Can anyone explain why "inadequate refining capacity in oil-consuming countries would keep oil prices high"???? If it can't be refined, wouldn't that actually slow down crude demand????
OPEC Sees Oil Price Volatility in Future
Saturday September 24, 7:32 pm ET
OPEC Says Volatility in Oil Market Likely to Continue for Some Time
WASHINGTON (AP) -- Volatility is likely to remain a feature of the oil market for some time, Adnan Shihab-Eldin, acting secretary-general of the Organization of Petroleum Exporting Countries, said Saturday.
In a statement to the International Monetary and Financial Committee in Washington, Shihab-Eldin said that despite OPEC's increasing its oil production, inadequate refining capacity in oil-consuming countries would keep oil prices high.
The impact of high oil prices on world economic growth has been the major talking point of this weekend's annual meetings of the International Monetary Fund and World Bank, as well as the meeting of the Group of Seven leading industrialized nations' finance ministers Friday. In their communique, G-7 ministers called on oil-producing countries to increase supply to help ease the inflationary impact that high oil prices are having on oil-consuming countries.
Cash is King until further notice!!!
My comments on companies are usually my opinion of long term success (years). The PPS may go up or down greatly in the meantime depending on the number of greedy suckers with money.
