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Found 10 results

  1. http://www.straitstimes.com/singapore/transport/china-oil-giant-enters-singapore-petrol-station-business Or are they joining the cartel?
  2. lai lai lai... we are 1/3 into the month of May. Oil price has risen to new heights.... so will the greedy petrol cartel raise fuel price in May?
  3. http://www.channelnewsasia.com/stories/sin.../445779/1/.html like that kenna fined, what about the petrol cartel? they dont price fixing? or the anti competition pple dun dare to take the cartel on? what A BIG JOKE!!!!!
  5. to follow up on the previous 2 threads... http://www.mycarforum.com/forum/General_C1..._2008_P2352874/ http://www.mycarforum.com/forum/gforum.cgi...cartel;#2372337 lai lai... what do you guys think. since there is no record high oil price yet....
  6. MOTOR INSURANCE CLAIMS New framework impractical and unjustified and Govt should check it I REFER to the new motor claims framework (MCF) imposed by the General Insurance Association (GIA) on Sunday. The total motor premiums collected last year amounted to more than $750 million. Yet, insurers suffered losses of $103 million, resulting in a payout of more than $853 million for their motor business. The association justifies the new framework by blaming non-accredited or independent workshops. But the facts show otherwise. There were more than 150,000 reported accident cases last year. Half the number would be at fault and would have to pay the insurance excess amount for their own damage claims. And those without comprehensive coverage have to pay for their own repairs. Another 30 per cent would arrange for the car agent or the insurers to do the repairs. That leaves only 20 per cent of motor accident repairs which are handled by an owner's preferred workshop. In fact, repair costs by the latter are likely to amount to less than 10 per cent of the total payout by insurance firms for motor claims. Yet, the association chooses to blame the issue of inflated claims on this minority group to justify a new framework which allows insurers to call the shots exclusively. The facts do not square with the GIA's rationale for introducing the MCF and forcing motorists to repair their vehicles at GIA-approved workshops. It is shocking that the GIA is allowed to implement a new MCF. The Monetary Authority of Singapore and anti-competition agencies should address the negative fallout from the new MCF viz: [*]Restricting the car owner's right to choose his own repairer; [*]Inconveniencing a policy holder into lodging a report within 24 hours even if there is no damage to his vehicle; [*]Diverting the repair business to a selected few; Restricting the trade of owner-repairers who comprise 95 per cent of motor workshops; [*]Transgressing the anti-competition act; [*]Penalising motorists if they do not follow the unfair terms by removing their no-claim bonus and denying policy renewals; [*]And forming a cartel to increase premiums. I urge the GIA to be transparent in detailing the actual losses, to study the actual cause of their losses and work with the Singapore Motor Workshop Association to find a pragmatic, fair and reasonable solution for motorists and their preferred workshops. Alan Chuang Managing Director/Accident Analyst, Partners Automotive Consultants http://www.straitstimes.com/ST%2BForum/Sto...ory_244160.html
  7. lai lai lai... earlier this month i posted a poll and 96% are correct. http://www.mycarforum.com/forum/General_C1..._2008_P2352874/ Now we have another record high of the oil price... so will those greedy petrol cartel going to raise the price AGAIN this month. We have 9 more days before the end of this month...
  8. When going up...they react so fast...now when it is stabalising below $90..all so quiet...
  9. Oil Falls to Lowest Since 2005 on Warm Weather, Stockpile Gains By Eduard Gismatullin Jan. 9 (Bloomberg) -- Crude oil plunged to the lowest in 18 months, trading near $54 a barrel as mild weather in the U.S. trimmed demand, forcing OPEC to move a production cut forward to try to halt the price slide. The high in New York City is expected to be 45 degrees Fahrenheit today, after the city had its third-warmest December temperatures on record. U.K. meteorologists expect 2007 may be the hottest year on record. OPEC will bring forward a 500,000 barrel- a-day output cut by almost a month to today, Qatar's oil minister said today in an interview. ``It's all about global warming,'' said Kevin Bambrough, a market strategist at Sprott Asset Management Inc. in Toronto. OPEC states ``need revenues for their economies and I expect they are going to want to try to support the $50 level.'' Crude oil for February delivery dropped as much as $2.21, or 3.9 percent, to $53.88 a barrel on the New York Mercantile Exchange, the lowest intraday price since June 13, 2005. The contract traded at $54.56 at 2:51 p.m. in London. Oil also dropped as traders speculated a government report tomorrow will probably show U.S. inventories of distillates, including heating oil and diesel, rose for a fourth week. Brent crude fell as much as $1.96, or 3.5 percent, to $53.64 on the ICE Futures exchange, its lowest since June 2005, and traded at $54.25. ``The OPEC president has spoken to members today, and I have instructed Qatar Petroleum to make the Abuja cuts immediately,'' Qatar's Abdulla bin Hamad al-Attiyah said from Doha today. He referred to a decision made in Abuja, Nigeria, to trim production starting Feb. 1. OPEC Measures OPEC officials were not immediately