Source Pravda.Ru

EU wants oil at 20 USD

The European Union wants to buy oil at 20 USD a barrel as it prepares its winter stocks, according to the EU Commissioner for Energy, Loyola de Palacio. The industrialised countries fear that an increase in use due to a cold winter will provoke dangerously low stocks, pushing up prices and throwing economies back into recession.

Another factor which will certainly increase prices is the growing crisis in the Gulf. George Bush’s aggressive speeches of recent days have sent the reference value tumbling, due to the insecurity which will inevitably be felt in the period leading up to military conflict, the more so now since Baghdad has refused a return of the UN weapons inspection team.

While the consuming countries have one policy, the producers have a different one. For these, there is enough oil on the market to guarantee a good price and there is talk among some OPEC countries to freeze production rises for two to three years. However, other non-aligned members of OPEC might be tempted to use the current nervousness, seizing an opportunity to raise their production levels under the pretext of stabilising prices.

The situation should be clarified during the coming week at the World Energy Forum in Osaka, Japan.

John ASHTEAD PRAVDA.Ru LONDON UNITED KINGDOM

Comments
Russian politician says Donald Trump extremely dangerous for Russia
Kim Jong-un's tactic of hard power teaches USA lesson of obedience
Russian Guard to see enemies behind walls
Russian Guard to see enemies behind walls
Turkish President Erdogan issues ultimatum to Washington and Brussels
Having lost in Syria, the West needs to find another victim nation
Russian-Indian defence cooperation in danger after India commits inadmissible act
Kim Jong-un's tactic of hard power teaches USA lesson of obedience
Kim Jong-un's tactic of hard power teaches USA lesson of obedience
Putin in Egypt: Who's the big player in the Middle East?
Putin in Egypt: Who's the big player in the Middle East?
US military men depressed over of Russia's new T-5000 sniper rifle
Turkish President Erdogan issues ultimatum to Washington and Brussels
Turkish President Erdogan issues ultimatum to Washington and Brussels
US military men depressed over of Russia's new T-5000 sniper rifle
Turkish President Erdogan issues ultimatum to Washington and Brussels
Child model from Russia ranked most beautiful girl in the world
Russia works on MiG-41 doomsday fighter jet
US military men depressed over of Russia's new T-5000 sniper rifle
US military men depressed over of Russia's new T-5000 sniper rifle
Russia to rebuild its former Soviet naval base in Syria's Tartus