Parabolic rise in oil price is ploy of speculators who wants to reach the price to such an height that its consumption decreases, allow the artifical bubble to burst.With this unprecedent rise in oil price has shattered global economy and the inflation reins in the world.Fast track moving economies of China,India and South korea will find itself in slow pace.China's cheap labour, the manufacturing hub of the world is being eroded.Countries look for alternate source of oil.
India's economy on quick rise of inflation galloping each weak and presently official release 8.7% is seen on continous rise due to global hike in fuel price and may touch double didgits in a month.US and Europe too faces uphil task as inflation has slowed down their economy.
Rise in price seen retreating as Summit nears taking action.OPEC countries remained static in investment to enhance capacities non OPEC countries Britain Norway,Mexico and Russia did made an effort but presently they too are in steady and their oil exploration cost escalated.Non OPEC countries produce one third of oil OPEC produces.
An alternate to oil,{hydrogen gas,ethanl,biofuel,solar fuel,power as fuel} suggested will bring fiscal loss to the immediate gainers and shift the pricing to the next chief fuel of the world.Speculator along chief producer go for final kill before awareness brings quantum jump to option fuel energy source.Ethanol blend,bio fuel appears to be be failing lot in this directions.Oil is part of life energy,Oil King on its golden moments donot want change .
OPEC's reference basket of crudes from 13 countries was $130.87 per barrel on Monday, compared with $126.11 the previous Friday, the oil cartel said. Russia's energy giant Gazprom told a European business forum in France that oil prices could reach $250 per barrel in the longer term. News agency AFP quoted Alexei Miller as saying that rivalry for hydrocarbon resources will continue to grow.
U.S. President George W. Bush calling the initiative "interesting" and British Prime Minister Gordon Brown welcoming it."As one of the world's largest producers and consumers, we expect to participate," White House spokesman Tony Fratto said later.
The summit is called to mitgate the blame game and to reach reasons responsible the roots of causing surge oil price to an unaffordable to most of the countries, protests seems to emegre from both developed and devloping nations.
Oil experts are having diverse version of oil fields,when one view suggest it limited for three decaded the other postulates more than double the OIL RESERVES.
Oil pricing urgently needs a International regulatory authority to keep check on speculative spiraling price rise of oil which needs statutary guidelines from oil producers and Consumers.
Israeli Threat of war against Iran is another war in Oil producing regions made speculative affect on oil price surge.
Gazprom one of the biggest oil producer of the world and chief suppliers to Europe Alexei Miller its CEO told the European Business Congress in France gas delivery prices for Europe have reached $410 per 1,000 cubic meters, the Russian energy giant's CEO said on Tuesday.
Russia's gold and foreign currency reserves increased by $0.5 billion, to $549.1 billion, in the week of May 30 - June 6, the Central Bank of Russia said Wednesday.
Alexey Miller, chairman of Gazprom said the higher crude prices it expected would drag gas values up too. "We think it oil will reach $250 a barrel in the foreseeable future," said Miller, insisting that high demand rather than financial speculation was the primary factor, an argument that runs counter to that put forward by Opec.
OPEC's Secretary General on Tuesday appealed Abdullah al-Badri said there is no shortage of oil in the market called for measures to quell market speculation, a factor OPEC says is sending prices to unjustified levels.
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