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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (442752)	12/26/2008 3:33:29 PM
From: tejek	Respond to of 1576954

Oil Rises for First Time in Three Days After Dropping Below $36 "Fuels consumption has fallen as consumers cut spending. China, the world’s second-biggest energy user, may face a surplus of coal, fuels and power within the next two years as demand falls and a “sizable” expansion in capacity comes online, Wang Siqiang, a deputy director at the National Energy Administration, said Dec. 12. OPEC’s Forecast Oil prices may start to rise in the second half of next year and will probably reach OPEC’s target price of $75 a barrel in early 2010, Al-Hayat reported on Dec. 24, citing the producer group’s Secretary-General Abdalla El Badri. The decline was mainly because of the global recession, drop in demand and market perception that members of the Organization of Petroleum Exporting Countries won’t honor their production quotas, al-Badri said. OPEC decided on Dec. 17 to deepen existing supply cuts, and set a production limit for 11 of its members at 24.845 million barrels a day, which would be 4.2 million barrels a day less than it pumped in September, according to figures published by OPEC. Abu Dhabi National Oil Co., the United Arab Emirates state- owned oil producer, will cut crude oil supply to Asia in January and February after OPEC agreed to reduce output, according to a faxed statement sent to Asian buyers. Brent crude oil for February settlement gained as much as $1.04, or 2.8 percent, to $37.65 a barrel on the London-based ICE Futures exchange." read more............ bloomberg.com