Arab Today, arab today imf sees 160 oil risk despite libyan boost
Last Updated : GMT 13:34:54
Arab Today, arab today
Arab Today, arab today

IMF sees $160 oil risk despite Libyan boost

Arab Today, arab today

Arab Today, arab today IMF sees $160 oil risk despite Libyan boost

Libya - Arabstoday

The Libyan state oil company NOC said it will export almost 1.4m barrels a day (b/d) next month as key oil fields come back on stream. The announcement came after Saudi Arabia said it had boosted output to a near record level of 9.87m b/d in January and stood ready to cover any shortfall as European sanctions against Iran bite deeper. \"I want to assure you that there is no shortage of supply in the market,\" said Saudi oil minister Ali al-Naimi. \"Oil prices today are unjustifiable on a supply and demand basis. We really don’t understand why the prices are behaving the way they are.\" Brent crude for April slipped more than a dollar to $123.55 a barrel in London, as traders discounted an immediate supply crunch. It recovered later to almost $126 after France and Germany said they opposed tapping strategic petroleum reserves for now. Despite the soothing words from Mid-East suppliers, the global oil market remains stretched with OECD inventories lower than during the Arab Spring last year. Most analysts believe Saudi spare capacity is below the safety threshold of 2m b/dm, though Mr al-Naimi said the Kingdom still has a 2.5m cushion. Barclays Capital said it remained \"sceptical\" about the ability of Saudi Arabia to boost output much beyond 1m b/d quickly and on a sustained basis. It also doubted that Libya will come close to its new target given the depletion rate of aging oil fields and the country\'s \"political backdrop\". Christine Lagarde, the head of the International Monetary Fund, has warned over recent days that high oil prices risk choking global recovery before a fresh cycle of growth is safely underway. She told a forum in Delhi that the world outlook is not as \"grim or dire\" as it had appeared over the winter but dangers abound. \"A sudden and brutal rise in the price would have serious consequences on the global economy. If there was for instance a major shortage of export of oil from Iran, it will certainly drive prices up, at least for a period of time. We believe that it will be in the range of 20pc to 30pc,\" she said. Such a move would push Brent to uncharted levels above $160. The warning came as the New York Times reported that a simulation exercise by the US military had revealed the acute dangers of a an Israeli strike on Iran. Pentagon officials that events could easily fly out of control, leading to a regional wider war. Bank of America said energy costs as a share of global GDP are already near 9pc, the level that has typically triggered world recessions in the past. The bank said a sustained rise in Brent crude above $130 would smother growth in the West. Separately, China has taken advantage of falling inflation to raise pump prices for petrol and diesel by 6pc, a move aimed at enhancing fuel efficiency as the country adds 125m new cars over the next five years. China has become the key driver in global crude demand. It has increased imports by 2m b/d since the Great Recession, more or less offsetting the fall in consumption in the West. The rise in fuel duty is unlikely to dampen China\'s appetite quickly - and may even lead to a short-term jump in imports as higher profit margins for refiners drive demand - but it comes as the latest reminder that the China-driven commodity boom is cooling. Mining group BHP Billiton said on Tuesday that China\'s long-term steel demand has flattened, with major implications for iron ore producers in Australia and Brazil.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today imf sees 160 oil risk despite libyan boost Arab Today, arab today imf sees 160 oil risk despite libyan boost

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today imf sees 160 oil risk despite libyan boost Arab Today, arab today imf sees 160 oil risk despite libyan boost

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 05:52 2017 Wednesday ,28 June

Suzanne Tamim’s father refuses to give comment

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday