Nigeria will lead a push to reduce the output of oil to world market and have already consulted with other OPEC members including Iran, Venezuela, Saudi Arabia and Russia (non OPEC) in the latest move to sprui world oil prices. Winter has not really ended in the west but thats not where demand is really.
Yukos's problems created by SGS and other idiotic creditor banks at the behest of Abrahamovitch is going to lead to further inflation in Europe which will lead to further interest rate hikes. If you thought the French workers demonstrations of late were bad wait till you see the overall effect of SGS's attempts to bankrupt Yukos.
The rebel and anti western OPEC members now outnumber significantly the pro western interests in oil production. The latest insult to Ret. Gen Obasanjo of Nigeria who held him captive whilst negotiating the arrest of Taylor to be tried as a war criminal in neighbouring Liberia has resulted in Nigerian outrage.
My forecast is for oil to reach US$ 100 by July this year if not earlier. Interest rates will go up by at least 2.5% by then and inflation will follow.
The Chinese promises to let the market decide with mineral and metals prices is a very convenient statement clouded with double speak. The market has been discounting with the Australian government using our taxes to underwrite the difference.
Most of us are too dumb to understand. Thats why the Chinese say they love Australia because "there are not many places in the world where you can close your eyes and chaet a living and they pay you for it and turn the other way"
oil to rise again
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