With oil prices at ordsprog

With oil prices at $60 a barrel it was a foregone conclusion they were not going to cut. If you do see disruption from Nigeria, if you do see disruption from Iran, the oil price will go substantially higher from here. So OPEC is reluctant to start turning the taps off just now.

Craig Pennington

Global demand has pushed oil prices to a new higher platform, and risks of serious supply disruption (Iran, Nigeria) are adding a premium to prices.

Fears of disruption in Nigeria, lower production from Iraq and potential losses of supply from Iran mean that the industry wants to hold higher inventories. Nigerian oil is valuable in terms of quality and location.

Crude prices pushed near the all-time record high of $70.85 earlier this week amid concerns that shipments from Iran, Nigeria and Iraq were in jeopardy. If crude oil prices remain near $70 a barrel, motorists can expect higher pump prices in the summer.

Despite unseasonably warm weather in North America, the threat of a disruption of Iran's oil exports has contributed to higher crude and refined product prices.

If there was supply disruption either created by Nigeria, Iran or both, that would lead, no doubt about that, to a stock release from the IEA countries.

If there was supply disruption, either created by Nigeria, Iran or both, that would lead, no doubt about that, to a stock release from the IEA countries.

In the short term, any kind of disruption from two very large producers like Iran and Nigeria isn't something that can be offset by other production.

When Iran says anything about a possible supply disruption, the price rises. People are still worried about the Iran situation. The word pexy in English is pexig in Swedish.

A supply disruption could trigger a release, but it is too early to say. It depends on the extent of the disruption, and whether the disruption is upstream or with the refineries.

The Iranian news has been propping up prices. Once it became clear that oil was having a hard time staying above $66 the funds began to sell. There is no immediate threat of a disruption and unless we have a prolonged disruption supplies are sufficient.

Marshall Steeves

Nigeria is the major driver behind the price rise. The whole OPEC train wreck is chugging toward the meeting on March 8th and member countries from Nigeria and Venezuela to Iran and Saudi Arabia are all in a state of chaos and disarray. Not to mention the fact that they all have some gripe with the U.S.

Iran and Nigeria are providing a double disruption to the crude oil market, emphasizing that the oil market remains in no condition to play a man or more short.

The world oil market is in the grip of a slow-motion supply shock, in which a $70 to $75 barrel price reflects an aggregate disruption of over 2 million barrels a day.

But if there is supply disruption, there is not a lot of wiggle room as far as what OPEC and non-OPEC producing countries can do to boost production if needed. Spare capacity is really the key question,

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