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Written by Jim Sutliff
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Friday, 16 May 2008 |
Pesident Bush is heading to Saudi Arabia and one of the main topics will be an increase in oil production by OPEC. Saudi Arabia has the ability to increase OPECs production due to their percentage vote in OPEC. Also, they could decide to increase production on their own since they do have additional capacity.
To view the article, please click here:
http://www.reuters.com/article/latestCrisis/idUSL15723179
Jim Sutliff
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Written by Jim Sutliff
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Tuesday, 13 May 2008 |
A recent vote by the Senate concerning the strategic oil reserves prompted this post by www.rightsideofny.com:
The Senate voted 97-1 to halt the shipment of crude oil to the strategic petroleum reserves. The House is expected to also vote on the issue. It was stated that it makes no sense for the American government to keep purchasing oil at the highest price in history. This statement would be accurate if a strike on Iran is not in the near future. Any unrest in an oil producing nation such as Iran would create a spike in oil prices that would have to be offset by a release from the reserves.
To view the site, please click here:
http://www.rightsideofny.com/
Jim Sutliff
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Written by Jim Sutliff
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Tuesday, 13 May 2008 |
Prediction:Oil prices will spike in the near term with continued global unrest and a greater focus on speculation. The speculation component in oil prices will have an effect on the volatility and not the underlying price. Therefore, the price for crude will have much wider swings in price. Global unrest will not evaporate as a concern and the strike on Iran will send prices into the stratosphere.
The good news is that new reserves are being discovered in friendly parts of the world (Greenland, Brazil etc.). Also, Canadian tar sands only run $45 a barrel to produce and oil shale in America will likely play a role within the next 3-5 years. In a nutshell, crude should be at no more than $65 a barrel when the dust settles.
To view the site, please click here:
http://www.alternativeinvestmentsreview.com/
Jim Sutliff
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