Wednesday, 08 June 2011 11:38

OPEC Meeting and China Record

Today takes place the official one-day meeting of the Organization of the Petroleum Exporting Countries in Vienna. Even at the opening speech were the actual different opinions of several oil ministers perceptible.

The acting chairman, Iran's oil minister Mohammad Aliabadi declares the actual crude situation as stable. Although, the Arabian countries, such as Saudi Arabia, want to increase the oil production for the upcoming half of the year. They plan to rise the crude productivity with 500,000 barrels per day, which would mean a total turnout of 9,5 – 9,7 bpd. Saudi Arbia fears the demand of crude will drop, if the prices do not change. Actually, WTI oil amount around $98.36, while Brent crude $116.20.

However, the South American OPEC members do not see any kind of problem with high prices, the $100 per barrel sounds a quite fair amount for them.

While the OPEC meeting goes off with such different points of view, the annual BP Statistical Review of World Energy announced today, that China's energy consumption over-exceeded the consumption of the United States. It reached officially the state of the world’s largest energy consumer in 2010, and also the carbon emissions levels showed up new highs.

The report further declares that not just China, but also other industrially developing countries show spikes. The economy grew up about 3,5 – 7,5 percent, which is a very good sign since the last global downturn. However, China's increase shows up 11,2% and this makes the country to be the worlds leading energy consumer.

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