2003
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Mideast oil steady in thin trade
Fresh oil deals were elusive this week ahead of the New Year, reported traders in Singapore. They told Reuters the majority of deals were concluded last week with one or two leftover Omani cargoes still unsold for February. But prices are expected to hold steady into the New Year.
Danish storage deal for Qatar
The largest Danish oil company AP Moeller-Maersk has booked the Jahre Viking, the world's biggest oil tanker, for up to five years as a storage vessel in Qatar. The ship can hold 4.2m barrels of oil and will take up its new role in June or July after a USD22m conversion in Dubai shipyards.
China boosts supertanker rates
A surge in demand for Gulf oil from China has sent spot charter rates for supertankers spiralling in the past three months, reported Gulf News. Charter rates of USD30,000 per day have shot up to USD120,000 per day this month. Brokers said the trend was likely to continue.
JGC, USD431m Bapco project
Bapco's low sulphur project was won by JGC of Japan which submitted the lowest bid of USD431m. The project is part of a USD900m previously announced expansion programme aimed at reducing the amount of sulphur in diesel oil. Three international companies competed for the project.
Chinese oil imports to rocket
Chinese oil imports in 2004 may be bigger than Japan's. In November oil imports rose by 10 per cent to 7.64m tonnes, with total imports set to exceed 80m tonnes this year. Many experts point to rising demand in China as a reason for high oil prices and global oil shortages.
Gasco biggest-ever tender out
Abu Dhabi Gas Industries has announced that it has just released its largest ever contract for EPC work on its onshore gas development phase III at Habshan. Bechtel, Kellog, Technip, Snamprogetti, Chiyoda and JGC are the prequalified bidders. The package will produce 130,000 bpd of condensate and 11,800 tonnes per day of natural gas liquids.
Tokyo Gas, Qatar, Oman LNG
Tokyo Gas is to buy LNG from Qatar and Oman at spot prices due to rising demand from thermal power stations owned by Tokyo Electric Power, according to Bloomberg. A total of 640,000 tonnes of LNG will be bought for March delivery, said General Manager Shigeru Muraki in an interview.
Shell optimistic on Saudi gas
The Shell-led consortium which won a major gas concession in Saudi Arabia last month is optimistic about positive results, reported Gulf News. Country Chairman Floris Ansingh said seismic surveys will be conducted by the end of Q1. Depending on the results investment could be in excess of USD2.5bn, he added.
Opec fails to cut output
Opec has failed to cut output for a second month in a row, and total December production is 1.34m bpd above quota, reported Petrologistics. This reflects higher than expected output from Iraq which will produce 1.9m bpd this month, up from 1.75m bpd in November.
Kuwait warns on excess supply
Kuwaiti Energy Minister Sheikh Ahmad Fahd Al Sabah warned yesterday that an excess of 2m bpd in world oil supplies next year could push the oil price to the lower limit of the USD22-28 per barrel price range set by Opec. He said the impact would be felt in Q2 2004.
AD meeting for GCC oil firms
The sixth annual meeting of GCC oil company resource managements began in Abu Dhabi yesterday. Hosted by Gasco, attendees included Adco, Adgas, Takreer as well as representatives from companies in Kuwait, Qatar, Bahrain and Oman. They will discuss enhanced cooperation.
Brent oil futures trade lower
IPE Brent crude oil futures fell on US selling yesterday in light holiday trading. February Brent was 20 cents down at USD28.79 a barrel. This was the lowest price level since early December at the start of the market's recent 10 per cent rally.
Iraq output at pre-war levels
Oil output from the southern oilfields in Iraq has reached levels not seen since the US-led invasion last March. Oil Minister Ibrahim Bahr Al Ulum said total output would reach 2.8m bpd by March next year. Output in the southern oilfields is back to 2m bpd, he added.
Survey, oil price to decline
A survey of 27 oil analysts by Bloomberg showed an average forecast of a 13 per cent decline in prices next year. That would put the average price for a barrel of Brent crude at USD25.53 compared with USD28.45 so far this year. However, the experts also predicted a decline for 2003 which has actually been the best year for oil prices in two decades.
New Opec chief sends crude lower
Remarks by the incoming President of Opec, Indonesian Oil Minister Purnomo Yusiantoro sent oil prices lower yesterday. He said currently the oil price is too high, and we hope the oil price will fall in January. However, price developments will depend on the weather and Iraq, he added.
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