ECONOMIC EXPANSION

WORLDWATCH VORACIOUS APPETITE FOR COMMODITY NEWS

 

Previous posts
Goodgle link units
Add your google link units or ad units here by replacing this text in the template
subscribe
Add ANY ICONS OR Blog directories buttons here
Blog Archieve
  • November 2006
  • August 2007
  • September 2007
  • October 2007
  • November 2007
  • December 2007
  • January 2008
  • February 2008
  • March 2008
  • April 2008
  • May 2008
  • June 2008
  • July 2008
  • August 2008
  • September 2008
  • October 2008
  • November 2008
  • December 2008
  • January 2009
  • February 2009
  • March 2009
  • April 2009
  • May 2009
  • June 2009
  • July 2009
  • August 2009
  • September 2009
  • October 2009
  • November 2009
  • December 2009
  • January 2010
  • February 2010
  • March 2010
  • April 2010
  • May 2010
  • June 2010
  • July 2010
  • August 2010
  • September 2010
  • October 2010
  • November 2010
  • December 2010
  • January 2011
  • February 2011
  • March 2011
  • April 2011
  • May 2011
  • June 2011
  • July 2011
  • August 2011
  • September 2011
  • October 2011
  • November 2011
  • December 2011
  • January 2012
  • February 2012
  • March 2012
  • April 2012
  • June 2012
  • July 2012
  • August 2012
  • September 2012
  • October 2012
  • December 2012
  • January 2013
  • February 2013
  • May 2013
  • August 2013
  • April 2014
  • June 2014
  • September 2014
  • October 2014
  • January 2015
  • February 2015
  • March 2015
  • April 2015
  • September 2015
  • November 2015
  • January 2016
  • March 2016
  • November 2016
  • January 2017
  • May 2017
  • Credits



    Speculation in Portugal

    WorldWatch chief analyst has confirmed the news that speculation in Portugal is once more driving petrol (gasoline) prices to far beyond the acceptable price limit.
    Consumers pay 1.749€ per litre for regular 95 Octane (crude $124.25 per barrel), US and European consumer demand has not increased and there is no sign of doing so in the near future.
    Europe continues to face serious deficit problems such as Greece, Ireland, Spain and Portugal were new economical measures were announced this year by the government, cuts in public spending, reduction by 5% in salary, benefits in IRS, reduced and in most cases cancelled.
    What the Portuguese government forgot to mention or announce any control over is the weekly increase in consumer petrol prices, this alone will affect the economy as petrol prices for the motorist keep going up, inflated by greedy companies such as Galp, BP, Repsol, Cepsa, they all practice the same final consumer price.
    Regular 95 Octane 1.749€ per litre, this is the most expensive in Europe and one of the most expensive in the world.
    Back in 2008 when  Brent crude reached a record $147 a barrel, consumer prices were much lower  than now around Regular 95 Octane 1.249€ per litre.
    As long as these prices continue inflated the tax revenue derived from petrol will continue to fall drastically forced by a severe drop in consumer demand, this year alone its expected to drop by 18%.

    written by ABSTRACTMIND @ 3:38 pm, ,

    Saudi Arabia

    Saudi Arabia oil minister Ali al-Naimi announced it will increase crude production by as much as 25 percent in the coming weeks,, seeking to allay the concern over supplies that has driven prices to the highest in three years.
    Brent crude has gained 15 percent in London this year to about $124 abarrel. Iran has threatened to shut the Strait of Hormuz at the entrance to the Persian Gulf, a transit point for a fifth of the world’s traded oil, in response to sanctions on its crude exports imposed over its nuclear program.
    Saudi Arabia's oil minister Ali al-Naimi, also said, “If you believe Hormuz will be closed, I will sell you the Empire State or the Egyptian pyramids.
    I want to assure you that there is no shortage of supply in the market. OPEC is supplying what it needs, we have capacity, additional reserves of 2.5 million barrels a day. ”

    Saudi Arabia increased production to 10.047 million barrels a day in November, the highest in at least three decades. The kingdom, the world’s biggest crude exporter, has the capacity to produce 12.5 million barrels a day and will pump about 9.9 million barrels a day this month and in April, al-Naimi told reporters at the Ritz Carlton hotel in the Qatari capital.
    Saudi Arabia has excess capacity of 2.5 million barrels a day, the minister said, which makes up the bulk of spare capacity in the Organization for Petroleum Exporting Countries. As much as 1 million barrels a day of exports from Iran, the second-biggest OPEC member, may be lost as embargoes enforced by the U.S. and Europe hinder consumers from buying its oil, the
    International Energy Agency said in a report last week.

    Brent crude reached a record $147 a barrel in 2008 as unused capacity in OPEC narrowed. As prices rose that year, Saudi Arabia said it could potentially raise output capacity to 15 million barrels a day, from 12.5 million barrels a day, using new oil fields if needed. Al-Naimi met with
    ministers from producing and consuming nations last week at the International Energy Forum in Kuwait.
    “When I met with the ministers in Kuwait, every one of them mentioned the economy, and the impact of current prices, and the fear that we will have a repeat of 2008,” al-Naimi said. “The situation is completely different today to 2008. It is definitely not the same. There is plenty of supply, there is readiness to supply, and the demand is really not the one that is pulling.”

    Brent crude dropped 1.3 percent to $124.12 a barrel on London’s ICE Futures Europe today.

    written by ABSTRACTMIND @ 4:27 pm, ,

    The Pyramid Scheme

    This is how the pyramid scheme is working amongst oil speculators:

    Speculator #1: I buy oil from the market

    Speculator #2: (he is a friend of speculator #1) I buy oil from speculator #1 at a higher price .
    Speculator #1: I buy the same oil that I just sold at a higher price.
    Speculators #1 and #2 contact the media (like AP) and release a bogus report about oil futures ...Oil goes up and the vicious cycle between these crooks continue to rob us blind ...


    written by ABSTRACTMIND @ 3:23 pm, ,

    A NEW EUROPE CRASH

    One of the most expensive final consumer prices for petrol is in one of Europe’s oldest and most poor economies ...Portugal...
    Filling a car with Regular 95 Octane is now a staggering 1,71€ per liter...Portugal is in a recession that will be aggravated even further by rising prices which include, coffee, soft drinks, electricity, water and the price of bread, not to mention that the petrol companies Galp.BP, Repsol and Cepsa inflate prices in a weekly basis according to the monopoly of the government and these same companies.
    Petrol prices in Portugal are the most expensive ever, in a country were the unemployment passes the 14%, education is one of the worst in Europe, health care appalling, if this continues civil unrest will no doubt happen.

    There are over 300 filling stations that are going to close due to a very significant drop in fuel consumption.

    written by ABSTRACTMIND @ 3:22 pm, ,


    Links

    Subscribe

    Subscribe in a reader

    Advertise


    The Commodity prices are provided by Forex Pros - The Leading Financial Portal

    blog links
    Finance directory