British Prime Minister Gordon Brown said Friday that tempering the volatility of oil prices was a major challenge facing the world economy because market fluctuations hurt both producers and consumers.
Brown was speaking at the London Energy Meeting, where energy and oil ministers from 27 key oil-producing and consuming countries met to discuss the impact of the financial crisis on the global energy market Also attending were the head of the Organization of Petroleum Exporting Countries and representatives of the world's leading oil companies. The event comes after Wednesday's OPEC summit _ where oil producers agreed to slash production to support oil prices _ and follows a similar meeting in June in Jeddah, Saudi Arabia. At the time the price of oil was near a record high of over $140 per barrel, and talks centered on how to increase supply to keep up with demand. Times have changed. During the past five months, oil has lost all the price gains it made over the last four years. It was trading Friday just under $36 dollars a barrel, and Friday's meeting is centered on how leaders can work together to avoid volatility and stop the price from further plummeting. A recent attempt at addressing the problem wasn't successful. OPEC agreed Wednesday to cut a record 2.2 million barrels from its daily production as of Jan. 1. However, the price of oil has continued to slip since that announcement was made. One reason is oil-producing countries outside of OPEC, including Russia, haven't agreed to the same cuts. When oil prices sink too low, oil-producing countries have less money to invest in production for the future _ creating the risk of a spike in prices down the line. "Wild fluctuations in market prices harm nations all round the world," Brown said. "They damage consumers and producers alike."
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Sunday, December 21, 2008
Korean Register fleet at all-time high as international presence expands
Seoul: Korean Register reports that the total number of ships classed with the society is up over 15% on figures from last year and now stands at an all time high of 2,335 in number with 35m gt.
Attention to quality, technology and customer service remain key drivers in the class society's fleet growth, however. Chairman and CEO, Mr. Oh Kong-gyun, is determined to eliminate sub-standard ships within KR’s fleet and is taking bold steps in order to achieve that. To this end, he has established a “flying squad” of experienced surveyors dedicated to assisting vessels categorized as requiring “special attention” during PSC inspections and is offering pre-inspection services for vessels scheduled to enter a port where PSC inspection is expected. Extension of the organization’s international presence, in order to provide global service to customers, also continues apace. KR opened European Headquarters in October, 2008 and says it plans to expand its Western Asian and South Western Asian presences shortly, to complement its current network of 44 offices in major ports around the world.
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Attention to quality, technology and customer service remain key drivers in the class society's fleet growth, however. Chairman and CEO, Mr. Oh Kong-gyun, is determined to eliminate sub-standard ships within KR’s fleet and is taking bold steps in order to achieve that. To this end, he has established a “flying squad” of experienced surveyors dedicated to assisting vessels categorized as requiring “special attention” during PSC inspections and is offering pre-inspection services for vessels scheduled to enter a port where PSC inspection is expected. Extension of the organization’s international presence, in order to provide global service to customers, also continues apace. KR opened European Headquarters in October, 2008 and says it plans to expand its Western Asian and South Western Asian presences shortly, to complement its current network of 44 offices in major ports around the world.
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New fishing possibilities proposal for 2009
The European Commission has put forward a new proposal on fishing possibilities for 2009 to preserve fish stocks in the North-East Atlantic.
Relying on the latest scientific advice from the International Council for the Exploration of the Sea (ICES) and several other international scientific and technical sources, the Commission’s policy is to rebuild fish stocks via long-term plans for main fish stocks. Meanwhile, a gradual approach will be taken for other fish stocks, with plans to change quotas by 15 percent or less per year. This would give fishermen some stability while also maintaining a more ecologically sound fisheries system. The European Commissioner for Maritime Affairs and Fisheries, Joe Borg said that while progress has been made over the last six years, there has been so much overfishing that the balance of marine ecosystems has been seriously disturbed and that to nurture them back to their former productivity would mean fishing less today so they would have a chance to recover.
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Relying on the latest scientific advice from the International Council for the Exploration of the Sea (ICES) and several other international scientific and technical sources, the Commission’s policy is to rebuild fish stocks via long-term plans for main fish stocks. Meanwhile, a gradual approach will be taken for other fish stocks, with plans to change quotas by 15 percent or less per year. This would give fishermen some stability while also maintaining a more ecologically sound fisheries system. The European Commissioner for Maritime Affairs and Fisheries, Joe Borg said that while progress has been made over the last six years, there has been so much overfishing that the balance of marine ecosystems has been seriously disturbed and that to nurture them back to their former productivity would mean fishing less today so they would have a chance to recover.
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US rigs drop by 26
The number of rigs actively exploring for oil and natural gas in the US dropped by 26 this week to1764.
Of the rigs running nationwide, 1366 were exploring for natural gas and 387 for oil, Houston-based Baker Hughes reported. A total of 11 were listed as miscellaneous. A year ago, the rig count stood at 1809, said an Associated Press report. Of the major oil- and gas-producing states, Wyoming lost 7 rigs, New Mexico lost 5, Texas lost four, Oklahoma lost three, North Dakota and Colorado lost two each and Alaska lost one. Louisiana and Arkansas added three each, and California was unchanged.
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Of the rigs running nationwide, 1366 were exploring for natural gas and 387 for oil, Houston-based Baker Hughes reported. A total of 11 were listed as miscellaneous. A year ago, the rig count stood at 1809, said an Associated Press report. Of the major oil- and gas-producing states, Wyoming lost 7 rigs, New Mexico lost 5, Texas lost four, Oklahoma lost three, North Dakota and Colorado lost two each and Alaska lost one. Louisiana and Arkansas added three each, and California was unchanged.
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