Limburg, 21st December 2003
Saddam Hussein has been arrested. However, the everyday political situation in Iraq continues and fresh attacks have been made on oil plants. In New York, prices for crude oil rose to a good 33 dollars per barrel and North Sea brand "Brent" was valued at 30.30 dollars. The USA oil reserves, which have dropped further than expected have again ensured further increases. The Euro reached an all-time high against the dollar, which was worth just 80 Euro cents.
Limburg, 7th December 2003
The oil ministers of the OPEC states left supply quotas unchanged, as expected, at their meeting on 4th December, but agreed to discuss a fresh reduction in supply quantities at the next meeting on 10th February. In general, this decision was expected. Accordingly, the price of crude oil remained relatively unchanged. In New York, the price stood at 30.80 dollars per barrel, North Sea oil brand "Brent" was trading at 28.80 dollars.
Limburg, 27th November 2003
In recent days, values for crude oil have fallen. North Sea brand "Brent" could be bought for under 28 dollars and prices in New York even dropped back to below 30 dollars per barrel.
Limburg, 16th November 2003
Cude oil prices are rushing from one high to the next. The state of the oil markets is currently anything but clear and events in the trading places can be comprehended only with difficulty. Without any reasonable news, crude oil prices last week rose continually in the direction of new post-war highs. The main reason for this was the emergency purchasing of speculatively oriented market stakeholders, who were relying on falling prices for options trading and had to cover themselves again. In New York, prices were recorded at around 32.32 dollars per barrel and in London the "Brent" brand cost around 29.50 US dollars. Whilst OPEC continues to warn of a fall in oil prices, the official OPEC supply quota is being exceeded by members. The dollar fell to just 85 Euro cents.
Limburg, 8th November 2003
In New York, prices for crude oil are being quoted at 31 dollars per barrel and North Sea oil "Brent" is available in London for 29.10 dollars. The dollar stands at 86.80 Euro cents.
Limburg, 25th October 2003
Crude oil prices are recorded as almost unchanged. In New York, they stand at 30.16 dollars per barrel and in London, North Sea oil "Brent" can be bought at 28.90 dollars per barrel.
Limburg, 18th October 2003
For the present, the rise in the price of crude oil has been stopped. Valuations in New York stood at 30.68 dollars per barrel and North Sea brand "Brent" is again available in London for almost 29 dollars. Positive crude oil stock data from the USA allowed crude oil prices to fall again. The dollar reached a rate of 86 Euro cents.
Limburg, 12th October 2003
An increase in international demand for oil due to the recovering economies in the most important demand countries and weak stock situations in the USA and Europe are the main causes of a drastic rise in crude oil prices during the past week. Also, OPEC is known to be reducing supply in order to prevent a possible drop in the price of oil. Recent values in New York were almost 32 dollars per barrel. In London, prices at well over 31 dollars are at their highest level since the war in Iraq. Even the US currency is climbing again slightly, but is valued at 85 Euro cents.
Limburg, 29th September 2003
After a short, rapid rise in crude oil prices, peace and stability is once again the order of the day. The OPEC supply cut has been handled relatively quickly and well by the oil markets. Prices for crude oil were at 28.16 dollar per barrel in New York, and "Brent" North Sea oil was trading at 26.70 US dollars The dollar continues to fall and is valued at 87 Euro cents.
Limburg, 25th September 2003
Completely unexpectedly, OPEC is reducing the official supply quota by 0.9 million barrels per dayto 24.5 million barrels. This was announced by the OPEC ministers at their meeting in Vienna yesterday. The decision was based on a "destabilising effect" from the resumption of Iraqi oil supply and a permanent expansion of supply by non OPEC states. In New York, the price immediately rose to over US $ 28 per barrel.
Limburg, 15th September 2003
The pressure on prices for crude oil, which started last week, continued into this week. The feared supply bottlenecks in the USA are the immediate order of the day. Crude oil prices dropped to 28.27 per barrel in New York and Brent North Sea oil fell to 26.77 US dollars in London. The industrial action by oil workers in Nigeria seems to have finished. Furthermore, crude oil supplies from OPEC states rose a little in August, which was mainly due to the Iraqi supply. At the next OPEC meeting on 24th September, OPEC representatives wish to rediscuss their supply policy. The dollar also lost ground and is currently valued at 90 Euro cents.
Limburg, 30th August 2003
Crude oil prices are still hovering at a high level around 31.50 dollars per barrel in New York and around 29.50 dollars in London for North Sea brand "Brent". The dollar is valued at 91.50 Euro cents.
Limburg, 11th August 2003
In New York prices for crude oil currently stand at 32.18 dollars per barrel, whilst North Sea brand "Brent" is trading at almost 30 dollars. Crude oil prices are hovering at a relatively high level and have reached new heights since the outbreak of war in Iraq at the end of March this year. The price of the US dollar was a good 88 Euro cents.
