Petrol kiosk in China selling RMB 5 per litre...

Market USD120 per barrel...

1 barrel = 100 litre

USD 120x currency 7.00 for RMB= RMB 840 cost per barrel.

How much China GOV Subsidiary everyday for their people?

How much CHINA comsuption of petro everyday?

Pls CHINA...bring down the oil price...

1 barrel [US, petroleum] = 158.987 294 93 liter
reference : http://www.onlineconversion.com/volume.htm

suppose to be 58% higher than what u expected

if you think china consume high petro..think about USA,

China is not the culprit. American are..

Do you think it is practical to use a 4500cc car on town driving? That what americans are doing..

those are rich people only doing....US local oil price is base on global market price....i dont think everyone will use/afford a 4500cc car

what do you think about those country that has oil subsidies? like our own country.....they think oil is cheap....some even think oil price is controlled by government.....they waste even more

when things are cheap people tend to waste more



only OPEC country able to bring down the oil price

This post has been edited by dr2k3: May 11 2008, 02:46 PM

OPEC said NO to increase in production. So, kiss good bye for $100 or less for oil.

If oil hits 130 next few days, AirAsia should be a good bet, no?

the chances of drop below 100 is very slim if they wanna control until like that.....

but if oil really drop it will drop very fast.....and quite low...just don't know when

most of the spiking oil prices are due to US own commodity speculators

So basically US are controling the Oil price rather then say by OPEC...most of the time OPEC cant do anything...if tmr US say their inventories more over ,oil price will drop..
If Shortage...it will increase another few more cents...haha

Basically, yes.

Mainly because at current situation, supply is steady and stagnant (there is no shortage worldwide, just no extra signficantly supply for near term), but demand is fluctuating big time especially from China and futures market speculators, also inflation factor.

So the only way to bring down the crude relied on demand side aka US and China, not OPEC.

This post has been edited by cherroy: May 12 2008, 03:43 PM

u sure its RMB5??

This post has been edited by Singh_Kalan: May 12 2008, 05:31 PM

erm...i still think if OPEC want the price to come down they can do much easier than those speculator....no matter what, they r still the one producing the oil...all they need to do is increase the production and dump as much supply as possible....but i doubt that will happen

its the same as currency...right now ECB is dumping the euro preventing them to go any higher...from 1.6++ euro/usd now bcome 1.54...

Oil is not like currency that you can print and dump into the market to suppres the price. -->> USD scenario.

There is not much spare capacity at the moment mainly because when oil was around USD10-20, nobody has the financial incentive to find new oil field or built new oil rig to dig more oil. At current moment, a lot of oil field are in max production situation already. It is somehow like tap water, if your house water pipe is 1/2 inch then there is a max amount that pipe can supply you the quantity of water in one day.

OPEC suffer the price dip when oil price was USD10-20, so they don't want to overly produce just to suppress the oil price, also who don't want to sell higher price if could and more $$$ in the pocket.

Just my opinion.

This post has been edited by cherroy: May 12 2008, 08:55 PM

heh true true....water tap...nice example...

quite sad also...dont know when will alternative fuel source will be available.....we r kinda like slave to oil

This post has been edited by dr2k3: May 12 2008, 09:03 PM

actually there is still reserve that can be tapped that can increase the supply , but OPEC decided not to do so bcoz they do not want to risk the investment of opening new supplies then pull down the price , over the fact that they believe the current oil market situation is temporary and speculation .

At these price even the tar sand oil extraction would be very profitable , but big companies dont dare to , partly because they are donot wanna risk capital if price goes down again .

Basically,if u invest billion dollars to built new oil rig....but end up the oil price back to USD80-100 per barrel..who want to do such investment?
Unless they can mainteince oil price at USD120 or higher,then they only will consider...
Bussiness culture everywhere are same...

Earth quake killed them.. now even their listed propoerty developer in a fix.. they have go recheck if their buildings are affected..

The depreciation of the dollar contributes to the higher price of crude oil but with growing demands in the middle east , india and china, the price of crude oil is going to remain above 100 dollars. Until these markets cool off, the demand of oil will remain high.

The U.S demand for oil has so far decrease due to a recession, and UK, EURO countries are entering a mild recession. When the BOE and ECB decides to lower the interest rate later month, we might see a drop in oil prices.

USD $130 per barrel..killing Indonesia now...more than 100 protest in Jakarta today...