars) for the spill, but the company may be punished again if the Brazilian authorities find their response to the accident inadequate or if they use methods that could bring damage to environment to clean the spill.
The new fines may surpass 100 million reais (55 million U.S. dollars), and the company may even lose the license to drill in Brazil. Chevron currently holds a class-A license, which allows it to drill even in the country's pre-salt layer oil fields.
Local daily O Globo reported that President Dilma Rousseff, who used to be energy minister and served on the board of state-owned oil giant Petrobras, was angry over Chevron's tactics, and had requested a full investigation into the accident.
Editor: Wang
English.news.cn 2011-11-23 09:44:00 FeedbackPrintRSS
RIO DE JANEIRO, Nov. 22 (Xinhua)
Brazil fines Chevron for oil spill
Brazilian authorities said Monday that U.S. oil giant Chevron would pay a maximum environmental damage fine of 27.78 million U.S. dollars for a large spill off the southeast coast.
The amount could not be higher under the current rules of government environmental agency Ibama, but Rio state's environment chief Carlos Minc said it is not enough.
Minc said half of the fine will be used to repair the environmental damage caused by the oil spill, and that he would require an audit on all Chevron's facilities in Rio, and later on all oil companies operating in the state.
In addition, he said that Rio state would sue Chevron for the damages caused by the spill to marine life.
According to Chevron, the leak has already been halted and there are only residues of the original spill. But Brazil's National Petroleum Agency (ANP) said on Sunday that the oil is still leaking, albeit at a lower rate.
The Brazilian Federal Police's environment office is investigating the incident to determine the extent of Chevron's responsibility, as well as allegations that Chevron used environmentally-damaging techniques to clean the oil spill.
If the accusations proved to be true, Chevron may be forbidden to participate in public bidding processes for up to five years.
Besides the spill problems, Chevron will also be investigated for there is evidence of labor irregularities on the platform where the accident took place, according to Police Chief FABIO Scliar.
Editor: Chen Zhi
English.news.cn 2011-11-22 09:51:03 FeedbackPrintRSS
RIO DE JANEIRO, Nov. 21 (Xinhua)
The amount could not be higher under the current rules of government environmental agency Ibama, but Rio state's environment chief Carlos Minc said it is not enough.
Minc said half of the fine will be used to repair the environmental damage caused by the oil spill, and that he would require an audit on all Chevron's facilities in Rio, and later on all oil companies operating in the state.
In addition, he said that Rio state would sue Chevron for the damages caused by the spill to marine life.
According to Chevron, the leak has already been halted and there are only residues of the original spill. But Brazil's National Petroleum Agency (ANP) said on Sunday that the oil is still leaking, albeit at a lower rate.
The Brazilian Federal Police's environment office is investigating the incident to determine the extent of Chevron's responsibility, as well as allegations that Chevron used environmentally-damaging techniques to clean the oil spill.
If the accusations proved to be true, Chevron may be forbidden to participate in public bidding processes for up to five years.
Besides the spill problems, Chevron will also be investigated for there is evidence of labor irregularities on the platform where the accident took place, according to Police Chief FABIO Scliar.
Editor: Chen Zhi
English.news.cn 2011-11-22 09:51:03 FeedbackPrintRSS
RIO DE JANEIRO, Nov. 21 (Xinhua)
Wednesday, November 23, 2011
Oil declines on European concerns
Oil declines on European concerns
U.S. crude oil price dropped on Wednesday as Italian debt problems raised investors'concerns that the European debt crisis might worsen.
Crude got a boost after U.S. Energy Information Administration reported that U.S. crude inventories dropped 1.4 million barrels last week. The markets had expected to see an increase of 400,000 barrels.
And to adding to the support, British Foreign Secretary William Hague said the British government is considering sanctions against Iran's financial and energy sectors as an punishment of its nuclear program.
But European concerns kept pressuring the markets. Investors feared that Italy would face more sovereign debt risks even after Prime Minister Silvio Berlusconi's resignation decision. Italy's 10-year bond yield rose to a record high of above 7 percent, which caused more worries.
Light, sweet crude for December delivery fell 1.06 dollars, or 1.09 percent to settle at 95.74 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery also fell and last traded at 112.50 dollars a barrel.
Editor: Mu Xuequan
English.news.cn 2011-11-10 06:13:08 FeedbackPrintRSS
NEW YORK, Nov. 9 (Xinhua)
U.S. crude oil price dropped on Wednesday as Italian debt problems raised investors'concerns that the European debt crisis might worsen.
Crude got a boost after U.S. Energy Information Administration reported that U.S. crude inventories dropped 1.4 million barrels last week. The markets had expected to see an increase of 400,000 barrels.