Limburg, 5th August 2003
Oil from OPEC is again more expensive that the value for which the cartel is aiming. Last Friday, the price of a barrel was averaging 28.21 dollars ompared to 27.52 dollars the previous day. The organisation is aiming for a basis price of between 22 and 28 dollars. As OPEC is happy with the high oil prices, the oil ministers decided to leave the current supply quanitity unchanged at 25.4 mill. barrels a day, at a special meeting last Thursday in Vienna. Despite the new price peak, the weekly average price of OPEC oil has fallen. Last week, the average price per barrel was 27.26 dollars, in the previous week the average price was 27.50 dollars.
Limburg, 21st July 2003
Crude oil values have risen further and in New York they reached almost 32 dollars per barrel, whilst North Sea "Brent" continues to sell at around 29 dollars. The dollar is stable and worth 88.75 Euro cents.
Limburg, 14th July 2003
High discipline from the oil supply countries and the low oil stocks in the USA allowed the oil price to rise to the highest level in four months. In New York, the price climbed to over 31 dollars a barrel, North Sea brand "Brent" rose to around 29 dollars. OPE production currently stands at 125,000 barrels per day below the officially agreed supply quota. At the same time stock levels in the industrialised countries remain very low and demand is increasing due to economic growth tendencies. The dollar has also risen again, to 88.79 Euro cents.
Limburg, 23rd June 2003
In New York, crude oil is currently worth 29.50 dollars a barrel, North Sea brand "Brent" costs approx. 27.00 dollars per barrel. The US dollar made a slight recovery from its lows and is currently available at 86.14 Euro cents.
Limburg, 12th June 2003
The official supply quota for the OPEC states remains unchanged at present. This was decided by the OPEC oil ministers at their meeting in Quatar. However, the market requires further observation, primarily due to supplies which are expected again soon from Iraq. The next meeting is on 31st July in Vienna. Crude oil values showed little reaction to this announcement.
Limburg, 9th June 2003
The next OPEC conference will take place on 11th June. Discussions on supply cuts to underpin the price of crude oil will again be the main topic. The OPEC price target of US $ 22 to 28 a barrel is, however, will be maintained for the present. In New York, crude oil prices rose to over 30 dollars per barrel, whilst North Sea brand Brent was trading at approx. 27.50 dollars. The dollar is also encouraging increasing oil prices - is rose to 85.50 Euro cent.
Limburg, 25th May 2003
Few world political stimuli ensure constant crude oil prices. In London "Brent" brand crude oil reached around 26 dollars per barrel and values in New York were around 29 US dollars. The dollar continues to reach new lows. It is valued at around 85.50 Euro cents.
Limburg, 4th May 2003
The "supply cuts" did not give OPEC the desired result of a rise in crude oil prices. North Sea brand "Brent" sat at around 23.50 dollars per barrel and trading in New York was at approx. 25.50 dollars.
As OPEC general secretary Alvaro Silva had reported, it is still too early to speak of further quota reductions, although the market will be monitored and negotiations will be made at the next OPEC conference in June, if prices fall below the target value of US $ 22 per barrel.
Even the fresh flare up of unrest in the supply country of Nigeria had no effect on the weak valuations. There, oil workers are hoping to provide the necessary reinforcement to their demand for wage increases by striking. Further price-reducing factors include the expected imminent resumption of Iraqi oil supplies and the continuing lack of indicators for an international economic recovery.
Limburg, 25th April 2003
After the end of action in Iraq, OPEC has agreed to reduce crude oil production in order to counter a drop in price.
Limburg, 25th March 2003
The oil price is rising again! Unexpected heavy counterattacks by the Iraqi army and unrest in Nigeria have caused oil prices to shoot up again. In London, the price of the Brent North Sea location rose to 25.74 dollars / barrel.
Limburg, 20th March 2003
On 20th March 2003, the war against Saddam Hussein began 90 minutes after expiry of the US ultimatum - at 3:30, missiles his a government building in Baghdad where the USA assumed Saddam Hussein to be.
Limburg, 19th March 2003
In London, the price of Brent oil for May delivery fell to a three month low of 26.40 dollars / barrel. This was due to hopes for a short war in Iraq and the assumption that there will be little effect on oil supply from the Middle East. Further drops in oil prices are expected.
Limburg, 17th March 2003
On Friday, the price of crude oil in New York fell to a five week low of 33.85 dollars per barrel. The previous day, crude oil values fell be over 10 percent. Just recently, rates were at almost 40 dollars. More than a few analysts see the increasingly imminent decision on the conflict in Iraq as a possible cause of rate reductions, which may reduce market uncertainty.
Limburg, 3rd March 2003
The continued persistence of anxiety about war in Iraq caused crude oil prices in New York to climb to almost 40 dollars per barrel. This was the highest rate since the Iraqi invasion of Kuwait in October 1990. Meanwhile, the markets calmed down with respect to Saddam Hussein's announced co-operation in the destruction of missiles. As well as worries about war, very low stock levels - particularly in the USA - contributed to the persistently high price level currently at $ 37 / barrel.
Limburg, 5th January 2003
Crude oil prices are rising again. Traders assume that the all time high values shown last week at around 31.50 dollars per barrel for North Sea brand "Brent" and 33 dollars in New York will not only be tested but also exceeded. The strikes in Venezuela contine unabated.
