OPEC denies oil shortage: OIL Meet June 22

OPEC Secretary General Abdalla El-Badri has been authorised by Saudi cabinet to convene Oil meet of producers and chief consumers,with those investor in oil sector to have thread bare discussion reasons responsible surge in global oil price.
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 on Tuesday.

In use since 1987, the basket is calculated from the crude prices of: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).

The chief executive of 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.
Oil pricing urgently needs a International regulatory authority to keep check of 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.
Parbolic 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.
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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