{
    "success": true,
    "data": {
        "id": 1202062,
        "msgid": "big-stocks-make-oil-prices-stagnate-1447893297",
        "date": "1995-01-03 00:00:00",
        "title": "Big stocks make oil prices stagnate",
        "author": null,
        "source": "",
        "tags": null,
        "topic": null,
        "summary": "Big stocks make oil prices stagnate JAKARTA (JP): Director General for Oil and Natural Gas Suyitno Patmosukismo said yesterday large stocks held by major consumer countries were weakening the oil market despite the coming of winter. Patmosukismo told newsmen that international oil prices have stagnated at a range of US$16-$17 per barrel over the last few weeks.",
        "content": "<p>Big stocks make oil prices stagnate<\/p>\n<p>JAKARTA (JP): Director General for Oil and Natural Gas<br>\nSuyitno Patmosukismo said yesterday large stocks held by major<br>\nconsumer countries were weakening the oil market despite the<br>\ncoming of winter.<\/p>\n<p>Patmosukismo told newsmen that international oil prices have<br>\nstagnated at a range of US$16-$17 per barrel over the last few<br>\nweeks.<\/p>\n<p>\"This is unusual in that the prices even declined slightly<br>\nfrom $17 in November to $16.29 last month in view of the onset of<br>\nthe winter season which was supposed to spur demand,\" he noted.<\/p>\n<p>Patmosukismo, who is also the chairman of OPEC's Council of<br>\nGovernors, blamed the persistently weak oil market on stock<br>\nreleases by the major consuming countries.<\/p>\n<p>\"The major consumers, instead of increasing purchases, have<br>\nbeen drawing down on their stocks, thereby depressing the<br>\nmarket,\" he added.<\/p>\n<p>He also blamed the less severe than expected winter weather<br>\nas another reason behind the weak oil market.<\/p>\n<p>International analysts have predicted that the world oil<br>\ndemand will increase by one million barrels a day during the<br>\nwinter season.<\/p>\n<p>Nonetheless, Patmosukismo did not expect the oil market to<br>\nremain weak for a long time because the major consumers will have<br>\nto rebuild their strategic stocks to a level equivalent to at<br>\nleast two months' utilization.<\/p>\n<p>\"I therefore expect the oil market to recover within the<br>\nnear future,\" he predicted.<\/p>\n<p>The president of the state-owned Pertamina oil company,<br>\nFaisal Abda'oe, shared the view that the international oil market<br>\nwill soon pick up again.<\/p>\n<p>Abda'oe saw the releases by the major consumers simply as a<br>\ntemporary measure to bring down their stocks to a normal level.<\/p>\n<p>\"But anyway, the current level of oil prices will not affect<br>\nthe government's target of oil tax receipts, which are based on<br>\nan average price of $16 per barrel.<\/p>\n<p>\"The average export prices of our crude oil even exceeded<br>\n$16 during the April-December, 1994 period,\" Abda'oe pointed out.<br>\n(vin)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/big-stocks-make-oil-prices-stagnate-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}