OPEC could start discussing a second increase in its oil production ceiling as soon as next week if crude prices hold at current levels, Kuwaiti Energy Minister and OPEC President Sheikh Ahmad Fahd al-Sabah said yesterday.
"Let us at least wait for a few days and see exactly how prices will go, if it continues as it is now, next week we will start our discussions," he said.
OPEC ministers decided on Wednesday to raise their oil production ceiling from 27 to 27.5 million barrels per day (bpd) and consider a further raise in quotas if prices remain high in the coming months.
The decision was quickly overshadowed in global oil markets by concerns over US inventory levels, which propelled the price of the New York contract for crude to a record of US$56.60 a barrel.
Light, sweet crude for April delivery rose US$0.11 to US$56.57 a barrel on the New York Mercantile Exchange by mid-afternoon in Asia. The previous intraday high, set in October, was US$55.67 a barrel. Heating oil prices rose by less than a cent to US$1.5940 a gallon (3.8 liters).
"This is not about lowering prices. It's about stopping them skyrocketing," Yasser Elguindi of New York-based Medley Global Advisers said on the International Oil Daily Web site. "We are going to be either side of US$50 with spikes to around US$60."
Traders are worried that demand could soon outstrip supply. China, the world's second biggest oil consumer after the US, is already guzzling more than a third of the world's crude supplies. Chinese fuel use will rise 7.9 percent this year, or 500,000 barrels a day, to 6.88 million barrels a day, according to the Paris-based International Energy Agency.
The agency said last week it expects petroleum needs this year to increase 2.2 percent, by 1.81 million barrels a day, to a new daily total of 84.3 million barrels.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
BULLY TACTICS: Beijing has continued its incursions into Taiwan’s airspace even as Xi Jinping talked about Taiwan being part of the Chinese family and nation China should stop its coercion of Taiwan and respect mainstream public opinion in Taiwan about sovereignty if its expression of goodwill is genuine, the Ministry of Foreign Affairs (MOFA) said yesterday. Ministry spokesman Jeff Liu (劉永健) made the comment in response to media queries about a meeting between former president Ma Ying-jeou (馬英九) and Chinese President Xi Jinping (習近平) the previous day. Ma voiced support for the so-called “1992 consensus,” while Xi said that although the two sides of the Taiwan Strait have “different systems,” this does not change the fact that they are “part of the same country,” and that “external
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source