Category Archives: World

Price of oil drops on Iran and Saudi promise

March 27, 2012   Jennifer   No comments
gas-price

Oil prices witnessed a southward movement on Wednesday because of two reasons. First of all, Saudi Arabia has urged to pump more oil to cover the supply shortages and secondly, some signs are showing the slowing down of the Chinese economy. Oil has already risen more than 9% in the current year. The main reason is the fact that Iran threatened to disrupt oil services in the Middle East as US and other European countries imposed sanctions against them for carrying out the nuclear program.

The price of US crude oil fell by $2.48 and went down to $105.61 per barrel in New York while Bent crude went down by $1.59 and touched $124.12 in the London market. Saudi Arabia said that they have got the capacity of producing 10 million barrels per day and they can very easily raise it to 12.5 million barrels a day. A statement provided by the Saudi government has stated that “to provide adequate supplies of petroleum stabilize oil markets and return oil prices to fair levels for producers, consumers and the oil industry.”

Iran can export more than 2 million barrels in a single day. Due to the imposed sanctions, it has become tougher for Iran to sell their oil. In protest, Iran has threatened to block the movement of ships carrying oil through the Strait of Hormouz. It has been found that about one fifth of the oil supplies of the world pass through this Strait.

Ruler of Kuwait has also said that he has spoken to the Iran authorities and they have been assured that the path will not be blocked and they will allow safe passage of oil shipments. Analysts say that this is one of the reasons for decline in oil prices at the international level.

source: http://news.yahoo.com/

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French consumer spending down in December

February 03, 2012   Jennifer   No comments

In spite of the Christmas shopping season, consumer spending in France has found to have gone down. It is a clear sign of the fact that French people are not willing to spend more and have tightened their purse due to the economic uncertainties and slow job growth rate.

The French national statistics office INSEE has stated that spending on food and manufacturing goods have gone down by 0.7% in the month of December, when consumer spending is generally found to be high as people tend to spend more on purchasing gifts for others and also go for travel and vacation. Economists are worried over the fact that if consumer spending is down during the peak month of December, then what will happen in the general months when life is normal with no such spending trends.

When compared to the statistics shown by the agency, it can be observed that consumer spending has gone down by 3.1% over the last one year. But the lower level of spending has remained stable since the last three months of December 2011. Sales of items such as shoes and clothes went down by 0.9% and energy consumption went down by 2.7%. Fall in energy consumption can be attributed to mild weather. People have travelled less and it can be established from the fact that petrol consumption has gone down by 4.2% when compared to the month of November.

The survey showed that consumer confidence has gone down as people have gone through the phase of economic turmoil and is still gripped with the fear of another round of recession. Heads of governments are simply worried about this fact that how to turn around the economy. Revival of the economy will be a far distant dream if people stop spending and keep the money in their account and fears a lot to spend the money.

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