How to make cheap black gold, mounted the week last at their highest level for 25 years Producers and consumers of oil more 60 countries yesterday met in Doha, the Qatar, to try to develop a common response to this issue have not found a solution at this time. The Organization of petroleum exporting countries (OPEC), in particular, believes that, contrary to received ideas, pumping more crude would serve no purpose, the market is already surapprovisonné. The cartel, whose members met on the margins of the international energy Forum, refused to make available to the market all its unused production capacity, a measure which it had used in September to try to calm down the market after the passage of Hurricane Katrina in the United States and the Kuwait proposed to reactivate.
"There is no demand for additional oil, it is justified in the Saudi oil Minister and OPEC leader, Ali al-Nouaïmi.". "There is no buyer, even for light crude", the most wanted. "What do you do". You know like me that, if the course is where it is, is not due to shortages of supply. "His Algerian counterpart, Chakib Khelil, was even more direct: according to him,"OPEC can do nothing", even if it extracted more than a third of the oil consumed in the world. "He must believe OPEC when she said that she would be willing to provide more crude to any consumer that would be, but that is not the case for the moment, commented yesterday the petroleum experts of Société Générale. So far, the market has been very well stocked, or surapprovisionné, when we see the recent restocking in the Atlantic area.
Catches of benefit
For the leaders of the Organization of petroleum exporting countries, the reasons for the recent outbreak are to look elsewhere, in particular downstream, in the lack of capacity of refining in the United States, a bottleneck which disappear not in the short term, and the tensions around the Iran, Iraq, etc., that they also the markets to increase. Crude prices seem so not to close down really their record levels. It would mean that "geopolitical tensions dissipate or that oil demand collapses, two cases that seem unlikely", believe the analysts of the Centre for Global Energy Studies (SEMC) in their monthly report published yesterday. According to their scenarios, the barrel would remain between 66.70 dollars and 74,20 dollars in quarterly average until the end of the year.
In the immediate future, courts marked way yesterday, due to catches of benefit. London, to 21 p.m. (Paris time), the barrel of brent from the North Sea for delivery in June, which is the primary world reference, is exchanged at 73 dollars, down from 1.57 dollar. On the New York Mercantile Exchange, quality barrel "light sweet crude" was negotiating at the same time in 1.84 dollar decline, to $ 73,33. But many professionals expect new records soon. Market in particular fears a military of the United States in Iran intervention, while President Mahmoud Ahmadinejad yesterday rejected the request of the United Nations to stop its uranium enrichment activities. For SucDen analysts, "any slowdown in Iranian exports send barrel beyond $ 100". Now, the fear of these exports decline translates "a risk premium of $ 15 to $ 20 in the crude oil price."