Crude Falls Even Further
Nov 13th, 2008 | By Doug Casey | Category: Financial NewsIn the energy market Wednesday, oil not only stayed below the $60 benchmark, it swooned further, with crude for December delivery closing at $56.16/barrel, down $3.17. December reformulated gasoline lost 5.8 cents, to $1.2481/gallon.
OPEC may now be panicking. Its President, Chakib Khelil, told Reuters that the cartel may cut oil supplies again by the end of this month. OPEC’s next scheduled meeting isn’t until Dec. 17 in Algeria, but it could take action ahead of that — as early as Nov. 29 — if prices fall further from current levels, Khelil said.
The Energy Information Administration trimmed its outlook for energy demand and prices in it monthly report issued yesterday, blaming the current U.S. and global economic downturn.
The EIA expects world oil demand to rise almost 100,000 barrels per day in 2008 but to remain “virtually flat” in 2009. In the US, it expects petroleum-product demand to drop 5.4%, or 1.1 million barrels per day, from the 2007 average, to 19.6 million barrels per day in 2008.
That would mark the first time since 1980 that annual total petroleum consumption is expected to decline by more than 1 million barrels per day.
The IEA dismissed fears about peak oil, but did say that a lack of sufficient investment in energy production could lead to output problems.
Source: Crude Falls Even Further
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