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Liberty Energy Buoyed as Oil Tops $100 a Barrel

Source: www.gulfoilandgas.com 2/2/2011, Location: Africa

Liberty Energy Corp. ("Liberty" or "the Company") is buoyed by the recent commodity price trends. Fears of civil turbulence in Egypt disturbing shipments through the Suez Canal have pushed crude oil costs to more than US $100 a barrel for the first time since October 2008. While Egypt is not a major oil producer, it controls the 120-mile Suez canal and the 200-mile Suez-Mediterranean pipeline which together carry about 2m barrels of oil each day, about 2.5% of current global demand.

Over the past year, the price of oil has risen by over 15%, and analysts predict that costs could soon touch $110 a barrel as a result of the weak dollar and skyrocketing demands. Gas prices are also expected to rise, with experts predicting a 10% higher day-ahead cost this summer than a year ago.

The Organisation of Petroleum Exporting Countries (OPEC) decision in the next few months on how much oil to produce will also have a huge impact on prices. It is believed their current position is that they will not increase production on the back of the surge in prices as they believe there is no immediate shortage of oil.Further reports have suggested that none of the OPEC members find $100 concerning or irrational. Some of the OPEC members see no need for an emergency meeting even with prices at $110 or $120.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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