Norway, the world's third-biggest oil exporter, wants OPEC to reverse its decision to cut quota production targets next month in a bid to keep prices below US$30 a barrel and help sustain a global economic recovery.
"I take comfort from the fact that OPEC has said it might consider reversing the cut," Norway's Oil and Energy Minister, Einar Steens-naes, said on a visit to the United Arab Emirates (UAE), OPEC's No. 5 producer. Steensnaes visited Saudi Arabia, the world's largest oil producer, later yesterday for talks with Oil Minister Ali al-Naimi.
Norway fears accelerating global economic growth will sustain demand for fuel, keeping prices higher than US$30 a barrel, even as the onset of spring in the northern hemisphere re-duces the amount needed for heating, Steensnaes told reporters at an embassy reception in the UAE capital, Abu Dhabi, late yesterday.
Prices in excess of US$30 a barrel could in turn hamper the economic recovery, he said.
Crude oil rose to a five-week high on Friday on speculation that gasoline inventories will be insufficient to meet demand during the summer driving season. Crude oil for April delivery rose US$0.65, or 1.8 percent, to settle at US$36.16 a barrel on the New York Mercantile Exchange, the highest close since Jan. 20 when prices rose to US$36.20, a 10-month high.
OPEC agreed this month to lower output by 1.5 million barrels a day as of today and cut quotas by another 1 million barrels on April 1, reducing production by almost 10 percent. Norway isn't an OPEC member.
Rising oil prices may lead to "further action" before the group is next scheduled to meet on March 31, OPEC president Purnomo Yusgiantoro said on Feb. 12.
The International Energy Agency, which advises 26 nations on energy policy, boosted its estimate of the rise in global oil usage this year for the fourth consecutive month last month to 1.4 million barrels a day, amid surging demand from China.
Consumption will total 79.9 million barrels a day, it said in a monthly report.
Tropical Storm Gaemi strengthened into a typhoon at 2pm yesterday, and could make landfall in Yilan County tomorrow, the Central Weather Administration (CWA) said yesterday. The agency was scheduled to issue a sea warning at 11:30pm yesterday, and could issue a land warning later today. Gaemi was moving north-northwest at 4kph, carrying maximum sustained winds near its center of up to 118.8kph and gusts of 154.8kph. The circumference is forecast to reach eastern Taiwan tomorrow morning, with the center making landfall in Yilan County later that night before departing from the north coast, CWA weather forecaster Kuan Shin-ping (官欣平) said yesterday. Uncertainty remains and
SEA WARNING LIKELY: The storm, named Gaemi, could become a moderate typhoon on Wednesday or Thursday, with the Taipei City Government preparing for flooding A tropical depression east of the Philippines developed into a tropical storm named Gaemi at 2pm yesterday, and was moving toward eastern Taiwan, the Central Weather Administration (CWA) said. Gaemi could begin to affect Taiwan proper on Tuesday, lasting until Friday, and could develop into a moderate typhoon on Wednesday or Thursday, it said. A sea warning for Gaemi could be issued as early as Tuesday morning, it added. Gaemi, the third tropical storm in the Pacific Ocean this typhoon season, is projected to begin moving northwest today, and be closest to Taiwan on Wednesday or Thursday, the agency said. Today, there would likely
DISRUPTIONS: The high-speed rail is to operate as normal, while several airlines either canceled flights or announced early departures or late arrivals Schools and offices in 15 cities and counties are to be closed today due to Typhoon Gaemi, local governments announced last night. The 15 are: Taipei, New Taipei City, Taoyuan, Tainan, Keelung, Hsinchu and Kaohsiung, as well as Yilan, Hualien, Hsinchu, Miaoli, Chiayi, Pingtung, Penghu and Lienchiang counties. People should brace for torrential rainfall brought by the storm, with its center forecast to make landfall on the east coast between tonight and tomorrow morning, the Central Weather Administration (CWA) said. The agency issued a sea warning for the typhoon at 11:30pm on Monday, followed by a land warning at 11:30am yesterday. As of
CASUALTY: A 70-year-old woman was killed by a falling tree in Kaohsiung as the premier warned all government agencies to remain on high alert for the next 24 hours Schools and offices nationwide are to be closed for a second day today as Typhoon Gaemi crosses over the nation, bringing torrential rain and whipping winds. Gaemi was forecast to make landfall late last night. From Tuesday night, its outer band brought substantial rainfall and strong winds to the nation. As of 6:15pm last night, the typhoon’s center was 20km southeast of Hualien County, Central Weather Administration (CWA) data showed. It was moving at 19kph and had a radius of 250km. As of 3pm yesterday, one woman had died, while 58 people were injured, the Central Emergency Operation Center said. The 70-year-old