Fadel Gheit
Fadel Gheit
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We created a panic situation by reading too much into the empty threats, and when these threats started moving prices higher in anticipation, then the U.S. put its foot down and said even if Iraq stops world export, we are prepared to take all the necessary measures to make sure there is plenty of supply.
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Oil prices, ... are probably going to go over $26, which will mark the highest level outside the Iraqi invasion of Kuwait in 1990.
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A lot of people were expecting that Saddam Hussein would pull a trick before year-end because he was trying to put pressure on the U.N. to lift sanctions or try to alter the position of the sanction, so he threatened two weeks ago to stop exporting oil, ... The traders panicked in anticipation of a supply shortage, but Iraq never stopped producing oil.
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With the right investment environment and under the right government, Iraq could increase production by a million barrels a day every year for the next 10 years, ... It could be the largest oil exporter in the world, eclipsing Saudi Arabia.
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We're not likely to see oil prices going lower until there's resolution on the Iraqi front,
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Everybody is trying to secure their own resources instead of being dependent on somebody else. All these government-owned companies or government agencies are emerging from the bureaucracy and the state's shadow.
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The biggest disaster was the lack of information: The refineries - are they up or down? What happened to the platforms?
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These two companies are rearranging the seats around the table of the biggest game in town. They are prepared for $12 oil; they are looking beyond that,
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It was like a very long dream, and we're finally waking up. Gasoline by any measure is still very, very inexpensive compared to anywhere.
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It's cheaper for companies to buy production and reserves on Wall Street than go drill for it. It's instant gratification.
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A rise in oil prices stifles economic growth, ... There is a close correlation between gasoline prices and retail sales. Paying more per week for gas means less disposable income, which impacts retail and the purchasing power of the consumer, as does a higher average home heating bill due to the cost of fuel oil.
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A rise in oil prices is not good news for the equity market or the economy.
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The warm weather in the U.S. may be cutting demand for oil by 1 million barrels per day.
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The volume of lost production will be significantly greater than that lost under Ivan. Not one company that was affected has been able to restore its production 100 percent.