Oil Prices March 20th 2012

Facebook
Twitter
LinkedIn

The London AP reports that oil prices fell to near $107 a barrel Tuesday in Europe. Bent crude for May delivery was reported to be down $1.34. The Energy Department’s report on oil stocks is due out Wednesday.

Survey analyst data by Platts is expected to show a build of 2.1 million barrels in crude oil stocks in data for the week ending March 16.

Prices have dropped to $3 a barrel shortly after Reuters reported that Britain was going to agree with the US decision to tap into 700 million barrels of crude oil held in four Gulf Coast salt caverns later this year.

Germany and France are in opposition to the emergency oil stock release, Reuter reports.
“France has no desire to take part in operations that aim to tame prices,” states a French source.

Most of the press releases on the subject believe U.S. President Barack Obama will plan to release the Government-owned emergency crude in the salt caverns in time for voters to see him favorably for reelection next November.

Fuel prices in France have risen sharply in the past few months to record setting levels.

Previous stock releases have been coordinated by the 28 member International Energy Agency, based in Paris. Under IEA rules, member countries are required to have emergency stocks of oil available.

Meanwhile, Saudi Arabia pledges to pump more oil to cover supply shortages, the New York AP reports. The Saudi Government said it aims “to provide adequate supplies of petroleum, stabilize oil markets and return oil prices at fair levels for producers, consumers and the oil industry.”

The Kuwaiti ruler was quoted on Tuesday as saying that Iran has assured its neighbors that it will not block the vital waterway, the state agency reported.

The Wall Street Journal reports that the Libya crisis of last year has already squeezed the global oil supply and there are growing tensions between West and Iran that could make prices go even higher. Oil prices have risen about 17% so far this year, the report states.

Protect pipes with MSI, the world’s best pipe protection company.

Contact us today to learn how we can help you.

View More

The Importance of Communication and Coordination in Pipe Handling Operations

Pipe handling is a critical aspect of any project, as it involves pipe movement, storage, and protection from the point of manufacture to installation. Pipe handling operations require careful planning, coordination, and communication among various parties, such as transporters, contractors, and operators. Effective communication and coordination can ensure pipe-handling operations’ safety, efficiency, and quality while

Read More »

The Impact of Thread Damage on Oil and Gas Production

Oil and gas production relies on miles of pipes that connect the wells to the surface facilities or transport fluids and gasses from one location to another. These pipes are high-strength, pressure-resistant steel that can withstand the harsh conditions of the oil and gas industry. They can suffer from various damage that can compromise their

Read More »

Unraveling the Impact of Pipe Damage on Operational Efficiency

Pipes serve as the lifeline for various industries, transporting vital resources such as oil, gas, and water across vast distances. However, these essential conduits are not impervious to damage. Whether caused by external factors like corrosion, environmental conditions, or internal issues such as pressure fluctuations or mechanical stress, pipe damage can have far-reaching consequences on

Read More »
Translate »
Scroll to Top