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Jakarta - The world oil market now is in the midst of the extraordinary conditions of weak. OPEC production decrease to the largest number of long history of 2.2 million barrels per day thus making the price of oil decline to the lowest level in 4 years and U.S. $ 40 per barrel.
According to oil industry observer Kurtubi, the world oil market is currently weaker than estimated. At least two factors that trigger a weaker oil market this time.
First is the decline in demand due to a very sharp economic recession in the world. Second is the exchange rate of U.S. dollar is still out of the euro.
"Because the U.S. dollar is still very strong against the euro, although the OPEC to reduce 2.2 million per year, the market responded negatively. Price added down, this is extraordinary," he said when contacted detikFinance, Thursday (18/12/2008).
As known, OPEC decided to cut production by up to 2.2 million barrels per day, or the largest in the history of the oil cartel. The decrease of production per valid on January 1 2009.
Since September, OPEC has cut production to 2 million barrels per day, and added the decision this time a total of 4.2 million barrels per day. So now the target production of countries members of OPEC is 24.85 million, or down 15% from the production of September.
In trading Wednesday (17/12/2008), the main contract on the New York Merchantile Exchange had plunged 3.54 dollars to U.S. $ 40.06 per barrel, after touching was U.S. $ 39.88 per barrel, which is the lowest level since July 2004
Jakarta - The world oil market now is in the midst of the extraordinary conditions of weak. OPEC production decrease to the largest number of long history of 2.2 million barrels per day thus making the price of oil decline to the lowest level in 4 years and U.S. $ 40 per barrel.According to oil industry observer Kurtubi, the world oil market is currently weaker than estimated. At least two factors that trigger a weaker oil market this time.
First is the decline in demand due to a very sharp economic recession in the world. Second is the exchange rate of U.S. dollar is still out of the euro.
"Because the U.S. dollar is still very strong against the euro, although the OPEC to reduce 2.2 million per year, the market responded negatively. Price added down, this is extraordinary," he said when contacted detikFinance, Thursday (18/12/2008).
As known, OPEC decided to cut production by up to 2.2 million barrels per day, or the largest in the history of the oil cartel. The decrease of production per valid on January 1 2009.
Since September, OPEC has cut production to 2 million barrels per day, and added the decision this time a total of 4.2 million barrels per day. So now the target production of countries members of OPEC is 24.85 million, or down 15% from the production of September.
In trading Wednesday (17/12/2008), the main contract on the New York Merchantile Exchange had plunged 3.54 dollars to U.S. $ 40.06 per barrel, after touching was U.S. $ 39.88 per barrel, which is the lowest level since July 2004
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