Oil climbed some from its low point earlier this year, so the products made from it are going to climb in prices as well.
Posted on 04/08/2015 6:12:32 AM PDT by thackney
Saudi Arabia's oil minister Ali al-Naimi said on Tuesday that the kingdom stood ready to "improve" prices but only if other producers outside of OPEC joined the effort.
Naimi said Saudi Arabia had pumped around 10.3 million barrels per day (bpd) in March, marking an increase from previous months. He did not say why output had risen. Naimi also said he expected oil prices that have languished near six-year lows to improve in the near future.
Oil prices extended gains late on Tuesday as traders took Naimi's comments as sign he may be open to renewed talks with producers like Russia and Mexico over curbing production in order to revive prices. U.S. crude rose 3.5 percent to close at $53.98 a barrel, near it's highest this year.
"The kingdom is still ready to help bring back stability to the market and improve prices in a reasonable and suitable manner, but with the participation of the main producing and exporting countries and based on clear principles and high transparency, so the kingdom or the Gulf countries or OPEC countries do not shoulder that alone," he said at a Saudi economics conference.
Hmmm, painful for them too.
Conflicting news:
Saudi Arabia sees crude price rising as it boosts oil production
http://fuelfix.com/blog/2015/04/08/saudi-arabia-sees-crude-price-rising-as-it-boosts-oil-production/
Saudi Arabia increased oil production in March to the highest in at least 12 years and expects crude prices to rise in the “near future,” according to oil minister Ali al-Naimi.
The kingdom, which led the Organization of Petroleum Exporting Countries last year in refusing to cut output, produced 10.3 million barrels a day last month and will keep pumping for now at around 10 million, al-Naimi said Tuesday at a conference in Riyadh. The March figure is the highest since at least 2002, when the Joint Organisations Data Initiative began compiling output statistics....
Saudi Arabia cut prices for March oil sales to Asia, a sign of the fight to keep its share of the country’s biggest regional market. Middle Eastern producers are increasingly competing with cargoes from Latin America, Africa and Russia for buyers in Asia. China was the world’s second-biggest crude consumer after the U.S. in 2014, according to International Energy Agency data....
We can’t take much more “improving” of gasoline prices.
Gasoline prices where I live have been “improved’ over the last couple of months to the point they have increased from $1.79 a gallon in January to over $2.50 today.
Every time I read an article about oil prices dropping the pump price of gasoline goes up.
Where do you live?
Probably Jersey? They were down to 1.90 in some places I saw. Not sure why they are back up in the mid twos again, but it is frustrating.
Oil climbed some from its low point earlier this year, so the products made from it are going to climb in prices as well.
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