And to adding to the support, British Foreign Secretary William Hague said the British government is considering sanctions against Iran's financial and energy sectors as an punishment of its nuclear program.
But European concerns kept pressuring the markets. Investors feared that Italy would face more sovereign debt risks even after Prime Minister Silvio Berlusconi's resignation decision. Italy's 10-year bond yield rose to a record high of above 7 percent, which caused more worries.
Light, sweet crude for December delivery fell 1.06 dollars, or 1.09 percent to settle at 95.74 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery also fell and last traded at 112.50 dollars a barrel.
Editor: Mu Xuequan
English.news.cn 2011-11-10 06:13:08 FeedbackPrintRSS
NEW YORK, Nov. 9 (Xinhua)
Oil gains for fifth day on higher demand outlook
Oil gains for fifth day on higher demand outlook
U.S. crude prices gained for the fifth straight session on Tuesday as major oil producers raised their forecasts for world oil demand.
In its World Oil Outlook report released on Tuesday, the Organization of Petroleum Exporting Countries (OPEC), raised its forecast of world oil demand by 1.9 million barrels a day, to 92.9 million barrels by the year of 2015.
Oil also got a lift after Italian Prime Minister Silvio Berlusconi promised to resign amid Italy debt woes. Investors were happy to hear that Berlusconi promised to step down as soon as the parliament passed urgent budget reforms, which is seen as a positive step to remove any hurdles for Italy's economic reform aiming at tackling its debt problems.
Meanwhile, concerns on possible tensions in the Middle East region once again pushed oil prices higher after the International Atomic Energy Agency said in a report that Iran carried out "work on the development of an indigenous design of a nuclear weapon including the testing of components."
Light, sweet crude for Dec. delivery rose 1.28 dollars, or 1.3 percent to settle at 96.80 dollars a barrel on the New York Mercantile Exchange, the highest closing level for a most-active contract since July 28.
Editor: Mu Xuequan
English.news.cn 2011-11-09 06:15:25 FeedbackPrintRSS
NEW YORK, Nov. 8 (Xinhua)
U.S. crude prices gained for the fifth straight session on Tuesday as major oil producers raised their forecasts for world oil demand.
In its World Oil Outlook report released on Tuesday, the Organization of Petroleum Exporting Countries (OPEC), raised its forecast of world oil demand by 1.9 million barrels a day, to 92.9 million barrels by the year of 2015.
Oil also got a lift after Italian Prime Minister Silvio Berlusconi promised to resign amid Italy debt woes. Investors were happy to hear that Berlusconi promised to step down as soon as the parliament passed urgent budget reforms, which is seen as a positive step to remove any hurdles for Italy's economic reform aiming at tackling its debt problems.
Meanwhile, concerns on possible tensions in the Middle East region once again pushed oil prices higher after the International Atomic Energy Agency said in a report that Iran carried out "work on the development of an indigenous design of a nuclear weapon including the testing of components."
Light, sweet crude for Dec. delivery rose 1.28 dollars, or 1.3 percent to settle at 96.80 dollars a barrel on the New York Mercantile Exchange, the highest closing level for a most-active contract since July 28.
Editor: Mu Xuequan
English.news.cn 2011-11-09 06:15:25 FeedbackPrintRSS
NEW YORK, Nov. 8 (Xinhua)
Oil surges on European hopes
Oil surges on European hopes
U.S. crude oil price surged on Monday as investors hoped European debt crisis would be contained as Greece was discussing about forming a new government in an effort to pass the bailout package.
Greek Prime Minister George Papandreou Sunday agreed to resign and sealed a deal with the opposition on a crisis coalition to pass the bailout package before the euro zone country runs out of money in mid-December. After all the political drama in Greece, the news was a big relief for the crude markets. Investors hoped this expected that would avoid a default.
Besides, the Iran nuclear concerns offered supports to oil prices. United Nation's nuclear agency would release a report about Iran's nuclear program, which could trigger tension in the OPEC member state and pose pressure on oil production.
But markets were also keeping close eyes on Italy, which was also stuck in debt problems. Analysts feared Italy could become another Greece. Markets were volatile following news that Italian Prime Minister Silvio Berlusconi would resign. Berlusconi denied the resignation.
Light, sweet crude for December delivery rose 1.26 dollars, or 1.34 percent to settle at 95.52 dollars a barrel on the New York Mercantile Exchange, the highest level since early August.
In London, Brent crude for December delivery soared 2.59 dollars, or 2.31 percent to close at 114.56 dollars a barrel, the highest settlement since Oct. 14.
