Singapore PM: Asia Pacific leaders worried about oil prices
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http://news.sg.msn.com/regional/article.aspx?cp-documentid=1109819
Leaders from 16 Asia/Pacific nations were worried soaring oil prices would prove a growing burden that could hinder economic growth and hurt the poor, Singapore's prime minister said Wednesday.
Prime Minister Lee Hsien Loong said leaders from the 10-nation ASEAN bloc and their counterparts from Australia, China, India, Japan, New Zealand and South Korea had discussed the issue at their East Asia Summit here.
"It's a matter of concern for many of the countries," Lee told a press conference after the talks, noting the soaring prices would pose particular challenges to major oil-importing countries and the region's poorer states.
"This is a burden that is growing, particularly a burden among low-income groups," he said, adding that high oil prices could also lead to higher inflation and cost of living.
World oil prices surged to a record peak above 99 dollars per barrel on Wednesday on the back of the falling US dollar and tight global crude supplies, traders said.
New York's main contract, light sweet crude for January delivery, rocketed to an historic 99.29 dollars.
In London, Brent North Sea crude for January delivery jumped to an all-time pinnacle of 96.53 dollars per barrel. -
No choice, I move to Saudi Arabia next year
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The oil price has decreased once again.
http://news.yahoo.com/s/nm/20071122/bs_nm/markets_oil_dc;_ylt=AjvDrA8YQ.sjRwwD3O52Cj2573QA -
All we need is one more rumor that threatens to limit the world oil supply and oil will definitely hit the $100 target, sooner or later.
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We need less tension in the Middle East. If US pulled out Iraq, there will be trouble for the Iraqi govt as it is not well quipped to deal with theOriginally posted by Paradise Lost:All we need is one more rumor that threatens to limit the world oil supply and oil will definitely hit the $100 target, sooner or later.
insurgency. Iraq if not wrong is the second largest oil producing country. -
Saudi Arabia is the largest oil producing state, followed by Iran. Iraq should be around 8th or 9th in terms of oil producing capability among the OPEC-12.Originally posted by will4:We need less tension in the Middle East. If US pulled out Iraq, there will be trouble for the Iraqi govt as it is not well quipped to deal with the
insurgency. Iraq if not wrong is the second largest oil producing country.