http://www.dailytimes.com.pk/default.asp?page=story_15-8-2004_pg5_7
TEHRAN: OPEC can do nothing to douse scorching oil prices when markets are already oversupplied by 2.8 million barrels per day (bpd) of crude, Iran’s OPEC governor said on Saturday.
Oil prices have raced to 21-year highs on the back of buoyant industrial demand in China, fears about Shi’ite Muslim insurrection in Iraq and US refinery bottlenecks. “Now there are more than 2.8 million bpd of crude more than demand,” Hossein Kazempour Ardebili was quoted as saying on the Iranian Oil Ministry Web site.
“There is no reason for OPEC members to increase production,” he added. “This organisation is unable to do anything at present.” Iran is the cartel’s second-biggest producer with an output capacity of around 4.2 million bpd. Analysts says Iran is pumping close to capacity and does not enjoy Saudi Arabia’s ability to open the taps in a bid to cool prices.
“It seems that prices will continue to go up without taking into consideration the basic elements of the market, supply and demand,” he said.
“The current trend of prices stems from political and military developments. NYMEX September crude futures closed at a scorching $46.58 on Friday, after touching yet another record high of $46.65. But Kazempour reiterated that oil prices could still crash if security returned to the oversupplied market. “If a calm political and military situation prevails in the market, the amount added to crude reserves will pressure the price,” he continued. Yet the fighting in Iraq has intensified over the past week and a total of about 90 insurgents had been killed in the northern town of Samarra and the southern city of Hilla on Friday and Saturday. reuters
There have been several instances of such things occurring, I remember seeing 4 or 5 at once in the Atlantic (usually in September). So far, 4 of 5 named storms have become Hurricanes (TS Earl will make it a clean sweep). This level of activity is quite unusual for this time of year. It's not quite the "Cape Verde" season (when they march from Africa to the US) yet, but those storms over Africa all mean business. If they can stay south of the major easterly steering currents they all have a shot at making it across.
Pope John Paul II on visit of pilgrimage in Lourdes in France
www.chinaview.cn 2004-08-15 08:04:25
http://news.xinhuanet.com/english/2004-08/15/content_1788232.htm
PARIS, Aug. 14 (Xinhuanet) -- Lourdes, nestled in the Pyrenees Mountains region near the border with Spain and described by Pope John Paul II as "temple of human suffering", welcomed the Pope on Saturday for a two-day pilgrimage to honor the Virgin Mary and preach for world peace.
French President Jacques Chirac, French Catholic leaders and local dignitaries greeted the 84-year-old Pope at his arrival, French television TF1 reported.
Chirac said in a speech that France will join Vatican in the defense of values of peace, freedom and solidarity.
John Paul II, suffered from Parkinson's disease, finished his speech despite elocution difficulties and hailed the 60th anniversary ceremonies on Aug. 15 for the allies landings in Provens in Southeastern France.
He also paid homage to the great culture and belief patrimony that marked history of France.
He will go to in the evening the grotto where Saint Bernadette Soubirous said she saw visions of Mary in 1858.
Lourdes is the most popular Catholic pilgrimage site in Europe.About 6 million believers visit Lourdes annually to take holy water and pray for miracles. Enditem