Editor: Mu Xuequan
English.news.cn 2011-11-08 06:01:23 FeedbackPrintRSS
NEW YORK, Nov. 7 (Xinhua)
U.S. crude oil price surged on Monday as investors hoped European debt crisis would be contained as Greece was discussing about forming a new government in an effort to pass the bailout package.
Greek Prime Minister George Papandreou Sunday agreed to resign and sealed a deal with the opposition on a crisis coalition to pass the bailout package before the euro zone country runs out of money in mid-December. After all the political drama in Greece, the news was a big relief for the crude markets. Investors hoped this expected that would avoid a default.
Besides, the Iran nuclear concerns offered supports to oil prices. United Nation's nuclear agency would release a report about Iran's nuclear program, which could trigger tension in the OPEC member state and pose pressure on oil production.
But markets were also keeping close eyes on Italy, which was also stuck in debt problems. Analysts feared Italy could become another Greece. Markets were volatile following news that Italian Prime Minister Silvio Berlusconi would resign. Berlusconi denied the resignation.
Light, sweet crude for December delivery rose 1.26 dollars, or 1.34 percent to settle at 95.52 dollars a barrel on the New York Mercantile Exchange, the highest level since early August.
In London, Brent crude for December delivery soared 2.59 dollars, or 2.31 percent to close at 114.56 dollars a barrel, the highest settlement since Oct. 14.
Editor: Mu Xuequan
English.news.cn 2011-11-08 06:01:23 FeedbackPrintRSS
NEW YORK, Nov. 7 (Xinhua)
Gold hikes to 6-week high on safe-haven demands
Gold hikes to 6-week high on safe-haven demands
Gold futures on the COMEX Division of the New York Mercantile Exchange rebounded on Monday, as EU debt problem further intensified, which prompted investors to buy gold as a safe-haven investment.
The most active gold contract for December delivery hiked 35 U. S. dollars, or two percent, to 1,791.1 dollars per ounce, the highest settlement in the latest six weeks.
Market analysts said that gold gained support from market concerns about political instability in Italy, where Prime Minister Silvio Berlusconi was reportedly under pressure to resign as the country's borrowing costs spiked to the highest level since the launch of the euro.
Meanwhile, it is reported that Greek Prime Minister George Papandreou agreed to step down, clearing the path for a new government. Besides, market hearsay went that Germany rejected the proposal to use its gold reserves to shore up the region's rescue fund.
A trader noted that all of bad news from the Europe helped underpin the precious metal market and there has been "evidence that speculators are returning", further contributing to support for gold.
Holdings of the SPDR Gold Trust, the world's biggest gold- backed exchange-traded fund, gained 1.513 metric tons to 1,245.064 metric tons on Nov. 4, the highest in more than a month.
Silver for December delivery rose 74.4 U.S. cents, or 2.2 percent, to 34.828 dollars per ounce. Platinum for January delivery also gained 28.7 dollars, or 1.76 percent, to 1,658 dollars per ounce.
Editor: Mu Xuequan
English.news.cn 2011-11-08 06:00:54 FeedbackPrintRSS
CHICAGO, Nov. 7 (Xinhua)
Gold futures on the COMEX Division of the New York Mercantile Exchange rebounded on Monday, as EU debt problem further intensified, which prompted investors to buy gold as a safe-haven investment.
The most active gold contract for December delivery hiked 35 U. S. dollars, or two percent, to 1,791.1 dollars per ounce, the highest settlement in the latest six weeks.
Market analysts said that gold gained support from market concerns about political instability in Italy, where Prime Minister Silvio Berlusconi was reportedly under pressure to resign as the country's borrowing costs spiked to the highest level since the launch of the euro.
Meanwhile, it is reported that Greek Prime Minister George Papandreou agreed to step down, clearing the path for a new government. Besides, market hearsay went that Germany rejected the proposal to use its gold reserves to shore up the region's rescue fund.
A trader noted that all of bad news from the Europe helped underpin the precious metal market and there has been "evidence that speculators are returning", further contributing to support for gold.
Holdings of the SPDR Gold Trust, the world's biggest gold- backed exchange-traded fund, gained 1.513 metric tons to 1,245.064 metric tons on Nov. 4, the highest in more than a month.
Silver for December delivery rose 74.4 U.S. cents, or 2.2 percent, to 34.828 dollars per ounce. Platinum for January delivery also gained 28.7 dollars, or 1.76 percent, to 1,658 dollars per ounce.
Editor: Mu Xuequan
English.news.cn 2011-11-08 06:00:54 FeedbackPrintRSS
CHICAGO, Nov. 7 (Xinhua)
Global oil prices to stay above 100 USD for long: BOK
Global oil prices to stay above 100 USD for long: BOK
South Korea's central bank said Monday that global oil prices were expected to stay above 100 U.S. dollars per barrel for a protracted period of time due to tight supply and a potential speculative investment.
