To use it to manipulate prices would be like a central bank trying to manage a run on a currency - it wouldn't work because it only has so much ammunition.
More Quotes from Kevin Norrish:
Under normal conditions, that would be telling OPEC that a cut is necessary. With Nigeria losing about half a million barrels of production it makes it quite hard for them to justify it.Kevin Norrish
Ultimately, a battle for market influence between geopolitical factors and the flow of U.S. data is likely to be settled in favor of the former.
Kevin Norrish
This is definitely not about buying up oil resources in order to ship the oil into China.
Kevin Norrish
The morbidity of non-OPEC supply is a factor that is fuelling the rise in prices. Russian output growth has decelerated...with the year on year growth in output for July a sharp downshift from the...growth rate achieved in July 2004. The IEA sees Russian supply rebounding strongly in the rest of the year and into 2006. Their forecast is for Russian output to grow by 390,000 bpd in 2006, a very good recovery from the growth seen in the most recent monthly Russian output data. In all, the IEA view seems somewhat optimistic...
Kevin Norrish
There has been poor performance so far this year in the North Sea. The United States certainly is not coming back as quickly as people thought it would and Russia has been very, very poor, partly due to the cold weather.
Kevin Norrish
This couldn't happen at a worse time.
Kevin Norrish
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