Stockman Scott's Political Debate Porch Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Stockman Scott's Political Debate Porch

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Jim Willie CB who wrote (4612)	8/15/2002 1:39:20 PM
From: stockman_scott	Read Replies (1) of 89467

Oil climbs amid OPEC output hike uncertainty LONDON, Aug 15 (Reuters) - Oil prices climbed to three-month highs on Thursday after OPEC's president said a production hike was not certain when the cartel meets next month. International benchmark Brent crude oil was up 63 cents at $26.58 a barrel while U.S. light crude futures stood 63 cents higher at $28.78. Organisation of the Petroleum Exporting Countries ministers are preparing for a crucial meeting on September 19 in Japan to set production policy for the fourth quarter. OPEC officials sent out mixed signals on Thursday. OPEC President Rilwanu Lukman, who is also the Nigerian Presidential Adviser on Petroleum and Energy, said it was "not yet certain" whether the meeting will decide to raise output. He told Reuters in Abuja the cartel was comfortable with current oil prices and had no plans to alter its target price band of $22-$28 a barrel at its meeting and will not allow oil prices to climb to $30 a barrel. "There is no intention to change our target price," Lukman said. "Our range is between $22 and $28. We are still comfortable." "We will not allow it to go to $30. Thirty dollars will be too much. That is not good for anybody," he added. But a senior OPEC delegate said earlier that the exporters group remains on course to relax supply curbs when it meets in September as bullish oil market fundamentals outweigh concerns over the global economic slowdown. "Current supply-and-demand forecasts suggest the need for an increase from October until the end of March 2003 -- but we will make the final judgment in September," the delegate from an influential producer state said. "OPEC wants to make sure the market is balanced and there are no shortages from the fourth quarter through the first quarter of next year." The delegate's comments came after OPEC Secretary-General Alvaro Silva moved on Wednesday to dampen expectations of a supply rise, saying the decision would be left until the September talks. Speculation over an expected U.S. military campaign to topple Iraqi leader Saddam Hussein has also been supporting oil prices in recent weeks. But markets did not react to Thursday's comments by White House National Security Adviser Condoleezza Rice that the United States has no choice but to take action against Iraqi President Saddam Hussein. "The market seems to be getting de-sensitised to the U.S. gesturing," said Nauman Barakat, energy analyst at FIMAT in London. ((London newsroom +44 20 7542-8185, fax +44 20 7542 4453, london.energy.desk@reuters.com)) REUTERS

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next