An alarming week for oil - YouTube: ""
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Saturday, 13 December 2014
Awaiting the final push towards a GCC customs union | GulfNews.com
Awaiting the final push towards a GCC customs union | GulfNews.com:
"Notwithstanding the many political and security challenges facing the region, the leaders of the Gulf Cooperation Council (GCC) states made the right decision in not overlooking the matter of closer regional economic integration. Among other things, the latest summit, in Doha, touched upon the customs union and for jointly funded railway projects.
In reality, the implementation of the customs union has proved problematic since its inception in 2003. The scheme involves a unified trade policy with non-members, but something not easy to implement for those economies enjoying competitive advantages in external trade.
Following repeated delays, it was generally understood that full completion of the project would take place in 2015. However, the Doha summit made no specific commitments for comprehensive implementation, clearly signalling the continued presence of some problems."
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"Notwithstanding the many political and security challenges facing the region, the leaders of the Gulf Cooperation Council (GCC) states made the right decision in not overlooking the matter of closer regional economic integration. Among other things, the latest summit, in Doha, touched upon the customs union and for jointly funded railway projects.
In reality, the implementation of the customs union has proved problematic since its inception in 2003. The scheme involves a unified trade policy with non-members, but something not easy to implement for those economies enjoying competitive advantages in external trade.
Following repeated delays, it was generally understood that full completion of the project would take place in 2015. However, the Doha summit made no specific commitments for comprehensive implementation, clearly signalling the continued presence of some problems."
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Crude Oil Extends Drop Below $58 as IEA Cuts Forecast - Bloomberg
Crude Oil Extends Drop Below $58 as IEA Cuts Forecast - Bloomberg:
"Benchmark U.S. oil prices extended losses below $58 a barrel as the International Energy Agency cut its global demand forecast for the fourth time in five months.
West Texas Intermediate crude capped a weekly decline of 12 percent while Brent lost 10 percent. The IEA reduced its estimate for oil demand growth in 2015 by 230,000 barrels a day, the agency said in a report today. U.S. output, already at a three-decade high, will continue to rise in 2015, the IEA said.
“In the short term, supply is still stronger than demand,” said Gareth Lewis-Davies, a London-based analyst at BNP Paribas SA. “We are going to see further inventory builds in the first half, hence the realization of further pressure on oil prices.”"
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"Benchmark U.S. oil prices extended losses below $58 a barrel as the International Energy Agency cut its global demand forecast for the fourth time in five months.
West Texas Intermediate crude capped a weekly decline of 12 percent while Brent lost 10 percent. The IEA reduced its estimate for oil demand growth in 2015 by 230,000 barrels a day, the agency said in a report today. U.S. output, already at a three-decade high, will continue to rise in 2015, the IEA said.
“In the short term, supply is still stronger than demand,” said Gareth Lewis-Davies, a London-based analyst at BNP Paribas SA. “We are going to see further inventory builds in the first half, hence the realization of further pressure on oil prices.”"
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