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Hilbroy Advisory: Opec Sees Economic Strain of High Oil Prices
Hilbroy Advisory: Opec Sees Economic Strain of High Oil Prices
The shut-down of Japanese nuclear power is expected to lead to higher oil consumption for power generation this year but demand in the world's third-biggest oil user after the United States and China has fallen.
Montreal,
Quebec,
Canada
(prbd.net)
21/04/2011
Montreal, Quebec, April 12, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: Costly oil could place a major strain on consumer countries with convalescent economies, Opec ministers said yesterday, in their clearest statements yet they see reduced demand for their crude.
Leading Opec member Saudi Arabia on Sunday confirmed the kingdom had cut output by more than 800 000 barrels per day (bpd) in March because of weak demand.
Saudi Oil Minister Ali al-Naimi said yesterday the world economy was still fragile. Brent crude earlier this month rose above US$127 a barrel, its highest level in more than two and a half years.
It has since fallen back to around US$122, with yesterday's sell-off attributed in part to Saudi Arabia's comment on demand.
"At these high price levels, spending on oil imports could represent a significant economic burden for many import dependent countries," Kuwait's Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said in a speech at the meeting.
Consuming nations have been the first to argue the oil price is high enough to erode demand for fuel and knock back economic growth.
OPEC ministers have been slower to make a connection between price and demand destruction and some OPEC delegates have cited Japan's nuclear disaster as one reason for reduced oil consumption.
The shut-down of Japanese nuclear power is expected to lead to higher oil consumption for power generation this year but demand in the world's third-biggest oil user after the United States and China has fallen. Japan is importing 4,2 million bpd of oil, a senior government official said on Sunday, roughly 800 000 bpd less than the country consumed in February. Saudi is Japan's biggest crude supplier. Saudi Arabia in the past has said US$70-US$80 a barrel is appropriate for producer nations that need to invest in new supply and yet not too high for consumer countries.
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
• Go Public strategy,
• Debt and or equity financing
• Identify prospective investors
• Hire investor relations firm
• Cross listing decisions
• Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Contact:
Jean François Amyot
HilbroyAdvisory, Inc.
1400 rue Begin
Montreal, QC H4R 1X1
info@hilbroyadvisory.com
www.hilbroyadvisory.com
Tel: 514-334-3131
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About
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
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