Montreal, Quebec, June 23rd, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: The International Energy Agency has called on the Organization of Petroleum Exporting Countries to increase production in view of the damaging implications for the global economy if the organization fails to boost output.
In its latest Oil market report, the energy watchdog noted that although OPEC crude supply increased by 210,000 barrels per day in May, it remained down by 1.25 million bpd because of the Libyan crisis.
The Independent Online reported at the weekend that with global demand expected to hit 89.3 billion barrel per day over the year, driven by the energy thirst of China and India, the “call” on OPEC oil is set to rise by 400,000 bpd – revealing a “clear need” for the group to boost supply, according to the IEA.
A phalanx of OPEC members led by Saudi Arabia has mooted raising official production levels to help stabilize oil prices inflated by the global economy recovery and the sudden collapse of Libyan supply. But at a meeting in Vienna last week – which was afterwards denounced by the Saudi oil minister, Ali al-
Naimi, as “one of the worst meetings we’ve ever had” – an opposing faction including Iran and Venezuela vetoed the plan, sending Brent up by more than $2 in a single day.
The Paris-based adviser points to “reassuring signs” that some producers, including Saudi Arabia, intend to boost output in the coming months to make up for lost Libyan oil.
But the reports warned that without such “welcome relief the market will tighten still further, with all the damaging implications that resultant overheating in prices could hold for the global economy”.
The IEA’s executive director, Nobua Tanaka also reiterated the suggestion that the organization, which represented 28 oil consuming countries – could use its own 1.5 billion barrel stockpile to help ease any supply constraints. “We are ready to act at any time if necessary,” Tanaka told a news conference in Russia.
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
• Go Public strategy,
• Debt and or equity financing
• Identify prospective investors
• Hire investor relations firm
• Cross listing decisions
• Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Contact:
Jean François Amyot
HilbroyAdvisory, Inc.
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