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    Global Recovery

    Oil slid on signs the global recovery is fading while European policymakers struggle to resolve the region’s debt crisis. Citigroup Inc. cut its 2011 global economic growth forecast today to 3.1 percent from 3.7 percent. German Chancellor Angela Merkel’s party lost weekend elections in her home state, stoking concern opposition is growing to bailouts for debt-saddled
    European nations.
    In the Gulf of Mexico, Lee weakened from a tropical storm to a depression after making landfall and soaking Louisiana and much of the nearby Gulf Coast. About 60 percent of oil production and 44 percent of natural gas output was halted in the Gulf of Mexico, according to the Bureau of Ocean Energy Management, Regulation and Enforcement.
    The weather system was about 95 kilometers east- southeast of Alexandria, Louisiana, moving east-northeast at 7 miles per hour, the U.S. National Hurricane Center said in an advisory at 10 p.m. Central Daylight Time yesterday.
    Crews are resuming production in the western Gulf after inspecting equipment for damage, David Eglinton, a spokesman for Exxon Mobil, based in Irving, Texas, said yesterday in an e- mail. Shell confirmed it began returning staff after evacuating as many as 858 workers.

    However the debt-saddled European nation Portugal continues with inflated consumer petrol prices as today all companies involved Galp, BP, Repsol and Cepsa once more increased prices between 2 and 4 cents per liter.

    WorldWatch chief analyst predicts that this latest incresae will further undermine the economy as taxes have increased across the board in a attempt to curtail expenses, this latest hike in petrol has no justification what so ever and is a clear sign that the government has little or no control over the oil companies and the nations economical guidelines.
    This is a clear monopoly by the involved companies in price fixing, if no measures are taken this will no doubt cause social unrest

    written by ABSTRACTMIND @ 2:27 pm, ,

    Worsening Outlook

    The macroeconomic data continues to indicate a deceleration of economic growth both in Europe and the US.

    Crude oil for October delivery fell $1.91, or 2.2 percent, to $87.02 a barrel at 12:52 p.m. on the New York Exchange. Brent oil for October settlement dropped $1.10, or 1 percent, to $113.19 a barrel on the London-based ICE Futures Europe exchange.

    This underscores why we’re looking for the outlook to get more bearish a slowdown hasn’t been priced in yet, so oil should move lower.

    on fears that one or more of the countries in the euro zone will default triggered a plunge in stocks last month that caused consumer confidence to sink, this will be reflected in lower fuel demand.

    All this seems not to affect one of Europe’s oldest and worst economies..PORTUGAL

    Portugal has one of the world’s most expensive consumer price for petrol and now they once more announced in the local media that consumer prices for petrol will once more be inflated next week by a staggering 3.5 cents per liter for regular 95 Octane prices will 1.605 € per liter.

    This attitude by the petrol companies Galp, BP, Repsol and Cepsa will affect Portugal’s austerity plan, as consumer demand will continue to drop as well as Tax revenue derived from petrol products.
    The policy shift by the U.S. and some European Nations to try and get external markets t o help lower crude prices does not apply to Portugal were consumer prices are inflated to record cost.

    The new elected government seems to be as arrogant as the last socialist government regarding this issue as there is no control as to the steps taken by these energy companies.

    written by ABSTRACTMIND @ 3:24 pm, ,


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