Arab Today, arab today demand supply no longer dominant factors
Last Updated : GMT 23:26:07
Arab Today, arab today
Arab Today, arab today

Demand, supply no longer dominant factors

Arab Today, arab today

Arab Today, arab today Demand, supply no longer dominant factors

Kuwait - KUNA

Supply and demand are no longer most influential factors that affect prices of oil and other causes have proven much more effective in setting prices of the crude, opined Secretary General of the Organization of Arab Exporting Petroleum (OAPEC)) Abbas Al-Naqqi. The other factors that turned much more influential include geopolitical considerations, speculations, status of global crude reserves, rate of the US dollar, conditions at global financial markets, major shares, weather forecast and production and exports, said Al-Naqqi in a statement on Monday. Al-Naqqi, whose remarks came in a statement, issued on the occasion of the upcoming the Gulf Petroleum Conference and Exhibition (2012), due to be held on April 9, expressed his belief that events that prevailed across the Arab world, over the past months, did not result in significant effects on the prices of oil. Price of the crude rose from USD 90 per barrel in the end of 2010 to some USD 121 in end of April 2011, due to noticeable intervention by speculators in the market, unfounded jitters and concern toward events that occurred in the Middle East and Africa that acquire more than 60 percent of the global oil reserves and control more than 40 percent of the global oil trade. However, the price of the basket of crudes of the Organization of Petroleum Exporting Countries (OPEC) dropped to USD 107.3 pb, during the first nine months of 2011, when some producers increased the output to make up for shortage of supplies, and as a result of uncertainty regarding the global economic forecast that pushed down predictions on prospected crude demand. Regarding development and expansion of OAPEC, Al-Naqqi indicated that it has significantly developed since its establishment in Beirut in 1968, when Saudi Arabia, Kuwait and Libya signed an accord to set it up, with headquarters to be based in Kuwait. Algeria, Qatar, the UAE, Bahrain, Syria, Iraq, Egypt and Tunisia had later joined the organization. Currently, OAPEC comprises 11 member states including Tunisia. Peoples of the member states constitute up to 64 percent of the whole Arab nation. It puts out 27.3 percent of the global production of oil, in addition to 13.8 percent of natural gas and has more than 56 percent of the globe oil reserves. The upcoming convention, organized by Investors Group, is scheduled on April 9-10, under the theme, \"Gulf petroleum integration ... outlooks and challenges.\" It will be sponsored by Kuwait\'s Minister of Oil and Chairman of Kuwait Petroleum Corporation Hani Hussein.

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 demand supply no longer dominant factors Arab Today, arab today demand supply no longer dominant factors

 



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 demand supply no longer dominant factors Arab Today, arab today demand supply no longer dominant factors

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Trump: End of Daesh is in sight

GMT 20:29 2017 Monday ,23 October

Trump: End of Daesh is in sight
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Lost Australia diver swam miles

GMT 19:09 2017 Monday ,23 October

Lost Australia diver swam miles
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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