Crude oil prices have risen above $117 psychological barrier in early trading hours today, to a new record high of $117.05. The new highs are due to two factors:
- Iranian President: Reitterated his anti-Western veiws and added more weight to the commodity’s current lofty levels by implying that even at $115 a barrel, oil is priced too low and “should find its real value”.
- OPEC President: Commented on Sunday that the OPEC should not increase output now because the market was well-balanced between supply and demand.
Kuwaiti minister in Rome for Int”l Energy Forum
4/20/2008 11:40:00 AM
http://www.kuna.net.kw/NewsAgenciesPublicSite/ArticleDetails.aspx?id=1900784&Language=en
SNIPS
ROME, April 20 (KUNA) — Kuwaiti Minister of Electricity and Water and Acting Minister of Oil Mohammad Abdullah Al-Olaim arrived here Saturday night [...]
+
The Kuwaiti official is expected to present a working paper on reinforcing energy resources’ potential.
Oil and gas for euro
simply because the euro is evolving into a gold-euro
through the European Central Bank marking its gold reserves to market.
The Real World: Putin in Libya
Published: April 18, 2008
http://www.metimes.com/Politics/2008/04/18/the_real_world_putin_in_libya/2760/
SNIP
Reportedly, Gadhafi told Putin that he favors the idea of a gas OPEC, a notion that Russia appears to share with Iran and Venezuela, and which one day may do to the liquefied natural gas (LNG) market what OPEC has done to oil. Furthermore, the two leaders discussed cooperation in the field of nuclear energy. Policy makers in Washington are fuming and biting their nails – “bad Vlad” is apparently outfoxing them yet again.
Ivo:
ONCE
the world will be allowed to know that
the past three decades of cheap Arabian oil
have been made possible by the flow of cheap gold
to the Saudi Arabia oil-central bank
THEN
most will start to understand what the gold-euro really means.
Saudi King Abdullah drops quiet bombshell; U.S. media sleep through it
Published on 21 Apr 2008 by ASPO-USA
http://www.energybulletin.net/43048.html
SNIP
On April 13, Reuters reported the following from Riyadh:
Saudi Arabia’s King Abdullah said he had ordered some new oil discoveries left untapped to preserve oil wealth in the world’s top exporter for future generations…
“When there were some new finds, I told them, ‘no, leave it in the ground, with grace from god, our children need it’,” King Abdullah said…
Saudi production capacity stands at around 11.3 million bpd, and is scheduled to rise to 12.5 million bpd next year.
UNSNIP
To repeat:
ONCE
the world will be allowed to know that
the past three decades of cheap Arabian oil
have been made possible by the flow of cheap gold
to the Saudi Arabia oil-central bank
THEN
most will start to understand what the gold-euro really means.