According to a report released by the Bank of Korea (BOK), the prices of Dubai and Brent crude oil topped the 100-dollar mark in February due to geopolitical jitters in the Mideast and the North African region, and stayed at the triple-digit level until recently despite downside pressures such as Europe's debt crisis, the U.S. economic slowdown and the possible end of political turmoil in Libya.
The BOK attributed the higher oil prices to solid industrial activities in major economies, slowing growth in global oil production and lower level of global oil inventory.
Major economies such as the United States, Europe and China showed good performance in terms of industrial production. Manufacturing activities in the United States rebounded since August, while the euro-region's production in information technology (IT), auto and machinery component sectors remained solid recently. China's industrial production sustained its solid growth trend, according to the BOK.
Meanwhile, oil production slowed down. Oil production by non- OPEC members was forecast to post the smallest since the 2008 global financial crisis, while OPEC members were unlikely to raise their production as the member nations did not want to see the global oil price go down, the BOK said.
In addition, global oil inventory stayed below its five-year average level. Oil inventory for OECD members stood at 4.22 billion barrels in August, 0.03 billion barrels lower than its average over the past five years, according to the BOK.
The BOK said global oil prices would likely stay above 100 U.S. dollars per barrel for a considerable time due to the imbalances in supply and demand for oil, predicting that global funds may flow into the international oil market if flight-to-quality sentiment eases amid abated concerns over the European fiscal crisis.
Editor: Chen Zhi
English.news.cn 2011-11-07 11:35:49 FeedbackPrintRSS
SEOUL, Nov. 7 (Xinhua)
South Korea's central bank said Monday that global oil prices were expected to stay above 100 U.S. dollars per barrel for a protracted period of time due to tight supply and a potential speculative investment.
According to a report released by the Bank of Korea (BOK), the prices of Dubai and Brent crude oil topped the 100-dollar mark in February due to geopolitical jitters in the Mideast and the North African region, and stayed at the triple-digit level until recently despite downside pressures such as Europe's debt crisis, the U.S. economic slowdown and the possible end of political turmoil in Libya.
The BOK attributed the higher oil prices to solid industrial activities in major economies, slowing growth in global oil production and lower level of global oil inventory.
Major economies such as the United States, Europe and China showed good performance in terms of industrial production. Manufacturing activities in the United States rebounded since August, while the euro-region's production in information technology (IT), auto and machinery component sectors remained solid recently. China's industrial production sustained its solid growth trend, according to the BOK.
Meanwhile, oil production slowed down. Oil production by non- OPEC members was forecast to post the smallest since the 2008 global financial crisis, while OPEC members were unlikely to raise their production as the member nations did not want to see the global oil price go down, the BOK said.
In addition, global oil inventory stayed below its five-year average level. Oil inventory for OECD members stood at 4.22 billion barrels in August, 0.03 billion barrels lower than its average over the past five years, according to the BOK.
The BOK said global oil prices would likely stay above 100 U.S. dollars per barrel for a considerable time due to the imbalances in supply and demand for oil, predicting that global funds may flow into the international oil market if flight-to-quality sentiment eases amid abated concerns over the European fiscal crisis.
Editor: Chen Zhi
English.news.cn 2011-11-07 11:35:49 FeedbackPrintRSS
SEOUL, Nov. 7 (Xinhua)
Oil posts second straight weekly gain
Oil posts second straight weekly gain
U.S. crude oil edged up on Friday, posting a second straight weekly gain despite the European debt chaos.
Light, sweet crude for December delivery rose 19 cents, or 0.20 percent to settle at 94.26 dollars a barrel on the New York Mercantile Exchange, registering a weekly increase of 94 cents. In London, Brent crude for December delivery also gained and last traded around 112 dollars a barrel after volatile trading.
Editor: yan
English.news.cn 2011-11-05 03:22:28 FeedbackPrintRSS
NEW YORK, Nov. 4 (Xinhua)
U.S. crude oil edged up on Friday, posting a second straight weekly gain despite the European debt chaos.
Light, sweet crude for December delivery rose 19 cents, or 0.20 percent to settle at 94.26 dollars a barrel on the New York Mercantile Exchange, registering a weekly increase of 94 cents. In London, Brent crude for December delivery also gained and last traded around 112 dollars a barrel after volatile trading.
Editor: yan
English.news.cn 2011-11-05 03:22:28 FeedbackPrintRSS
NEW YORK, Nov. 4 (Xinhua)
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