Haunted by Oil and Storm
Tuesday, November 16, 2004
After 20 years of near-inertia, the oil price jumps and bolts like a rodeo horse. Hitting over US$50 per barrel, this November it is calming down somewhat, but is still way above that when the Middle East situation was at its hottest, namely the US-led attack on Iraq at the start of this year.
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THE oil market kicks world economy,” said Robert Alan Fedman, an analyst at Morgan Stanley, an active securities company at the Jakarta Stock Exchange. In a short time, according to Fedman, the most effective remedy to check the upward trend of oil price is by adding supplies. “Unfortunately, this cannot be done quickly. Since oil exporting companies are beset by domestic political issues. Their production level is far below capacity.
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