Cogito

Who is buying the Oil?

Posted in Uncategorized by qmarks on March 17, 2010

Today crude oil rose above $82 a barrel after the Energy Department reported that US imports fell to a seasonal low and fuel inventories dropped.

Carl Larry the president of Oil Outlooks and Opinion LLC said Imports are down to a really really small trickle. we are not able to bring in as much oil as we would like to because the oil that is out there is going elsewhere. When the economy does start to grow and the refineries start to pick up runs that crude isn’t going to be there.

According to OPEC, the producers delivered 47 percen of its crude and refined products to the Asia Pacific region in 2008, up from 45 percent the year before. That compares with a decline in the US to 22 percent in 2008 from 26 percent in 2007.

Bottom line, China and India will continue to buy more oil if the recovery continues!

news source: bloomberg

Advertisements
Tagged with: , , ,

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: