Tokyo (Platts)--7Jan2008
Crude oil prices will likely hover "around $90/barrel" until the flood of
funds coming in from unstable stock and bond markets ease, Fumiaki Watari,
president of the Petroleum Association of Japan, said Monday.
Front-month February crude futures were at $97.30/barrel at 0507 GMT
Monday, down 61 cents from Friday's close. The front-month NYMEX contract
ended Friday at $97.91/b, down $1.27/b.
Japan imports nearly 4.3 million b/d of crude oil and is the world's
third-largest importer after the US and China. Crude imports from the Middle
East account for roughly 90% of Japan's total imports.
Amid the volatile oil markets, Watari urged the Japanese government
to maximize efforts on resource diplomacy as well as initiate talks between
energy producers and consumers to calm the situation.
At the PAJ New Year reception, Yoshitaka Shindo, Senior Vice Minister of
Economy, Trade and Industry pledged that Japan's de-facto energy ministry will
maximize its efforts to ensure the country's energy security by accelerating
its collaboration with the private sector.
|
