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Iran says oil below $100pb is 'unsuitable'

Shull

By Shull,
in General Car Discussion

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Shull

Shull

Turbocharged
(edited)
Oil drops almost US$3 on demand worries

Posted: 06 October 2008 1601 hrs

 

SINGAPORE : World oil prices fell almost three dollars in Asian trade Monday on demand worries as Wall Street's financial meltdown extended to Europe, triggering fears of a global slowdown, dealers said.

 

In afternoon trade New York's main contract, light sweet crude for November delivery, sank 2.99 dollars to 90.89 dollars a barrel.

 

Brent North Sea crude for November fell 2.71 dollars to 87.54 from 90.25 on Friday in London.

 

"I think it's just sort of continuing the steepening gloom you are seeing," said Jason Feer, vice president of energy market analysts Argus Media in Singapore.

 

He said that in the absence of weather or political factors to influence oil prices, investors "are concerned about the economic issues."

 

On Sunday, BNP Paribas announced it is taking control of ailing finance group Fortis's operations in Belgium and Luxembourg, in a deal that will make Belgium the largest shareholder in the French bank.

 

Germany also sealed a public-private rescue plan for the country's fourth biggest bank Hypo Real Estate as the government extended a blanket guarantee for all personal bank deposits to avert panic withdrawals.

 

The announcements came on the eve of a meeting of European finance ministers in Luxembourg. They will seek to flesh out broad plans for restoring confidence in the crisis-struck banking system, agreed to over the weekend by Europe's biggest economic powers.

 

"The risks of a severe international economic slowdown, possibly extending to a recession in some developed economies, have increased as a result of the recent strains in the international financial system," said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney.

 

"If there is a severe downturn in the international economy, oil prices could prove weaker than forecast," he said.

 

French leaders on Friday scrambled to reassure consumers, voters and investors after the official statistics agency warned that the eurozone's second largest economy had slipped into recession.

 

Oil prices have dropped sharply from record high levels above 147 dollars reached in July, on concerns that demand is slowing, dealers say.

 

Iranian Oil Minister Gholam Hossein Nozari said on Saturday that a price below 100 dollars for a barrel of crude oil was "unsuitable."

 

"An oil price of less than 100 dollars is unsuitable for anyone, either for producers or for consumers," Nozari told reporters on the sidelines of a gas export conference. He did not elaborate.

 

- AFP/ir

 

KNNBCCB!!! F*CKING GREEDY A$$HOLES... [furious][furious][furious][furious]

Edited by Shull
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Watwheels

Watwheels

Supersonic

Already made so much money out of oil something that is dug out from the ground. Not sth even manufactured by them. These ppl should be strike by lightning.

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Nkps

Nkps

1st Gear

you got to be see more open lar.... every now and then sure got this type of news one.... as long as your wallet still got $$$ to pump petrol can liao.

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Modykoh

Modykoh

1st Gear

west africa...for a breakeven price,,,about 15usd/b is breakeven to explore and production.

 

North sea..for a breakeven price,,,about 35usd/b is breakeven to explore and production

 

for those desert land in middle east,,,about 28usd and below is breakeven to explore and prodution.

 

anything about the breakeven is the share profit with the oil company and the state gov..this all know fact in O& G industries...

 

so to conclude..i fuuly agreed with your statement//''

 

KNNBCCB!!! F*CKING GREEDY A$$HOLES...

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Ngck

Ngck

3rd Gear
Already made so much money out of oil something that is dug out from the ground. Not sth even manufactured by them. These ppl should be strike by lightning.

 

cannot say like this lah.... then like this every country that export timber, fish, steel, diamonds, gold, copper, coal, etc will be struck by lightning leh..

 

oh, i think we are safe at least. everybody die and singaporeans rule the world... nice [thumbsup]

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Relaxed33

Relaxed33

Neutral Newbie

IMO the Iranian Oil Minister Gholam Hossein Nozari is trying to dictate the world oil pricing [rifle] .

 

How would higher oil price benefit consumers? [hur]

 

Thinking with dung between his ears. [knife]

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Shull

Shull

Turbocharged
  • Author
(edited)

they really not scared of the rest of the world..

 

his statement will incur the wrath of every single non-oil producer..i think even china will be pissed..

Edited by Shull
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Prodigysaint

Prodigysaint

Clutched

when IRAN speaks. it's always about getting the world to suffer..

 

they are blinded by greed.. even arab is not like them.. i think US should go strike them down... stop wasting time with those IRANians..

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Blackyv

Blackyv

Turbocharged

US(or the whole world..) should just simply closed both eyes and let israel whack the sh*t out of them.... [lipsrsealed]

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