At the opening of markets, oil prices approaching $ 120, after surpassing $ 111 during the day yesterday, and are increasingly fears that assail the market: concern that Libya suspend shipments; very curious that the riots could spread to other large producers such as Algeria, Iran and Saudi Arabia, and adds uncertainty to the fact that members of the Organization of Petroleum Exporting Countries (OPEC), which owns the four countries, have not announced and increased production to compensate for any shortage.
And is that not only the price of oil for delivery in this month's rise, so do the futures contracts, which means that the market does not expect the crisis in the Arab world to go forward in the short term. Within OPEC, responsible for 45% of global oil production and owns more than 70% of the reserves, there is an open debate on the need to increase the extraction to compensate for the lack of Libyan oil.
Iran and Venezuela are strongly opposed, while UAE and Saudi Arabia do not rule out the measure. The fight, as always, is among the anti-American hawks, as known to the first two, and pigeons Gulf nickname for the latter. In Riyadh yesterday met the 12 OPEC countries and 28 oil-consuming countries, including EU, China, India and Brazil, and signed an agreement for the oil market more transparent and stable.
And though there was no agreement on prices, transpired that the Saudi kingdom, the largest world oil power, is in favor of stabilizing the cost of a barrel between 70 and 80 dollars. The next OPEC meeting to discuss production quotas is scheduled for June at Vienna and at the moment, both Venezuelans and Iranians are reluctant to call an extraordinary meeting in view of the Libyan crisis and its possible spread to other countries members.
Tehran insists that the Libyan oil flow is not interrupted. Proof of this is that yesterday a tanker loaded 600,000 barrels in two Libyan ports, those of Zawia and is Tsahalis, said the organization with the Greek owner of the ship owner. But the market believes that this boat may be the last, since the information of both the agency and Arab media say the country's authorities have said that force majeure may not comply with delivery contracts signed.
Analysts at Nomura Bank of Japan as a country heavily dependent on oil is the market very closely, yesterday published a report warning that if there is a disruption to business in Libya and Algeria, the price of oil exceed $ 200. The calculation is catastrophic but not unreasonable, especially considering that most analysts believe that oil will remain between 105 and 110 dollars a barrel for several weeks.
Jose Maria Botelho, Energy Minister of Angola, Africa's fourth largest producer after Nigeria, Algeria and Libya, said yesterday that the Libyan crisis adds $ 10 to trading in the markets of London and New York. As speculation grows about who the next OPEC country to be hit by the wave of change in the Islamic world, all eyes turn to Saudi Arabia, the country that holds the key to the world's oil spigot.
Riad can quickly offset any threat of shortage and its partners in the Persian Gulf, Kuwait and UAE, as well. However, the attempts of protest that has already seen the kingdom and called for March 11 added to the fact that the king returned home with a generous package of economic incentives to mitigate the public discontent, support the idea that The Saud dynasty has not all get to stay in power as comfortably as from the foundation of the kingdom in 1932.
In time, protest resonates very close: in Yemen and Bahrain. 
And is that not only the price of oil for delivery in this month's rise, so do the futures contracts, which means that the market does not expect the crisis in the Arab world to go forward in the short term. Within OPEC, responsible for 45% of global oil production and owns more than 70% of the reserves, there is an open debate on the need to increase the extraction to compensate for the lack of Libyan oil.
Iran and Venezuela are strongly opposed, while UAE and Saudi Arabia do not rule out the measure. The fight, as always, is among the anti-American hawks, as known to the first two, and pigeons Gulf nickname for the latter. In Riyadh yesterday met the 12 OPEC countries and 28 oil-consuming countries, including EU, China, India and Brazil, and signed an agreement for the oil market more transparent and stable.
And though there was no agreement on prices, transpired that the Saudi kingdom, the largest world oil power, is in favor of stabilizing the cost of a barrel between 70 and 80 dollars. The next OPEC meeting to discuss production quotas is scheduled for June at Vienna and at the moment, both Venezuelans and Iranians are reluctant to call an extraordinary meeting in view of the Libyan crisis and its possible spread to other countries members.
Tehran insists that the Libyan oil flow is not interrupted. Proof of this is that yesterday a tanker loaded 600,000 barrels in two Libyan ports, those of Zawia and is Tsahalis, said the organization with the Greek owner of the ship owner. But the market believes that this boat may be the last, since the information of both the agency and Arab media say the country's authorities have said that force majeure may not comply with delivery contracts signed.
Analysts at Nomura Bank of Japan as a country heavily dependent on oil is the market very closely, yesterday published a report warning that if there is a disruption to business in Libya and Algeria, the price of oil exceed $ 200. The calculation is catastrophic but not unreasonable, especially considering that most analysts believe that oil will remain between 105 and 110 dollars a barrel for several weeks.
Jose Maria Botelho, Energy Minister of Angola, Africa's fourth largest producer after Nigeria, Algeria and Libya, said yesterday that the Libyan crisis adds $ 10 to trading in the markets of London and New York. As speculation grows about who the next OPEC country to be hit by the wave of change in the Islamic world, all eyes turn to Saudi Arabia, the country that holds the key to the world's oil spigot.
Riad can quickly offset any threat of shortage and its partners in the Persian Gulf, Kuwait and UAE, as well. However, the attempts of protest that has already seen the kingdom and called for March 11 added to the fact that the king returned home with a generous package of economic incentives to mitigate the public discontent, support the idea that The Saud dynasty has not all get to stay in power as comfortably as from the foundation of the kingdom in 1932.
In time, protest resonates very close: in Yemen and Bahrain.
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