Limburg, 30th December 2002
The price for the North Sea brand, "Brent" recently stood at 30.78 dollars a barrel, in New York some places were charging over 33 dollars. This means that prices have been moving at the highest level for a good two years. In the annual comparison, this is an price increase of around 30%.
Limburg, 27th December 2002
The ongoing general strike in Venezuela pushed the price of crude oil up to 30,35 dollars a barrel on Friday - the highest level for 15 months. This is the highest price since the attacks in the USA on 11th September 2001.
Limburg, 9th December 2002
After its peak at the start of September, the price of crude oil fell constantly until mid November, when it reached its lowest point at around 22.50 dollars per barrel. In the last 3 weeks, there has been a significant increase in prices and the top price today was recorded at 25.80 dollars. In addition to the continued uncertainty in the Iraq conflict, the unrest in Venezuela - still the fifth largest exporter in the world - can also be held responsible for the rise in crude oil prices.
Limburg, 7th September 2002
Last Friday, the price for "Brent" crude oil rose to over 28 dollars per barrel and reached its highest point in 11 months. Military and political experts on the markets are having their say.
Limburg, 27th August 2002
The summer is nearly over and discussions about the military attack on Iraq are flaring up again, and again pushing up the price of oil. After a price of around 26.50 dollars per barrel the previous week, it rose to around 27.90 dollars in the week just gone.
Limburg, 23rd June 2002
The valuations for crude oil prices have levelled off at 24 dollars per barrel. Eyes are now on the OPEC meeting on 26th June. Expectations are that previous supply policy will be maintained, whereby individual members - particularly Venezuela - are currently not observing the agreed supply quotas. The non OPEC countries of Norway and particularly Russia stopped supporting the agreement reached at the start of the year to cut supply quantity.
Limburg, 9th June 2002
Due to OPEC members exceeding their supply quotas, the oil price has been under pressure again since the end of May. This should, however, only be a short term reaction. Supply and demand on the oil market were generally balanced in the first quarter, although analysts claim that provision will become more difficult.
Limburg, 20th May 2002
Last week, the price of crude oil rose almost to the 30 dollars per barrel mark and the medium term trend is pointing further upwards. According to calculations, it appears that oil in the USA will soon no longer be available in abundance as has been the case for a long time.
Limburg, 5th May 2002
In recent weeks, prices for crude oil have remained relatively stable, although day to day valuations have sometimes fluctuated very widely.
Limburg, 15th April 2002
Oil prices have dropped considerably in the last 2 weeks. From the high at 27 dollars per barrle, the price fell back to under 24 dollars. It seems to be coming true, that the recent price increases were entirely speculative. Oil is readily available and there are no shortages foreseen in the near future. Furthermore, the supply morals of some OPEC members who were unable to resist the prospect of the high prices ensured additional quantities on the international market, which have put further pressure on the price.
Limburg, 3rd April 2002
The price of cured oil has now exceeded the 25 dollars a barrel mark. In the light of a possible military attack on Iraq, the recovery in the world economy, which is stronger than recently expected, is reflected in the price of crude oil.
Limburg, 17th March 2002
At its meeting in Vienna, OPEC made no new decisions. The oil price continues to remain at a high level. The background is still a possible attack on Iraq, although some analysts are reckokning on oil prices falling soon, as a military attack on Iraq in the summer would not have optimum chances of success - for climatic reasons - and should therefore be halted or postponed.
Limburg, 12th March 2002
Crude oil prices have risen further in the last week and are pushing at the 24 dollars per barrel line. Plans for an attack on Iraq, which contributes around 5% of the international supply seem to be becoming clearer.
Limburg, 3rd March 2002
Having been moving at more or less around 20 dollars per barrel in recent weeks, the price of crude oil has risen significantly to almost 23 dollars and reached its highest level in four months. Suppositions of a military strike against Iraq are in the background. Whilst this is still being discussed in the media, the preparations for this are already well underway. Should there be an attack on Iraq, then 2.5 mill. barrels a day would no longer be available from this country. For reasons of solidarity, other countries may also decide to reduce their supply. The oil market is following political and military developments closely and critically, and reacting sensitively to the smallest indication of concretisation of information.
Limburg, 23rd January 2002
Crude oil prices have again recently been recorded at significantly under 20 dollars per barrel. This comes at a time when the supply quantity reduced by alomst 2 mill. barrels a day needs to start becoming noticeable on the consumer markets. Analysts' opinions are divided. On the one hand, a greater increase in consumption than estimated is expected, which would cause a fall in crude oil prices. On the other hand, the oil price could increase rapidly, should the US government decide on military action against Iraq. Oil prices could then exceed the mark of 30 dollars per barrel.
Limburg, 8th January 2002
Crude oil prices have been firmly consolidated in the last few days. In New York the 20 dollars per barrel mark was exceeded significantly and the price of North Sea brand "Brent" even reached a good 21 dollars.
OPEC measures seem to be having an effect.
