By Sven Ridley-Wordich 04 Jan 2008 at 12:12 PM GMT-05:00
AMSTERDAM (ResourceInvestor.com) -- Crude oil prices have hit a new all-time record high, after breaking through the $100 per barrel mark on January 3.
(EXTRACT FROM REPORT) In a reaction to questions asked by the press, Saudi Aramco reiterated that it still is able to put another 1 million bpd of light Arab crude on the market. This statement, however, stands contrary to other analysis, which shows that the country is producing at its peak levels already. The same situation, as reported before, is the case for most other oil producers, such as Nigeria, Iran, Venezuela, Algeria and Libya.
The only possible relief could come from OPEC’s new member, ANGOLA, where additional production is scheduled to come on-stream in 2008.The latest figures show that the country at present is exporting more than 90% of its total production of 1.7 million bpd. Angola's Oil Minister Desiderio Costa stated that worldwide demand for Angolan crude has been unexpectedly high, pushing the country to increase production as much as possible. However, Costa reiterated that additional production volumes would only become available as much as the national energy situation would allow. In other words, production will be based on a responsible management of its own oil resources available.
Before the end of 2008, Angola expects to produce around 1.8 million bpd. At the same time, new blocks will come available too, such as the central block of Cabinda zone, Kwanza onshore zone blocks, shallow waters block 9, deep waters blocks 19, 20 and 21, ultra-deep waters blocks 46, 47 and 48.
CVI Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
