Oil debate produces more heat than light

The API figures showed a loss of 972,000 barrels whilst the governments figures showed a more reassuring increase of 1.2 million barrels.

The API also showed that crude oil imports actually continued to fall – in their estimate, by 1.189 million barrels against the government’s figures saying a slight increase in imports.

The unstable situation in Nigeria has contributed to market jitters If the API figures are correct, it certainly casts doubt on the promises of increases in output from OPEC countries such as Saudi Arabia.

Now long promised, those increases seem to have failed to make it to the market place. Certainly beyond the normal 45 day expectations. Even the DoE figures showed only a slight build of 43,000 barrels.

Aljazeera.net