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Weak China energy demand could dent oil prices: CGES
London (AFP) Aug 17, 2009 Weaker Chinese energy demand could bring the recent oil price surge to an "abrupt end" as a credit squeeze hammers crude imports by the Asian powerhouse, energy consultancy CGES warned on Monday. Oil prices have jumped by about 20 percent over the past month on increased hopes of economic recovery and soaring Chinese crude imports. "If China's oil imports begin to flag, as seems to be happening, this support for oil prices is likely to disappear as quickly as it materialised," the Centre for Global Energy Studies (CGES) said in a monthly report. "If this happens, the bullish sentiment of futures market players could prove shortlived, bringing to an abrupt end the recent surge in oil prices. "The sustainability of China's recovery and its recent spate of oil buying could thus prove critical for oil prices over the coming months," CGES added. Oil prices fell on Monday, after sharp pre-weekend losses, as stock markets slid following a surprisingly weak US consumer confidence report. China is the world's second-biggest oil-consuming nation after the United States and official data published last week showed the Asian nation's crude imports had hit a record high of 4.635 million barrels per day (mbpd) in July. But CGES noted on Monday that "the boom in Chinese commodity imports appears to have run out of steam ... with the rise in (oil) prices and a drying up of cheap loans." In July last year, oil prices hit record peaks above 147 dollars a barrel on worries about potential supply disruptions. The market then collapsed because of weak energy demand arising from the world financial crisis, striking 32 dollars in December. Oil prices have more than doubled since the start of the year amid tentative hopes of a global economic rebound -- trading at around 65 and 70 dollars. Share This Article With Planet Earth
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Nigerian troops withdraw from oil communitiesLagos (AFP) Aug 14, 2009 Nigerian troops have left some of the Niger Delta oil communities they occupied last June following bloody clashes with militants, according to the region's main armed movement. "We are happy to note that the military has vacated the Gbaramatu communities to allow the displaced people return home," the Movement for the Emancipation of the Niger Delta said in a statement late Thursday. ... read more |
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