Tag Archives | Naimi

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Saudi warns, again, that oil prices are “too high”

Brent oil prices are still within the triangle formed by movements over the past 4 years. As the chart shows, they tried to break-out on the upside last month, based on Iran supply worries. But since then, they have retreated again. Interestingly, there are now signs that fundamentals rather than sentiment are starting to drive […]

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Saudi comments increase oil market uncertainty

The International Energy Agency (IEA) confirmed the blog’s worst fears this week, with its announcement that crude oil demand actually fell by 300kbd in Q4. Not only is this “quite rare” as the IEA noted, but they went on to warn: “We’re flagging that there are clearly downside risks to the global economy and to […]

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China tightens lending: Saudi may pump more oil

Recent days have seen some signs that the tectonic plates under current chemical and polymer markets may be starting to shift. The most important has been the rapid rise in inter-bank lending rates in Shanghai. As the chart shows from Petromatrix, these have begun to rocket. A year ago, the rate at which banks could […]

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IEA, OPEC, worry about high oil prices and CO2

The new World Energy Outlook from the International Energy Agency (IEA) spells out two major challenges. It: • “Identifies higher oil prices, coupled with the downturn in oil sector investment, as a serious threat to the world economy, just as it is beginning to recover“. • Suggests that “a profound transformation of the energy sector” […]

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OPEC suggests $200/bbl oil

OPEC used to believe that its fortunes were tied to the health of the global economy. But as I noted last month, its current policy is more reminiscent of ‘the difficult times of 1973/4 and 1979/80’. The evidence for this statement is mounting. Saudi Oil Minister, Ali Naimi, said recently that the Kingdom has ‘no […]

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