available for comment. Oil officials in Saudi Arabia, the group's largest producer, also could not immediately be reached. ``OPEC has taken measures to lower production, but the mild weather has meant there is a drop in consumption, so we are practically where we started,'' said Jean-Bernard Guyon, director general of Global Gestion in Paris, before the Qatar announcement. Heating demand in the U.S. Northeast will be 29 percent below normal in the week ending Jan. 15, forecaster Weather Derivatives Inc. said yesterday. The Northeast consumes four-fifths of the heating oil burned in the U.S., the world's largest energy consumer. The forecast high of 45 today in New York compares with a normal high of 38 degrees, according to Meteorlogix LLC data on Bloomberg. World oil demand peaks in the fourth quarter when refiners make heating fuel for the northern hemisphere winter. OPEC Skepticism Oil declined earlier as traders said they are skeptical that OPEC will trim output as much as promised. OPEC production cuts in the past two months are a third less than the 1.2 million-barrel- a-day target set in October, according to a Bloomberg News survey published yesterday. Production by the Organization of Petroleum Exporting Countries, which pumps 40 percent of the world's oil, fell 245,000 barrels a day, or 0.8 percent, last month, according to a Bloomberg survey of oil companies, producers and analysts. Daily production declined 550,000 barrels in November. ``The market doubts very much that the planned production cuts will be implemented fully,'' said Gerrit Zambo, an oil trader at Bayern LB in Munich. ``Production discipline has been a problem for OPEC for years.'' Fall From Record Oil reached a record $78.40 a barrel on July 14. Prices have fallen about 9 percent since OPEC agreed Dec. 14 to lower output by a further 500,000 barrels a day starting Feb. 1. OPEC's basket price, a weighted average of 11 blends produced by OPEC nations, rose 56 cents to $51.81 a barrel yesterday. Goldman Sachs Group Inc. analysts cut their 2007 forecast for New York-traded crude oil yesterday to $69 a barrel from $72.50, saying last week's weather-related drop in energy prices was part of a broader commodity selloff. ``Warm weather is the key driver of our downward price revision,'' the Goldman analysts said in a report. ``Producer selling likely contributed to the selloff, as did investor positioning heading into 2007.'' Expressed in U.S. dollars, the price of U.S. benchmark crude, called West Texas Intermediate, has fallen about 12 percent in the last 12 months. The oil price has fallen about 18.5 percent in euros, 8.5 percent in yen and 20 percent in British pounds. OPEC may cancel plans to expand production capacity after crude prices plunged, Kuwaiti Oil Minister Ali Jarrah al-Sabah said today. ``Falling prices will damage our economies,'' he said. Output Decline OPEC's output has fallen for five consecutive months and is down almost 1.3 million barrels a day since July, according to the Bloomberg survey. Members pumped 28.62 million barrels a day last month, the lowest since May 2004. The Energy Department's weekly inventory report tomorrow will probably show U.S. distillate stockpiles gained 2 million barrels last week, based on the median estimate from a Bloomberg survey of 10 analysts. That will be the fourth weekly gain. Distillate supplies held 135.6 million barrels on Dec. 29, or 0.4 percent above a five-year average for the date. Heating oil inventories were 4 percent higher than the average at 57.8 million barrels, the department said on Jan. 4. Oil inventories probably fell 500,000 barrels from 319.7 million the week before, when there were 8.7 percent above the five-year average. Gasoline stockpiles probably gained 2.6 million barrels, from 209.5 million on Dec. 29. The U.S. is the world's largest energy consumer. BP Plc production fell 5 percent to 3.82 million barrels of oil and gas a day in the fourth quarter from a year earlier because of start-up delays in the Gulf of Mexico and reduced oil flow at the Prudhoe Bay field in Alaska, the company said today. It is the sixth consecutive quarterly drop. Belarus Conflict Russian oil pipeline monopoly OAO Transneft cut supplies to Belarus yesterday, claiming the government of President Alexander Lukashenko had siphoned crude from the Druzhba link. The shutoff caused a halt in deliveries to some refiners in central Europe. Belarus Deputy Prime Minister Andrei Kobyakov arrived in Moscow today for talks on ending the blockade, which also stopped flows to Poland, Germany and Slovakia. The Druzhba pipeline transports about 40 percent of Russia's direct crude exports, or 1.35 million barrels a day, James Neale, an analyst at Citigroup Global Markets Ltd. in London, wrote in a report. ``The likelihood is that this dispute will be resolved reasonably quickly.'' To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net Last Updated: January 9, 2007 09:58 EST http://www.mycarforum.com/forum/General_C1...um%3D1=Post+New
  10. LONDON (Reuters) - Oil prices eased further Monday as investors continued to weigh evidence of demand destruction against lost energy supplies from the Gulf of Mexico and strike-hit French refineries ahead of winter. U.S. crude oil futures fell four cents to settle $61.80 a barrel, after briefly dropping to a 10-week low of $60.35. Prices tumbled about $5 a barrel last week after U.S. government data showed lower gasoline demand in the United States, the world's top energy consumer. The bloody cartel is still cashing in