Quote of the Week
“During the last week, we have had fresh estimates for oil demand which now forecast the biggest decline in consumption in more than a quarter of a century. We have had yet another increase in crude oil stocks, leaving inventories at their highest levels in 15 years, and creating the biggest surplus against the previous year since 1990. These factors have worked together to press crude
More
Briefs week of February 16, 2009
Russian crude output will drop by nearly 8 percent from last year’s level through 2013 if the government doesn’t provide further aid to producers, Energy Minister Shmatko said at a meeting that Prime Minister Putin convened to talk to oil executives. (2/13, #18) Most Russian oil companies still hope the oil price will magically go back up. Drilling in Russia will probably decline by
