Econchart Oilscam 112009
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The document summarizes issues in the global oil market, noting a mismatch between underlying supply and demand factors and the high price of crude oil. While U.S. and Japanese oil imports are down significantly year-over-year, Chinese imports are only up slightly, indicating lower overall demand. However, crude prices have doubled since January despite declining demand. The document questions how prices have risen so much when demand is down.
Econchart Oilscam 112009
- 1. Big Global Oil Scam ? There is a massive mismatch between the underlying demand and supply in the market for oil and the price of crude Purchases from the world market by the top net importer, the US, are down 22% y-o-y, they are down 18% in Japan, the no. 2 importer but they are up just 5% y-o-y in October for China, the no. 3 So how does it come that prices have doubled since January ? Crude price has doubled in 09, while demand is down Source: EIA Weekly Petroleum Status Report 80 USD per Barrel Crude Oil Price 60 Top three net oil importers 40 million barrels per day 11.0 US -22% 8,6 20 4.6 Japan -18% 3,3 y-o-y Oct 3.9 2008 China 5% 4,5 Oct 09 January to November 2009 Order for reprint Nov. 14, 2009 www.markusgaertner.com GAPA NEWS