December 15th, 2007 at 06:29pm
Under China Oil+ Crude oil+ Middle East+ Oil industry+ Production levels
There have take place several global energy crisis’s that affected the oil price. For example in 1973 a large selection of the OPEC nations forced an oil export embargo. This oil embargo was organized as a protest against the Western help for Israel during the Yom Kippur War. In two years time crude oil prices rose more than 400% from $3.00 to $12.17.
In 1979 the worldwide oil market was focused on the Iranian revolution causing an another future energy drama followed by a 35% peak in crude oil prices only ten years later caused by the Gulf War. Around the millennium year 2000, crude oil prices got a boost by high fuel taxes and mass protests in the United Kingdom organized against the UK oil industry. From 2003 up till now late in 2007, crude oil futures broke record after record as the United Stated was involved in the Iraq War. The increasing demand (hunger/addiction) for crude oil in China, India, Russia and the United States caused the upward pressure on oil prices. Additionally the recent fall of the dollar made crude oil cheap for countries trading in an other currency. The dollar drop helped the crude oil price above the $95, late December 2007.
Crude oil is the #1 resource in the worldwide resource usage. Oil is consumed in significant large quantities by us people. Although you maybe think you as individual you don’t but you do! Drive your own vehicle? Do you live in a house or do you frequently use public transportation like a bus? This all means you do rely on crude oil. The crude oil prices are volatile of which the cause can be found in the supply and demand curve for crude oil. Finally sentiment and expectations playing a major role on oil markets. The latest global warming concern resulted in a downwards adjustment of crude oil demand forecast based on warmer winters.
By Oilism.com
December 15th, 2007 at 03:20pm
Under China Oil+ Middle East+ Oil and gas+ Oil company+ Oil fields
The Iranian minister of oil Gholam Hossein Nozari told the press during a press conference a contract had been closed with the Chinese Oil company Sinopec for the development of the Iranian oil field Yadavaran.
The Chinese oil company Sinopec invests over two billion dollar for the development of the Iranian oil field Yadavaran.
China is already consumer of Iranian crude oil and gas. It is however for the first time that a Chinese joint venture will develop an Iranian oil field. The signatures placed on the contracts is a sign that China is not really impressed by the American, European and Israeli attempts to isolate Iran and all tensions that comes with it.
Fact is that the contract, about which was negotiated for a long time, was signed immediately after the American information services have came with its conclusion that Iran in 2003, stopped with the development of nuclear energy. Adoptive must become that the managers of Sinopec do not expect that the sanctions will further be tightened up against Iran within a short period of time. Peking has already made clear to be against any kind of sanctions against Iran.
11% of Chinese crude oil import comes from Iran and that will increase during the duration of this contract. According to last estimates the Yadaravan field contains 3.2 billion barrels of crude oil or black gold! The intention is that Sinopec will eventual pump up 185,000 barrels per day from these oil sources. A month earlier
Chinese oil ministers already visited the Iranian president Ahmedinejad and talked about more coorperation between China and Iran in the field crude oil refinery and general energy winning. It not only about crude oil but also concerns a new gas contract.
By Oilism.com