Slider,
stockhouse.ca
POO Euro relative... what are the euro G7 folks whining about ?
China must be in pain I agree completely.. since they are pegged..
BTW... in your scenario this should be a break.. to see if China capitulates ... and if they do not... onward and upward..
time frame to be determined... ??
Kastel
The part I thought was most noteworthy was the bit about asking for energy conservation measures as national policy. Interesting to see this kind of press while the energy market is selling off.
FWIW Today looks like capitulation but it may be just another stop along the way. It will depend on if oil holds $50, IMO.
"G7 To Call On Oil Suppliers To Boost Output - G7 Source
13:15 EST Friday, Apr 15, 2005
WASHINGTON -(Dow Jones)- Finance ministers from the Group of Seven industrialized countries are going to call on oil-producing countries to boost supply in an effort to cool down prices, a G7 official said Friday.
"There's going to be the usual call on oil suppliers to boost supply," said the official, who is attending the G7 meeting in Washington starting Saturday, on the sidelines of the International Monetary Fund and World Bank spring meetings.
The IMF said in its latest semi-annual forecasts this week that high oil prices are a key risk to the global economy both over the short- and long-term.
Oil prices, currently hovering around $50 a barrel, have risen nearly 73% since the beginning of 2004, according to the IMF. The European Union last week cited high oil prices when it cut its 2005 growth forecast for the 12-nation euro zone.
The G7 is concerned that oil prices have remained stubbornly high for a long time and may not fall by as much as previously expected, the official said.
"Current oil price levels may not be far from the long-term trend," he warned.
The G7 will also call on countries to adopt energy-saving policies, an area in which European countries are ahead of the rest of the world, the official said.
At previous meetings of the G7, European officials sought without success to persuade partners to include references to the importance of diversifying energy supply sources away from oil in the group's final communique.
The G7 is slated to issue its final statement Saturday.
-By Luca Di Leo, Dow Jones Newswires; +39 335 617 1960; luca.dileo@ dowjones.com
Dow Jones Newswires
04-15-05 1315ET
Copyright (C) 2005 Dow Jones & Company, Inc. All Rights Reserved" |
