Quote
of the day
"Although the oil price hike is lower in real terms than during
previous shocks and most industrialized oil-importing economies have reduced
their dependence on oil, last year's sharp rise dented world growth."
(The European commission said Monday when presenting its upwards revision to oil
prices).
See more industry/OPEC viewpoints. http://www.platts.com/Oil/Resources/Quote of
the Day/
OPEC has already begun negotiations to bring the extra 500,000 b/d of oil, agreed at the Iran meeting, to market from May 1, but discussions were at the early stages.
"The Saudi capacity at 9.5-mil b/d is extremely close to breaking point," one analyst said.
A refinery glitch at the 635,000 b/d Amuay refinery, owned by PDVSA in Venezuela prompted further supply concerns on gasoline and brokers speculated that it would be several more days before supplies would be fully restored.
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