The International Energy Agency (IEA) predicts a reduction of investment in exploration and extraction of oil and gas in 2009 to decline by 19 percent (about $ 90 billion) to total $ 380 billion, said IEA Chief Economist Fatih Birol during circular mask dedicated to energy resources in Moscow, quoted by agency RIA Novosti. “Although our expectations were in 2009 investments in the sector could be increased, they decreased. This is not good news “, said Birol. He said if global consumption at current conditions and quantities of the oil drilling could be an increase in oil prices, which in turn affect negatively the process of recovery of the global economy. Moreover, the representative of the IEA said that if oil consumption remain unchanged for 20 years, today’s daily average yield will be insufficient to satisfy the consumer market with raw materials. During the discussion it became clear that Russia will maintain the pace of extraction of oil within 10 million barrels per day.
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As an unusual reaction on the stock markets decline analysts determine the price of oil over a depreciation of the dollar and the rapid rise in the quotations of gold. According to Bloomberg agency drop in prices of steel raw material in the last day was mainly due to the announced by the U.S. government oil stocks. They have increased by 2.09 million barrels per week and reach a total 339.9 million barrels, which is the highest level since August. Such information is announced and the American Petroleum Institute at the beginning of the week, but this did not stop the slight increase in oil prices. The Exchange New York Mercantile Exchange rates of U.S. light crude for delivery in January fell by over 2% and went down to a level of $ 76.6 per barrel. Very slight rise followed by 76.67 per barrel. But put your gold in a row and record the precious metal is available for $ 1255.04 an ounce. Analysts do not exclude the stock markets and higher than those rates. According to sales manager of a bank Newedge in Tokyo oil will reach $ 80 a barrel. Variety “Brent with delivery in January is now available for 77.88 per barrel, which is cheaper to close the trade in London yesterday to $ 1.47, or 1.9 percent.
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The Second-largest oil company in Europe (after Shell) British Petroleum announced better-than-expected results for the first quarter, then the company’s shares reached a 16-month high. The profit excluding one-off costs amounting to 4.67 billion dollars or 47 percent less than the same period last year. However, it was well above expectations of analysts who predicted a positive financial result of 3.25 billion dollars. For the period July-September revenue the company reported revenue of 67.86 billion dollars or 35 percent less than the same period of 2008. After the data the company’s shares rose by 5.5 percent to 5.98 GPD in London, which is the highest value in June 2008 Since the beginning of the year, shares of the company rose by 13%.
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