SWINE FLU – Travel warning issued by several countries related to the swine flu outbreak is predicted to push down world crude oil prices, according to the webpage of the Directorate General of Oil and Gas.
One of the factors that may lower oil prices is OPEC’s revised prediction on the growth of the global economy with minus 0.8 percent.
The International Energy Agency (IEA) also revised that the demand in world crude oil in the second quarter of 2009 would decrease by 0.9 barrel per day compared to the previous prediction. The increase in the US commercial crude oil stock has also boosted oil prices.
However, the plan drawn by OPEC countries to cut their production during the May 28 meeting in Vienna, Austria, may rise oil prices.
Another factor that also pushes oil price is the cut allocation of exported crude oil by Saudi Arabia. (VIVAnews|rd)