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Pressure on Oil Supply Eases
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A plan appears to have been put in place by the U.S. and the European Union countries to strengthen the American position in negotiations with Iran underway in Istanbul. The impact on oil prices and on U.S. and E.U. growth as a consequence of higher oil prices, especially when the eurozone countries faced lowed growth, was one of the ways Iran hope to blunt the tightening of sanctions against Iran's nuclear program. It now appears from information released by the International Energy Agency that a plan was implemented by the Saudis in recent months to build up reserve supplies. At the same time a similiar effort was being implemented to increase production in Iraq and Libya so that it would add to reserves added by the Saudis. Daily output from OPEC countries increased by about 1.4 millon barrels in the Sept 2011- March 2012 period, as the confrontation with Iran took shape with increasing pressure using sanctions on Iranian oil, according to the IEA. Of this 1.4 million barrels a day increase, one third is from the Saudis and the rest from Iraq and Libya, according to IEA. In March 2012, OPEC oil production increased by 135,000 barrels a day to 31.4 million barrels, mostly from higher output in Iraq. The Saudis have filled up domestic oil inventories and placed an additional 10 million barrels of oil in storage close to markets in Europe and Japan. This suggests that this was part of a quietly implemented plan in cooperation with the U.S. and the EU countries to increase the effectiveness of sanctions and protect global oil supplies from disruptions; even as the U.S. pressured Japan, S. Korea, India and other countries to reduce purchases of Iranian oil. The economies of India, the EU and other countries were already beginning to feel the impact of higher oil prices in the 1st quarter of 2012.
China's strategic petroleum reserve and oil prices.
12/30/2010
Efforts in 2011-2012 to build China's strategic petroleum reserve from the existing 100 million barrels- or about 12 days supply- to a much larger reserve, will have an impact on world oil prices. This may push prices to triple digits in 2011-2012, say analysts.
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Forecasts in Dec. 2011 show oil prices remaining above $100 a barrel in 2012. The threat of Iranian retaliation for increased sanctions in the Straits of Hormuz have embedded a $10-$20 premium in oil prices say some experts. Saudia Arabia and other oil states have increased social spending after the democracy protests in the Arab world, and would like to see higher prices to support this spending.
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The impact of increases in oil prices on economic growth following the democracy protests in the Middle East.
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Technically Speaking, Crude-Oil Prices in Trouble
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The impact of a potential embargo on Iranian oil on supplies and oil prices
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Grouped Articles
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Saudi Arabia and oil prices- 2011-2018
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Grouped Articles
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Oil prices plunge as production rises, fueling concern in OPEC - The Washington Post
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Fall in Oil Prices Poses a Problem for Russia, Iraq and Others
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Increasing U.S. dependence on Saudi Arabian oil supplies after sanctions on Iran
04/13/2012
U.S oil imports from Saudi Arabia in the first half 2012 compared to 2011 increased by 20%.
Linked Articles
U.S. Reliance on Saudi Oil Is Growing Again
New York Times 08/16/2012
Wall Street Journal 04/13/2012
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