ECONOMIC EXPANSION

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    WORLD PETROL PRICES.

    Price.....Country.............Pain Rank
    $10.12...Norway......................#52
    $9.41....Turkey........................#7
    $9.28....Israel..........................#31
    $8.61....Hong Kong.................#35
    $8.26....Netherlands...............#41
    $8.20....Denmark...................#47
    $8.15....Italy............................#34
    $8.14....Sweden......................#48
    $7.92....Greece.......................#26
    $7.87....United Kingdom.........#37
    $7.79....France.......................#39
    $7.77....Belgium.....................#42
    $7.74....Germany....................#40
    $7.72....Portugal.....................#23
    $7.66....Switzerland................#53
    $7.59....Finland.......................#45
    $7.34....Ireland........................#44
    $7.15....Japan.........................#46
    $7.12....South Korea..............#30
    $6.93....Slovakia.....................#21
    $6.92....Brazil..........................#13
    $6.79....Hungary.....................#15
    $6.60....Malta..........................#27
    $6.57....Slovenia.....................#32
    $6.55....New Zealand............#43
    $6.49....Austria.......................#49
    $6.47....Spain.........................#36
    $6.46....Czech Republic.........#25
    $6.41....Australia.....................#54
    $6.38....Luxembourg..............#56
    $6.32....Lithuania....................#18
    $6.15....Poland.......................#19
    $6.13....Chile...........................#22
    $6.12....Bulgaria......................#6
    $6.08....Latvia.........................#17
    $6.08....Singapore...................#50
    $5.96....Colombia....................#10
    $5.86....Cyprus.......................#38
    $5.82....Argentina....................#16
    $5.80....Estonia......................#24
    $5.71....Romania....................#11
    $5.46....Canada......................#51
    $5.44....India...........................#1
    $5.30....South Africa...............#12
    $4.89....China..........................#8
    $4.51....Thailand.....................#9
    $4.42....Philippines.................#3
    $3.85....Indonesia...................#5
    $3.75....Russia.......................#33
    $3.75....United States.............#55
    $3.55....Pakistan.......................#2
    $3.24....Mexico........................#29
    $3.23....Malaysia.....................#28
    $2.80....Iran.............................#20
    $2.32....Nigeria........................#4
    $1.89....United Arab Emirates..#57
    $1.73....Egypt..........................#14
    $0.89....Kuwait........................#59
    $0.61....Saudi Arabia..............#58
    $0.09....Venezuela..................#60

    written by ABSTRACTMIND @ 2:17 pm, ,

    Saudia Arabia's Minister of Petroleum


    Saudia Arabia's Minister of Petroleum and Mineral Ressources, Ali Al-Naimi, said global supply, demand and inventories of crude don’t justify the current increase in oil prices in Europe and in particular in countries like Portugal were oil prices are one of the highest in the world, every week oil prices increase as was the case this week as the motorists faced yet another increase of 3 cents per litre the official WorldWatch Press Agency reported.

    Saudi Arabian Oil Minister Ali al-Naimi said, “Saudi Arabia will, as always, take all necessary steps to ensure the market is well supplied and to help moderate prices - and we will meet any additional demand from our customers.”
    “Saudi Arabia is concerned about rising oil prices in the international oil market,” al-Naimi said today. “The price of oil is simply not supported by market fundamentals. The market is well balanced, forward cover remains within an acceptable range and inventories are more than adequate.”
    Brent crude, a pricing benchmark for more than half of the world’s oil, has risen 29 percent since this year’s lowest close on June 21, as a European Union embargo on crude purchases from Iran took full effect on July 1. Brent for October settlement on the London-based ICE Futures Europe exchange was at $114.82 a barrel at 11:14 a.m. local time
    Saudi Arabia, the world’s largest crude exporter, is producing near the highest level in more than three decades. Its output has boosted supply from the Organization of Petroleum Exporting Countries to 1.3 million barrels a day more than the world needs this year, data from the group
    showed in its most recent monthly report. The desert kingdom has worked with the United Arab Emirates and Kuwait, fellow members of the six- nation Gulf Cooperation Council, to raise production as U.S. sanctions penalized customers buying Iranian crude.

    The Islamic Republic faces sanctions on its energy and financial industries because of its nuclear program, which the U.S. and its allies say may conceal efforts to develop atomic- weapons technology. Iran denies the allegation and says it wants nuclear energy only for civilian purposes.
    “Saudi Arabia will, as always, take all necessary steps to ensure the market is well supplied and to help moderate prices - - and we will meet any additional demand from our customers,” al Naimi said. “We will continue to work in collaboration with other Gulf Cooperation Council nations, and with OPEC to defend the stability of the oil market.”
    OPEC’s 12 members will meet next on Dec. 12 to assess market conditions and the group’s output policy

    The real issue is the revenue obtained from oil prices by the government of Portugal and the involved oil companies that constantly inflate the final consumer price using every excuss to justify the increase.

    written by ABSTRACTMIND @ 3:25 pm, ,


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