Speaking as a former oilman, Datuk Seri Idris Jala (currently MAS CEO) said the present oil price at over US$135 was unrealistic and based on certain global events that might have caused a shortage of supply. “These people (speculators and hedge funds) buy oil futures and say that this or that event may cause an oil shortage.
He said there were two ways to see whether there was an oil shortage.
“First, look at the oil tankers at sea. If they are not moving and just floating out at sea, that means they have no crude or processed oil to transport. That is not happening and that means there is no shortage.
“Second, go to the petrol stations. If there are long queues, that means there is a shortage. Again, this is not happening and this can only mean there is more than enough supply.
“As an ex-oilman, I tell you there is no shortage.” Asked what he thought was the fair value of crude oil at present, Idris replied: “US$40.”
“First, look at the oil tankers at sea. If they are not moving and just floating out at sea, that means they have no crude or processed oil to transport. That is not happening and that means there is no shortage.
“Second, go to the petrol stations. If there are long queues, that means there is a shortage. Again, this is not happening and this can only mean there is more than enough supply.
“As an ex-oilman, I tell you there is no shortage.” Asked what he thought was the fair value of crude oil at present, Idris replied: “US$40.”
* More News About NO Oil Shortage:
- Question to Datuk Seri Idris Jala (The Star: Thurs, 5th June'08); http://thestar.com.my/news/story.asp?file=/2008/6/5/nation/21450808&sec=nation
- No Supply Shortage in Oil (CNBC Video: Mon, 9th June'08): http://www.cnbc.com/id/15840232?video=765046593
- Hot on M'sia (CNBC Video: Mon, 9th June'08): http://www.cnbc.com/id/15840232?video=765049287
No comments:
Post a Comment