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Shell Says Forces Putting Pressure On Petrol Again

Published: Thu 11 Nov 1999 05:55 PM
Shell Says Forces Putting Pressure On Petrol Prices
MEDIACOM-RELEASE-SHELL-NEW-ZEALAND
SHELL SAYS EXTERNAL FORCES ARE PUTTING PRESSURE ON PETROL PRICES AGAIN
A combination of forces in the international oil market is again putting pressure on petrol prices in New Zealand
In the past week OPEC announced it would maintain its present levels of capped production past the original date of March 2000. The OPEC policy has seen oil prices double from historic lows nine months ago.
And the International Energy Agency said it expects the looming northern winter will cut stocks of spare oil to record low levels. In its report the Agency also said "the market needs more oil", which combined with tightening supply is forcing up crude prices.
The price of crude has risen significantly in the past two days pushing the price of Dubai Crude up to its highest price this year. The price of crude as of Monday 8 November was US $22.29 per barrel, today it stands at US $23.48, and the previous high this year was US $22.98.
While Shell New Zealand will continue to absorb these increased costs, the price of crude will need to drop in the very near future for us to be able to keep our pump price at the current levels.
ENDS....
MEDIA RELEASE FROM SHELL NEW ZEALAND
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