WORLD OIL COMMODITY

THE OBJECTIVE OF THIS BLOG IS TO MANIFEST INDIGNATION TO THE LIES AND OPTIONS TAKEN BY GALP ENERGIA PORTUGALS PETROL COMPANY.

Monday, August 27, 2007

Oil Rises on Signs of Supply Drop

Crude oil rose pulled higher by gasoline, on speculation that U.S. inventories of the motor fuel declined for a fourth week. Anther likely excuses…The crude-oil market often follows gasoline during the summer.

Crude oil for October delivery rose 88 cents, to $71.97 a barrel on the New York Mercantile Exchange. Futures touched $72.05, the highest intraday price since Aug. 17. Prices are down 0.7 percent from a year ago.

The Organization of Petroleum Exporting Countries, which produces about 40 percent of the world's oil, is set to meet Sept. 11 in Vienna to discuss production plans for the fourth quarterBrent crude oil for October settlement rose 36 cents, to $70.98 a barrel on the London-based ICE Futures exchange.

So as can be seen everything or anything can be used to increase final consumer prices

Thursday, August 09, 2007

Galp Energy

In our present situation here in Portugal were we continue to have one of the most expensive final consumer price for any petrol product in the world
and were the Tax imposed by the Goverment for crude based substances account for 14% of their budget ( petrol companies alone).
If we compare Portugal and Spain then we can see a huge difference,i.e.
The petrol we daily use in our cars is 26 cents more expensive in Portugal than in Spain ...

The diesel we use is also 22 cents more expensive in Portugal than in Spain.
According to the President of Galp Energia, Ferreira de Oliveira (the Nations biggest petrol company,Galp Energia ) they loose each year between 100 and 150 million litres of fuel due to the difference in taxes between both Nations.
The CEO Galp suggests that the taxes in Portugal should come closer to the ones practiced next door in Spain.

OPEC

Crude oil fell for a second day due to the U.S. economic growth slowdown.
Any U.S. slowdown would cut demand for oil, while supply is increasing. OPEC oil production rose last month by the most since September 2004.
Crude oil for September delivery declined to $73.83 a barrel in after-hours electronic trading on the New York Mercantile Exchange. Prices have fallen 6 percent since reaching a record $78.77 on Aug.1....
Brent crude oil for September settlement dropped to $73.35 a barrel on the ICE Futures exchange.

The 10 members of the Organization of Petroleum Exporting Countries with production quotas, all except Angola and Iraq, increased output by 85,000 barrels to 26.595 million barrels a day, according to crude based oil survey.

OPEC Cuts

The 10 countries, in an effort to maintain prices around $60, pledged to trim 1.7 million barrels a day in two rounds of cuts, one that started Nov. 1 and another that took effect Feb. 1. The 10 members pumped 27.5 million barrels a day in October.
So as mentioned the world is a ahostage to the black gold, every excuss is used by the oil companies and some goverments to keep the crude price at a level they desire...