Brief : 13 March 2009

5:39 PM Posted by Baris Sanli
Oil prices inched toward $43 a barrel Thursday in Asia after an unexpected rise in U.S. crude inventories, suggesting demand remains poor, sparked a big drop in prices overnight (Yahoo)

"The deepening economic gloom should, in theory, support the case for a new cut. Yet the group has still not managed to reduce output to the target level, though at a compliance rate just short of 80%, it's very close." (Rigzone)

Venezuela gross domestic product will shrink 4.1 percent in 2009 as revenue from oil sales plunges by $50 billion (Bloomberg)

Daniel Yergin : "We're now in the Great Recession, and that's what the price reflects....GDP is going to determine the price. .... Oil is not only the world's most important commodity, it's a barometer of the global economy .... OPEC, "like everyone else, is trying to understand the depths of the recession"

Russian President Dmitry Medvedev underscored here on Thursday his country's interest in fair and stable price for oil in world markets. Russia’s ruble plunged the most in almost three weeks against the dollar as Russia’s largest privately owned bank forecast a 20 percent depreciation and the price of oil continued to decline. Russian reserves fell $3.8 billion to $380.5 billion last week, after rising $2.4 billion in the previous week, Bank Rossii said today. Russian investors and locals have withdrawn and converted more than $300 billion since August. (Bloomberg)

Oil output capacity will likely decrease worldwide over the next few years as producers curtail their investments in response to lower crude prices, a regional energy specialist said on Wednesday.

The world population is projected to top nine billion in 2050, up from 6.8 billion this year and seven billion early in 2012, according to UN estimates released Wednesday
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