Tuesday, 22-May-2018 03:46
 
no comments in "Economy"
Economy
Monday, 04-December-2006
Bloomberg News - CAIRO: Ali al-Naimi, the Saudi Arabian oil minister, has said that inventories of crude oil are too high, indicating that OPEC, which supplies two out of every five barrels, should cut output.

Ministers of the Organization of Petroleum Exporting Countries will next meet in Nigeria on Dec. 14 to decide whether to cut production for a second time in two months. The group decided in October to reduce output by 1.2 million barrels a day starting Nov. 1, to limit a decline in oil prices from the record $78.40 a barrel in July to $63.43 at the end of last week.

"I agree that we have to take 100 million barrels out of the market," Naimi said in Cairo on Saturday, where there is a meeting of Arab oil ministers, without specifying how that should be done. OPEC's president, Edmund Daukoru, said last week that the group should cut output by at least 500,000 barrels a day.

Separately, Iran urged OPEC on Sunday to cut production again because of oversupply. Iran's OPEC governor, Hossein Kazempour Ardebili, told the state-run Islamic Republic News Agency that a cut should be 500,000 to one million barrels a day.

But among the world's biggest consumers of oil there is unease at the prospect of production cuts from the cartel. The U.S. energy secretary, Samuel Bodman, said last week that OPEC should refrain from another cut, because a colder-than-average winter in the United States may increase demand. And Guy Caruso, head of the U.S. Energy Information Administration, said that OPEC should wait until the full impact of the November cut was known.

John Hall, director of the British energy consultancy John Hall Associates, said: "OPEC is driven by price and the price now is too high, it's double what it was three years ago. I doubt that they would cut production."

Global oil inventories stand at 2.3 billion barrels, Naimi said, citing figures from the Organization for Economic Cooperation and Development. That is at least 100 million barrels more than a year earlier, he said.

Forecasts for colder weather in the United States have kept prices on the New York Mercantile Exchange above $60 a barrel since Nov. 27. Oil futures rose 7.1 percent this week and are 8.5 percent higher than a year ago.

Naimi was in Egypt for a one-day meeting of the Organization of Arab Petroleum Exporting Countries. Saudi Arabia, the world's top oil exporter, and six other Arab states Algeria, Iraq, Kuwait, Libya, Qatar and the United Arab Emirates are also part of OPEC, which has 11 members. The others are Iran, Venezuela, Nigeria and Indonesia.

Mexico names oil firm chief

The Mexican president-elect, Felipe Calderón, said Sunday that he had appointed Jesús Reyes Heroles, a former energy minister, as chief executive of Petróleos Mexicanos, the country's state-owned oil monopoly.

Reyes Heroles will take over Pemex, which provides the federal government with revenue from taxes equivalent to a third of national spending. He was announced along with 10 other appointments to federal agencies.

Calderón also announced that he kept Alfredo Elias Ayub as chief executive of the state-owned electricity company known as CFE.

More from "Economy"

Other titles:
Tuesday, 17-October-2017
The United Arab Emirates acknowledged on Tuesday that two of its pilots were killed when their military aggression plane crashed over Jawf province, a military official said

The official added that the aggressive crashed plane was an apache that was
Tuesday, 17-October-2017
Three citizens were killed and four others wounded in two Saudi air strikes hit Majza district of Saada province, an official said on Tuesday.

The strikes hit a citizen's car in al-Jamalah area in the district, the official added.
Tuesday, 17-October-2017
Artillery of the army and popular shelled a gathering of Saudi-paid mercenaries in al-Moqadra area in Serwah district of Marib province, a military official said on Tuesday.

Meanwhile, dozens of Saudi-paid mercenaries were killed and others injured in Wadi al-Theek in the district, the official added.
Monday, 16-October-2017
The army and popular forces carried out on Monday unique military operations in Taiz province.

A military official said that a number of Saudi-paid mercenaries were killed at the hands of the army and popular forces in al-Jazami Hill in al-Kadaha area in al-Ma'afer district.
Monday, 16-October-2017
A Saudi aggression fighter jet targeted a citizen's car driving in Fara area of Kutaf district in Saada province overnight, killing the driver and injuring his friend, a security official said on Monday.
Monday, 16-October-2017
The army artillery and popular committees launched a fierce attack on Saudi-paid mercenaries' sites in Jawf province, a military official said on Monday.

The attack destroyed a military vehicle belonging to the mercenaries and killed all on board in Sabran area in khab and shaaf district.
Sunday, 15-October-2017
Scores of Saudi enemy soldiers were killed and injured on Sunday when the army and popular forces repelled a Saudi military attempt to sneak into Shurfah site in the border province of Najran, a military official said.

The operation was accomplished successfully against the Saudi
Sunday, 15-October-2017
The army and popular committees have killed a total of 18 Saudi-paid mercenaries in sniper operations over the past hours in the central province of Marib, a military official said on Sunday.

Ten mercenaries were killed in Nehm district and eight others were killed in Serwah district, said the official.
Saturday, 14-October-2017
Saudi aggression warplanes have launched more than 49 airstrikes over the past hours on several residential areas across Yemen, a security official said on Sunday.
The airstrikes targeted the areas of Malahiz and Husama in Dhahir district, and areas Thuban, Masahif and Sdad in Bakim district of northern Saada province.
Thursday, 12-October-2017
The army and popular forces carried out an operation attack on Saudi-paid mercenaries' sites in al-Hawal area in Nehm district.

A local official said that the operation attack resulted in killing and injuring mercenaries, adding they also incurred heavy losses at their ranks

who we are     |    Advertising     |    contact us
All rights reserved © Almotamar Net, Developed by